We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

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

2»

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    seatbeltnoob Posts: 1,422 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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
    yessuz Posts: 259 Forumite
    Seventh Anniversary 100 Posts Name Dropper Combo Breaker
    well, good then :)
    I own an EV. AMA
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.6K Banking & Borrowing
  • 254.5K Reduce Debt & Boost Income
  • 455.5K Spending & Discounts
  • 247.5K Work, Benefits & Business
  • 604.4K Mortgages, Homes & Bills
  • 178.6K Life & Family
  • 261.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture