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Lower limit...better score???
webbo1981
Posts: 305 Forumite
in Credit cards
i have a Virgin credit card with the limit being £2000, however my balance is £1700, will lowering my limit improve my credit score at all?
Work hard play hard......
0
Comments
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You are quite close to the limit already, if you lower it I think you may look as though you have maxed out which may make things worse.0
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Agree with the above post - a decrease of £300 is not worth it, and wouldn't make any difference to your credit file. Why not keep it as a buffer as you don't want to exceed the limit because that would be damaging for you ?0
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Would also add that after asking for it to be lowered you may find it really difficult to get in increased in the future. I've had this problem already and basically, I won't be asking for any credit limit reductions in the future."A child of five could understand this. Fetch me a child of five." - Groucho Marx0
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