Does reducing credit card limit record a search?

hieveryone

Will asking my credit card company to reduce my limit create a search on my credit file?

Thanks

[Deleted User]

I did this recently with HSBC - there was no search conducted. They did tell me, however, that if I was to change my mind and ask for a bigger limit again then they may conduct a search.

jonesMUFCforever

I agree - lowering a limit does not mean a footprint on your credit files but the opposite will.

bengalknights

No it just updates your file to reduced limit

exel1966

hieveryone wrote: »

Will asking my credit card company to reduce my limit create a search on my credit file?

Thanks

No, you shouldn't be searched again, but be aware it's not always advisable to reduce a limit as it may actually hinder your credit record.
You need to look at your current debt/limit ratio and see what it would be after the reduction. A high ratio after may signify to other lenders that your stretching yourself financially.

thenudeone

There have been reports here of lenders automatically doing a search for ANY change in limit, up or down, so be careful!

hieveryone

Thanks all.

I am currently on a salary of just over £28k.

I have no mortgage. Debts/limits are as follows:

Car - around £6k outstanding
Credit card 1 - £6.5k limit - £1800 balance
Credit card 2 - £500 limit - paid off monthly
Next - £900 limit - paid off monthly
Current account - £1800 overdraft limit, never really in it.

I think that's all I have? I have a default registered from 2008 which is all settled so just waiting on that coming off.

I was recently (April) rejected for car finance which has never happened before so started looking into cleaning up my credit file as I want to replace my car.

I moved house in October last year and have been on the electoral roll since May/April this year.

I thought reducing the cc 1 limit from £6.5k would have been a good idea?

Edited to add: the lender I am referring to is Barclaycard - do they search for reducing?

hieveryone

Bump, anyone??