Credit Card Limit Decrease Question?

DEVILFISH

I am in the process of paying off my student credit cards; in what I think to be a fairly organised and logical fashion :T

I would like to know if, as I pay off the cards, it is worth decreasing the credit limit as I go e.g. every £500; or whether this may do some kind of credit score harm?

When I am all done I am going to keep one of the 4 credit cards I acquired through uni; and will not alter this credit limit. For the other three cards I wondered if it mattered whether or not I decrease the credit limits as I go or just to cancel the cards once I've paid them off. Essentially I was concerned about actually damaging my credit score as I pay these things off.

I hope I've made sense and would gladly welcome any advice/expertise.

CLAPTON

why

no real benefit is reducing the limits and no real benefit in cancelling

CC can be useful if paid in full each month abd always best to have two incase one is rejected

but if you do no trust yourself then that's another matter.

fozmcfc

The only time it is worth reducing limits IMO are

1/ You can't trust youself not to overspend

2/ You have a lot of outstanding credit available even usused, compared to your annual income, so want to reduce the amount available, which could help in getting credit elsewhere.