Lowering Limit on My Credit Card
Author: Chris
Posted: Wed Jul 07, 2004 4:49 pm
Post subject: Lowering Limit on My Credit Card
2/11/2002 11:17 pm CDT
I have a MBNA Quantum Mastercard. It has a limit of $29,000. I have no possible need for a limit like that. I think its hurting my credit rating a bit since I end up having too much "potential" debt. I don't use the card that much and never carry a balance on it. I would like to keep the card since I've had it for so long.
Is there a way to get the limit lowered without it looking bad on my credit report?
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Author: Ira Stoller
Posted: Wed Jul 07, 2004 4:50 pm
Post subject: Lowering Limit on My Credit Card
2/12/2002 0:19 am CDT
Of course. Simply call the 800 number which is listed on your card and on every statement and tell them the limit that you want and they'll lower it for you. I've done this several times for exactly your reasons; I don't want too much revolving credit (translation: credit card limits) handing around. Therefore I ask that it be reduced. It will take you 3 minutes once you're connected.
Author: Chris
Posted: Wed Jul 07, 2004 4:51 pm
Post subject: Lowering Limit on My Credit Card
2/12/2002 8:35 pm CDT
Ira,
Thanks. I know the mechanics of how to lower the limit, rather I was concerned that the transition from higher to lower might be perceived as a loss of confidence on the credit card issuer's part. Can one get a comment attached that states the limit was lowered at the card holder's request?
I'm sorry if my question was stated in a confusing way.
Author: mouse
Posted: Wed Jul 07, 2004 4:52 pm
Post subject: Lowering Limit on My Credit Card
2/12/2002 1:04 am CDT
It will hurt if you have ever been @ $29,000.
Just have it put at your highest balance you ever had, rounded up to the next $1,000.
There is a debt to credit limit ratio you have to worry about.
I personally would NEVER do it, but if you want to, fine.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chris
Posted: Wed Jul 07, 2004 4:52 pm
Post subject: Lowering Limit on My Credit Card
2/12/2002 8:39 pm CDT
"I personally would NEVER do it, but if you want to, fine."
Thanks for the feedback. I'm interested in why you would "NEVER" do it. Am I considering a foolish move? What's the downside? (Not trying to be argumenative, here.)
Author: mouse
Posted: Wed Jul 07, 2004 4:53 pm
Post subject: Lowering Limit on My Credit Card
2/13/2002 0:10 am CDT
You may need it in the future.
What if a job gets handed to you on a silver platter, requiring you to travel at company expense~100% reimbursable, but you have to use your card(s)?
It is possible to make weekly payments so you don't go over-limit, but that's a hassle. Your company will give you a check at the end of the month for payment of all your expenses!
I have worked too many years to get higher limits, so I would NEVER give it back. (I have closed some accounts though).
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jul 07, 2004 4:49 pm
Post subject: Lowering Limit on My Credit Card
2/11/2002 11:17 pm CDT
I have a MBNA Quantum Mastercard. It has a limit of $29,000. I have no possible need for a limit like that. I think its hurting my credit rating a bit since I end up having too much "potential" debt. I don't use the card that much and never carry a balance on it. I would like to keep the card since I've had it for so long.
Is there a way to get the limit lowered without it looking bad on my credit report?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira Stoller
Posted: Wed Jul 07, 2004 4:50 pm
Post subject: Lowering Limit on My Credit Card
2/12/2002 0:19 am CDT
Of course. Simply call the 800 number which is listed on your card and on every statement and tell them the limit that you want and they'll lower it for you. I've done this several times for exactly your reasons; I don't want too much revolving credit (translation: credit card limits) handing around. Therefore I ask that it be reduced. It will take you 3 minutes once you're connected.
Author: Chris
Posted: Wed Jul 07, 2004 4:51 pm
Post subject: Lowering Limit on My Credit Card
2/12/2002 8:35 pm CDT
Ira,
Thanks. I know the mechanics of how to lower the limit, rather I was concerned that the transition from higher to lower might be perceived as a loss of confidence on the credit card issuer's part. Can one get a comment attached that states the limit was lowered at the card holder's request?
I'm sorry if my question was stated in a confusing way.
Author: mouse
Posted: Wed Jul 07, 2004 4:52 pm
Post subject: Lowering Limit on My Credit Card
2/12/2002 1:04 am CDT
It will hurt if you have ever been @ $29,000.
Just have it put at your highest balance you ever had, rounded up to the next $1,000.
There is a debt to credit limit ratio you have to worry about.
I personally would NEVER do it, but if you want to, fine.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Chris
Posted: Wed Jul 07, 2004 4:52 pm
Post subject: Lowering Limit on My Credit Card
2/12/2002 8:39 pm CDT
"I personally would NEVER do it, but if you want to, fine."
Thanks for the feedback. I'm interested in why you would "NEVER" do it. Am I considering a foolish move? What's the downside? (Not trying to be argumenative, here.)
Author: mouse
Posted: Wed Jul 07, 2004 4:53 pm
Post subject: Lowering Limit on My Credit Card
2/13/2002 0:10 am CDT
You may need it in the future.
What if a job gets handed to you on a silver platter, requiring you to travel at company expense~100% reimbursable, but you have to use your card(s)?
It is possible to make weekly payments so you don't go over-limit, but that's a hassle. Your company will give you a check at the end of the month for payment of all your expenses!
I have worked too many years to get higher limits, so I would NEVER give it back. (I have closed some accounts though).
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 7:07 PM
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