A question about credit score and credit limit

toffee87

Hi,

I am just wondering which is better (if at all) for your credit score

1) always lowering the limit to the balance (so every time you pay more off, you then lower the credit limit)
2) Not touching the limit as you pay it off.

e.g. your balance is £2000. Originial limit is £3000. Do you keep lowering the limit as you pay more off, or leave the limit as it is. Is it better to have 'room' on your card?

Thanks

grumbler

Leave the limits alone unless your total credit available is close to or bigger than 50% or your annual income.

toffee87

Okay, thanks :-)

The_Boss

You don't have a credit score. Nobody does. Grumbler's advice is sound. That is all.

toffee87

Well, evidently having more cards/applications does affect an individuals chances of getting further credit. Credit score or not ;-)

You-kip

toffee87 wrote: »

Well, evidently having more cards/applications does affect an individuals chances of getting further credit. Credit score or not ;-)

Credit worthiness you mean.

grumbler

If various companies use various systems to score a person, this doesn't mean the the score doesn't exist.
Indeed, an universal score doesn't exist though.

It does measure the credit worthines, but in different units, with different accuracy and with parameters weighted differently.