Credit limit

eastcorkram

I've just applied for a card with Tesco. It's mainly as a back up, and is MasterCard, as opposed to Visa.  I've only ever had one card, HSBC, and it probably gets used once or twice a year. The limit on the new card has been set at £8,300. I wasn't asked what sort of limit I wanted. £1,000 or even £500 would be fine. Can I get the limit reduced? And, does it matter? The HSBC one is £9,000. The balance is zero, so it now looks like I could spend £17,000 on the two cards. 

emmajones1976

Doesnt matter unless you cant be trusted and you plan to blast the balance and cant pay it back.

eastcorkram

emmajones1976 said:

Doesnt matter unless you cant be trusted and you plan to blast the balance and cant pay it back.

Thanks. There's no chance of that. I only use the first one for flights or hotels .

Brie

You can certainly ask for it to be reduced.  Maybe to half the current limit is?  The amount for 1 holiday perhaps?  Just in case the other card fails completely or is stolen.

[Deleted User]

Reducing your limit looks bad to future lenders as they can only see the changes, it can be read as the bank not trusting you to borrow so reducing your credit. Assuming you are a sensible person, just keep the limit as it is and use it occasionally, paying back in full every month, to keep it active