Lloyds offered to increase credit limit - I declined - is it OK?

YorkshireBoy

yessuz wrote: »

anyhow, I think I might accept lloyds offer to increase my limit later

You're assuming there will be one. It may be that the CSA ticked the "doesn't want any credit limit increases at all" box, rather than the "not this time thanks" box.

seatbeltnoob

I have £7300 limit on a 0% credit card. I used it to pay off a long term credit card deb.

The balance is £3700. If I reduce the credit limit to just above £3700 will it negatively affect my credit score? What if I do it repeatedly 2x times a year as I pay off the credit card debt?

yessuz

well, good then

YorkshireBoy

seatbeltnoob wrote: »

The balance is £3700. If I reduce the credit limit to just above £3700 will it negatively affect my credit score?

Yes. See above re utilisation.

What if I do it repeatedly 2x times a year as I pay off the credit card debt?

Yes. See above re utilisation. Additionally, it could appear to other lenders searching your file that it's the lender who's doing it, not you!