Can i request a credit line decrease?

[JEDI]

Originally posted by: aphex
Well the reason i ask, when i got my last student loan, one of the reasons i was denied for my private loan was i had to many high credit limits.. (i was on my dads card with a 30k+ limit and less than a 1k balance) I had to get a cosigner...

I also just found this as well.. http://www.sac1st.com/scores.htm

Avoid unnecessarily high credit limits: Lenders also consider the amount of credit available to you (your credit limit) compared to your income when making underwriting decisions. Having credit limits that are too high relative to your income can affect your score just like having too many trade lines.

I've seen it other places as well...

if the lender rejects you for having too high a credit line, then close them at that point. no need to do anything unless you NEED to!

 

[birdpup]

Originally posted by: aphex
One of my cards just upped my limit quite a bit higher (i can literally charge a car now)

I know having high credit lines can be detrimental to your score, so will they honor a decrease? I dont really carry a balance, but i know having too much open credit isn't good.

I decrease the credit limits with each of my cards as soon as they increase the limit above $4,500. I have no need for more credit than that on a credit card and do not wish to worry about possible identity theft and someone else using that available credit. If you call the company, they will lower your credit limit for you without any problems. Just ensure to ask what happens with any possible over-the-limit charges. I tend to think of a credit limit as a limit that no further charges will be processed if they go over the total limit amount. Some banks and credit unions may think differently and consider this an opportunity to process that over-the-limit charge and charge you a fee for doing so.

I consider it prudent to take control over your own credit rather than allow the credit card bank to do it for you. After I manually lower my credit level down to $4,500, I receive no further automatic credit increases. So if I wish to increase my credit I then must call the card company and ask them to set the limit higher.

I understand that identity theft issues typically include a maximum personal responsibility amount of $50 or so but I do not want to stress over this situation should it ever occur. I prefer proactive action now rather than reactive action later.

Edit: spelling

 

[msparish]

Originally posted by: birdpup

Originally posted by: aphex
One of my cards just upped my limit quite a bit higher (i can literally charge a car now)

I know having high credit lines can be detrimental to your score, so will they honor a decrease? I dont really carry a balance, but i know having too much open credit isn't good.

I decrease the credit limits with each of my cards as soon as they increase the limit above $4,500. I have no need for more credit than that on a credit card and do not wish to worry about possible identity theft and someone else using that available credit. If you call the company, they will lower your credit limit for you without any problems. Just ensure to ask what happens with any possible over-the-limit charges. I tend to think of a credit limit as a limit that no further charges will be processed if they go over the total limit amount. Some banks and credit unions may think differently and consider this an opportunity to process that over-the-limit charge and charge you a fee for doing so.

I consider it prudent to take control over your own credit rather than allow the credit card bank to do it for you. After I manually lower my credit level down to $4,500, I receive no further automatic credit increases. So if I wish to increase my credit I then must call the card company and ask them to set the limit higher.

I understand that identity theft issues typically include a maximum personal responsibility amount of $50 or so but I do not want to stress over this situation should it ever occur. I prefer proactive action know rather than reactive action later.

Wow, just wow.

 

[Ameesh]

Originally posted by: birdpup

Originally posted by: aphex
One of my cards just upped my limit quite a bit higher (i can literally charge a car now)

I know having high credit lines can be detrimental to your score, so will they honor a decrease? I dont really carry a balance, but i know having too much open credit isn't good.

I decrease the credit limits with each of my cards as soon as they increase the limit above $4,500. I have no need for more credit than that on a credit card and do not wish to worry about possible identity theft and someone else using that available credit. If you call the company, they will lower your credit limit for you without any problems. Just ensure to ask what happens with any possible over-the-limit charges. I tend to think of a credit limit as a limit that no further charges will be processed if they go over the total limit amount. Some banks and credit unions may think differently and consider this an opportunity to process that over-the-limit charge and charge you a fee for doing so.

I consider it prudent to take control over your own credit rather than allow the credit card bank to do it for you. After I manually lower my credit level down to $4,500, I receive no further automatic credit increases. So if I wish to increase my credit I then must call the card company and ask them to set the limit higher.

I understand that identity theft issues typically include a maximum personal responsibility amount of $50 or so but I do not want to stress over this situation should it ever occur. I prefer proactive action now rather than reactive action later.

Edit: spelling

omg you make fico jesus cry.

 

[JulesMaximus]

Not on ATOT...sorry.

 

[spidey07]

Originally posted by: birdpup

Originally posted by: aphex
One of my cards just upped my limit quite a bit higher (i can literally charge a car now)

I know having high credit lines can be detrimental to your score, so will they honor a decrease? I dont really carry a balance, but i know having too much open credit isn't good.

I decrease the credit limits with each of my cards as soon as they increase the limit above $4,500. I have no need for more credit than that on a credit card and do not wish to worry about possible identity theft and someone else using that available credit. If you call the company, they will lower your credit limit for you without any problems. Just ensure to ask what happens with any possible over-the-limit charges. I tend to think of a credit limit as a limit that no further charges will be processed if they go over the total limit amount. Some banks and credit unions may think differently and consider this an opportunity to process that over-the-limit charge and charge you a fee for doing so.

I consider it prudent to take control over your own credit rather than allow the credit card bank to do it for you. After I manually lower my credit level down to $4,500, I receive no further automatic credit increases. So if I wish to increase my credit I then must call the card company and ask them to set the limit higher.

I understand that identity theft issues typically include a maximum personal responsibility amount of $50 or so but I do not want to stress over this situation should it ever occur. I prefer proactive action now rather than reactive action later.

Edit: spelling

holy "I'm gonna get raped in interest the rest of my life" batman!!!

 

[mrrman]

just dont spend so much