Credit Limits - Reduce or leave alone?

creditcardnewbie

Hi,

I have been searching the forums for this topic but could not find anything for it - many apologies if this has been posted before.

I currently have a £2,000 overdraft with the Nationwide and 3 credit cards:

Barclaycard (Credit Limit £3,200)
Nationwide (Credit Limit £1,500)
HSBC (Credit Limit £3,000)

I have contacted all 3 organistions to ask them if I reduce my credit limits will it have an adverse effect on my credit report?

To this date, all 3 organisations are unable to confirm this for me.

I would like to reduce 2 of my limits but would be uncomfortable doing so if it requires a check on my credit history each time I do so.

Many thanks for any advice received,

creditcardnewbie :beer:

doitmyself

creditcardnewbie wrote: »

Hi,

I have been searching the forums for this topic but could not find anything for it - many apologies if this has been posted before.

I currently have a £2,000 overdraft with the Nationwide and 3 credit cards:

Barclaycard (Credit Limit £3,200)
Nationwide (Credit Limit £1,500)
HSBC (Credit Limit £3,000)

I have contacted all 3 organistions to ask them if I reduce my credit limits will it have an adverse effect on my credit report?

To this date, all 3 organisations are unable to confirm this for me.

I would like to reduce 2 of my limits but would be uncomfortable doing so if it requires a check on my credit history each time I do so.

Many thanks for any advice received,

creditcardnewbie :beer:

Hi
The credit check thing is obviously no, as is the adverse effect on your credit rating IMO, although lending strategies may be changing and you may not necessarily get the same credit afforded to you now should you change your mind in the future.
What's your ulterior objective here? You must be intending to reduce these limits in order to borrow more somewhere else, otherwise your question is completely irrelevant...?