Is it worth reducing balances on cards/accounts?

nicjane113

I am trying to improve my credit rating and have closed a couple of accounts that I no longer use.
In regards to the credit cards and accounts I do use, some of them have particularly high credit limits and catalogues such as Next & Very increase the limit every now and again for no reason.

I don't need as high of a limit as I have been given with some providers - is it better to ask them to reduce the limits so it doesn't look like I have too much credit available?

HappyMJ

Strangely, it somehow looks good to creditors to not use near your limit so having available unused credit can be good.

However, if you're never going to use the accounts ever again I'd close them down as having less accounts also looks good too.

In the whole scheme of things I really wouldn't worry about it too much. The difference it makes it quite small.