Inactive credit card limit

nick29

I have two credit cards which effectively been cancelled after denying a rate increase. I am still the remaining balance. My statements still say that my credit limit is XX.

Does this affect my credit rating? ~Does it count as available credit for me although I cant use it??

Nick

bigadaj

The cards haven't been cancelled but your account is effectively frozen and just needs tobe paid down.

The available credit won't be available to you, not sure if this is definitive but if you continued using the card you would be rate jacked so defeating the purpose of your original action.

Shouldn't have too much impact on your credit rating, I'd be more concerned about the original rate jack, this would suggest they considered you poor or deteriorating risk which is why they wanted more interest to cover that risk.

pqrdef

You wouldn't want them to set the limit to 0 and make it look like you were over-limit.

Opinions differ on whether unused credit looks good or bad.

It's quite possible the cards are still usable. Also beware of automatic renewals of memberships and policies and subscriptions paid for by card. And CPP.