Decrease In Credit Limit

sheilaluc

Can I decrease my credit limit lower than the balance?

chunkychocky

No. You would then be over your credit limit and incur potentially high charges.

sharpy2010

sheilaluc wrote: »

Can I decrease my credit limit lower than the balance?

No. Why would you want to?

[Deleted User]

I think I understand what you mean. You want to reduce the limit so that you cannot add more money to the balance as you are paying it off, right?

I don't think this is possible but what you can do is ask the credit card company to either close the account - you will still owe the full amount but you won't be able to make any more purchases. Or, you may be able to ask them to freeze the account - it will remain open but you won't be able to spend on the card while it's frozen.