want information of the results of lowering credit card limits
By suspenseful
@suspenseful (40192)
Canada
November 18, 2010 2:53pm CST
My husband passed and we had a joint credit card. My sons advised that I should lower the credit card limit from a high amount to a lower amount. Now I have been on Ask and the Yahoo Ask as well as my bank account site and got various information as to the results, some good, but mostly bad. Now I am not asking those who have bad credit history for this information because obviously they lowered their credit csrd limits because they did not want to overspend, but I am the type who would never ever get close to the limit and would transfer the money immediately from my bank before the statement date and would of course have the money already to be transferred.
What I want to know from those with good credit who have requested lower credit card limits whether it had a positive or negative effect on their credit. In other words, if they had a large bill to pay that they had a balance on, that before when they were charged under 20 percent interest, they were now charged more.
My sons are saying things like identify theft, my going on a spending spree because, but I do not want to have the credit card limit reduced if doing so damages my reputation.
2 people like this
3 responses
@abello182 (1)
• United States
18 Nov 10
You can always contact the bank and let them know about it. Sometimes they work something out for you.
@suspenseful (40192)
• Canada
18 Nov 10
It is just that I am worried that by doing so it would damage my financial reputation. Thgat is more important to me then having someone steal my purse or see my pin number. I could not live with myself if my financial reputation is damaged.
@LittleMel (8742)
• Canada
21 Nov 10
ID theft happens even if you don't spend too much on credit card
I don't think reducing your limit will affect your reputation or your credit score
it does make sense that bank charges more if we ask for lower limit
because they make less if we spend less or if we are not able to spend more
I never ask for lower limit, though, maybe I will someday when I am in good financial situation
@suspenseful (40192)
• Canada
21 Nov 10
I only go on trusteed sites and make sure no one can see my pin when I enter it when buying it, but from what I read, the credit card limits are asked to be lowered because the individual is afraid that they cannot manage money. So by insisting that I lower my credit card limit, my son not only is going through the "you don't need that high amount," but the lack of trust in my ability to handle money. In fact the younger one wanted me to make a budget. What is next? For me to keep the limit in my basic checking account to prove I am financially responsible?
@hvedra (1619)
•
19 Nov 10
I also recommend calling the bank. Explain that now you are a widow that you don't need such a high limit but don't want to change anything if it will affect you adversely. Ask them for some information in writing about how this will affect the rate you pay and any future credit.
1 person likes this
