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Decrease credit limit?
drebee
Posts: 13 Forumite
in Credit cards
I have an existing credit card with credit limit approx £9300, (which i pay off in full each month). I also have a personal loan with approx £6000 outstanding, never missed a payment, credit rating is good. I want to apply for a 0% money transfer card and hoping to get a credit limit offer as high as possible (already preapproved for card). Is there any benefit in decreasing my existing card limit before I apply, or would that have a negative impact (i don't need such a high limit on existing card)? Advice appreciated thanks
0
Comments
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Hi drebee and welcome to the forum
If you decrease your credit limit, then it may look as though you are experiencing difficulties, to any potential lender.
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
2 -
Agreed - don't reduce your credit limit without good reason.1
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