Lowering my credit limit

[Anonymous]

I have a question maybe someone here
Can answer it for me I have a credit card with my local credit union for 5000 I applied for a loan with them and they approve me but with a condition that they would lower my card to 1000 my question is will this cause other lender to do the same and lower my limits when the see that this card was lowered.

[CreditExpressNJ]

Not likely as sometimes people ask for a reduction of credit as there is a such thing as having too much credit available.

[Scupra]

Could you find an installment loan elsewhere? Not that the CLD is bad, but why give up a $5k TL?

[Anonymous]

What kind of balance do you have on that $5000 card? That could affect your utilization which could affect your score.

I personalyy would look elsewhere for the loan and not reduce my credit limit.

[Scupra]

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@Anonymous wrote:

What kind of balance do you have on that $5000 card? That could affect your utilization which could affect your score.

I personalyy would look elsewhere for the loan and not reduce my credit limit.

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Agree to the max! Not to mention what a $5k limit reporting will do for future approvals

[Anonymous]

I have a 33 dollars balance on that card
And my utilization overall is 1% I have 72k available credit on my credit cards so yeah i kind of hate to lose 4K out of that one but I hardly use it . I'm more concerned of other lenders lowering my limit if they lower this one.
Plus the interest is good on this loan others would be higher .

[Anonymous]

Well if you have other large credit limits and don't mind losing $4000 of that limit, go for it.