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Cutting your own credit limits.
mssloan
Posts: 67 Forumite
in Credit cards
Hi,
Having once been drowning in debt I'm now in the fortunate position of being more or less debt free (able to clear all my balances each month). Having had lots of cards in the past I now only have 4 (and one of those only because it is recommended for use abroad by MSE (Halifax Clarity))
The other 3 had what I considered to be very high credit limits (totalling over £30000). I have requested much lower credit limits on these 3 so that their total limit is now just over £10000, at a level that if I was ever stupid enough to max them out I could still afford the repayments.
I was wondering if I have inadvertently damaged my credit rating by doing this?
mssloan
Having once been drowning in debt I'm now in the fortunate position of being more or less debt free (able to clear all my balances each month). Having had lots of cards in the past I now only have 4 (and one of those only because it is recommended for use abroad by MSE (Halifax Clarity))
The other 3 had what I considered to be very high credit limits (totalling over £30000). I have requested much lower credit limits on these 3 so that their total limit is now just over £10000, at a level that if I was ever stupid enough to max them out I could still afford the repayments.
I was wondering if I have inadvertently damaged my credit rating by doing this?
mssloan
Free at last! Free at last! Thank God Almighty, I'm DEBT-FREE at last! (with apologies to Martin Luther King 
)
Debt Free Roll of Honor #488
)Debt Free Roll of Honor #488
0
Comments
-
If you're not carrying significant balances, then no.
If you have balances of £9k, then yes.0
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