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Established Contributor
Posts: 652
Registered: ‎12-12-2012
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Reduce your limit?

I'm considering reducing the limit on my credit union card.  The rewards are terrible, but it is my highest limit card. I would rather have more credit on cards that have rewards.  Thoughts?

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Established Contributor
Posts: 547
Registered: ‎02-14-2012
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Re: Reduce your limit?


FutureBillionaire wrote:

I'm considering reducing the limit on my credit union card.  The rewards are terrible, but it is my highest limit card. I would rather have more credit on cards that have rewards.  Thoughts?


Why? :smileyindifferent: Lowering that limit doesn't guarantee higher limits on other cards. I wouldn't do it, but that's just me.

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP


Frequent Contributor
Posts: 378
Registered: ‎03-31-2012
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Re: Reduce your limit?


FutureBillionaire wrote:

I'm considering reducing the limit on my credit union card.  The rewards are terrible, but it is my highest limit card. I would rather have more credit on cards that have rewards.  Thoughts?


It may actual make it harder to get higher limits on your other cards.  Some creditors will match the highest limit you have.

Established Contributor
Posts: 652
Registered: ‎12-12-2012
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Re: Reduce your limit?

Hmm.  I also worry about some creditors saying that I have too much available credit.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Reduce your limit?


FutureBillionaire wrote:

Hmm.  I also worry about some creditors saying that I have too much available credit.


Well, the notable one for that is Penfed, and you already have their cards!   Another time to reduce CL is if you want another card with that issuer but feel that the combined limit will be too much, but often there you can transfer some CL to the new card.   So I guess another vote for "Don't!"

Valued Contributor
Posts: 1,397
Registered: ‎01-14-2009
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Re: Reduce your limit?

I vote against reducing the credit limit. Higher limits beget higher limits.
Established Contributor
Posts: 652
Registered: ‎12-12-2012
0

Re: Reduce your limit?

I appreciate all the feedback.  I probably won't get any bigger limits with Discover anytime soon, but I have enough credit on the cards that I use most. It just stinks to have my highest limit on a card that I don't even carry anymore.

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Established Contributor
Posts: 792
Registered: ‎08-30-2011
0

Re: Reduce your limit?

I want to lower my store cards down a bit(maybe 5-6K a piece) and I changed my BoA card to a sig visa so it doesn't report the limit.  I am now approaching 3x my reported income in revolving credit lol.  I fear a mortgage/auto lender will be like **bleep** dude?  Also, I plan on getting in with Penfed sometime in the near future.  So yes, I believe reducing your CL may be called for in some rare situations.  Overall utilization, is obviously not a factor at this point.

Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
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