Reducing available credit

natscat84

I have a Next credit account, which for some reason they've given me a credit limit of £3500 (a grand higher than my M&S CC!)

Now, given that I only ever buy the occasional thing in Next, plus pay my balance off in full every month, is having a credit limit that large going to help or hurt my credit rating when potential lenders see that I have access to that much credit already? I only ever spend about £150 max there at a time (usually for Xmas) so I don't need that much credit (and also worry if someone went on a spree on my account!!!) so I was thinking of maybe asking them to lower the limit.

What is the best credit-rating-boosting move?

Ben8282

Why do you want to boost your credit rating when you appear to be doing ok as it is. Why do you think your credit rating needs a boost? What are you planning to apply for???

bengalknights

I would have though your credit was good with those kind of cards.

Although close the next card and it will reduce potential debt level thus free up limits for future cards.

natscat84

Ben8282 wrote: »

Why do you want to boost your credit rating when you appear to be doing ok as it is. Why do you think your credit rating needs a boost? What are you planning to apply for???

Ah, I'm currently in uni (though working too) and have come to the point where I eventually want to be buying a house. I figure that as I have 3 years left of uni, and me and my husband are saving up for a deposit, if I get a pretty decent rating then we should be able to get a good deal on a mortgage.

Also, we really need a new car!

camuk81

Reducing is a good plan in the long term, but it's not an immediate concern,

Next are great just phone them and ask them to reduce it if you have any concerns.

bubbles567

Hi ... I have the same concerns about reducing limits all round in general. Next too gave me a limit of £3600. I've just come off the phone having reduced it to £500 even though there is a zero balance. I'm also considering reducing my CC limit from £4900 down to £1000, only £300 left on there now but I need to stop me spending but worried that both these voluntary reductions in limits will still dent my credit score.