Credit Limit K&Co

Nicandan

Hi
Just after a bit of advice, having checked through my finances this is a simple breakdown.

I currently have 6,841 available credit
I am currently using 60%
I owe £10,676

My question is this:
I have an a/c with K&Co formerly Great Universal, my average balance is around £1500, my available limit is £7200 this is what worries me, when looking at my credit file it looks like i have available credit. I don't know if it will harm my credit report if i ask K&Co to reduce this down to say £2500 i am trying to pay off my debts which is why i am highly unlikely to use the credit available on that account.

Any help or advice would be appreciated.

DVardysShadow

Why do you need them to cut your credit limit? Surely you can keep your credit within a lower amount if you choose?

I am no expert, but I suspect that by far the best thing to do is to close the account once you have cleared it - this should have far less impact than reducing your credit limit.

rising_from_the_ashes

I would agree with DVardy - also bear in mind that if you ask them to reduce the limit to £2,500 it will not necessarily have the desired effect as you will be using approx 83% of your available credit, compared to 60% now.

Really depends on whether you're going to apply for more credit in the near future - in which case your salary will also affect this, amongst other things

Nicandan

rising_from_the_ashes wrote: »

I would agree with DVardy - also bear in mind that if you ask them to reduce the limit to £2,500 it will not necessarily have the desired effect as you will be using approx 83% of your available credit, compared to 60% now.

Really depends on whether you're going to apply for more credit in the near future - in which case your salary will also affect this, amongst other things

My intention was to hopefully move house within the next 12 months, we have over £45,000 equity so enough for a deposit, but i was concerned that it looked like i had access to available credit, i am actually alarmed that they would increase my limit to such a high amount, i see your point about using available credit if i have it lowered so i will leave it as it is, an concentrate on getting rid of the debt i have, thanks for your replies guys