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Any harm in reducing credit limit?
skybluesaver
Posts: 294 Forumite
in Credit cards
Good morning. Can you tell me, does it cause any harm by reducing the credit limit on a credit card?
I understand the debt to credit available ratio & i think i read somewhere its best to have only 30% debt against credit available. I'm well within that range & was considering reducing the credit limit on my card to reduce the amount of available credit i have on my credit report.
Thanks for any help anyone can offer
I understand the debt to credit available ratio & i think i read somewhere its best to have only 30% debt against credit available. I'm well within that range & was considering reducing the credit limit on my card to reduce the amount of available credit i have on my credit report.
Thanks for any help anyone can offer
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Comments
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As long as your cumulative credit card balances remain at less than ~ half your cumulative credit card limits it will benefit your credit worthiness. Reducing limits beyond this point can make you look stretched in the eyes of some creditors - or using credit "because its there".Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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they may of course credit check you and decide you reduce you credit limit more than you would like.0
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they may of course credit check you and decide you reduce you credit limit more than you would like.
Card companies can't credit check someone in line with a request to reduce their limit. Only in line with a request to increase.
Unless you know of a card provider who does?Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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