wshngtn1 Posted February 1, 2008 Share Posted February 1, 2008 I wouldn't lower them unless you are looking to buy a home...and you've been denied. I've heard that some underwriters are worried that if you buy a home and have a lot of available credit that you will use all the credit to paint, repair, decorate, furnish, etc the new home and then wind up in trouble. Personally, I don't really buy that, but that's what I've been told. If you have good credit and FICO score (although I think mortgage companies use an 'enhanced' FICO score that is different from your regular score), I don't see any reason to lower the limits. Link to comment Share on other sites More sharing options...
Enzo Posted February 5, 2008 Share Posted February 5, 2008 Is it common, or even allowed, to have your available credit on a given card lessened without canceling it? (or buying lot's of stuff with it)My longest tenured credit card has a $5600 available credit, but I never use it but want to keep it open to show longevity for my report. In my opinion, my score would benefit by cutting that in half. I have great credit otherwise with only one card with a balance about %50 of the limit, and a car loan. I've never been late on anything. A 1/3 of your credit score is based on how much available credit you have. Lowering the limit on a credit card you never use will hurt not help your credit score. The whole credit system is stupid. Link to comment Share on other sites More sharing options...
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