How do you lower your credit limit without lowering your overall credit score?
Do NOT lower your limit, that will negatively effects your credit score. There is a debit ratio that credit reporting agencies take into consideration. It is like telling people NOT to close their credit card, because you want HIGH available credit limit to you.Your talking about your debt to credit ratio which makes up 30% of your overall score.If your balance is really low and your new credit limit reflects no more then 30% usage, your score will not be affected.If however your new limit makes your debt to credit ratio over 30% your score will take a hit.There is nothing wrong with having a high limit as a matter of fact it's good since it makes it hard to exceed 30%.It's not the credit you have that matters it's how you manage it that counts.
Do NOT lower your limit, that will negatively effects your credit score. There is a debit ratio that credit reporting agencies take into consideration. It is like telling people NOT to close their credit card, because you want HIGH available credit limit to you.Your talking about your debt to credit ratio which makes up 30% of your overall score.If your balance is really low and your new credit limit reflects no more then 30% usage, your score will not be affected.If however your new limit makes your debt to credit ratio over 30% your score will take a hit.There is nothing wrong with having a high limit as a matter of fact it's good since it makes it hard to exceed 30%.It's not the credit you have that matters it's how you manage it that counts.