10-06-2007 08:33 PM
10-06-2007 08:54 PM - edited 10-06-2007 08:56 PM
Don't know about the other effects, but I have read that sometimes mortgage lenders will request that a potential borrower get the limits lowered on their cards. The poster said that s/he explained to the CCC what was going on, they lowered the limit, and then after the closing and final funding (forget the exact term), they put it back where it was.
amandag wrote:I also wonder if a bank would give me a house loan someday if I have a $20,000 card. Seems like a crazy amount of credit to me...especially since I was a student until this May. They just wanted me to get into trouble.I plan to call the banks and ask for interest decreases too.
10-06-2007 09:07 PM
10-06-2007 09:12 PM
amandag wrote:Is it a bad idea to request a credit limit decrease on a card? I have 4 credit cards and all of them have outrageous interest (they were all applied for while I was in college) but one of them is about 24% interest and it has a $20,000 limit. It has 0 balance because it would be stupid to charge anything at that interest rate (my others aren't much better though...all in the 20s). The only balance I have on any is a $2,000 balance on my Discover card which was books, etc from my last semester of college. I plan to pay that with my next paycheck.I guess in the scheme of things, the limit doesn't matter because I don't plan on using the card but it does make me nervous to have a card that someone could steal and literally charge a car too. Would my FICO score go down if I request a limit decrease if I pay the discover card off at the same time (UTL % would stay the same)? Would it be better to cancel the card altogether? It's my oldest card.I also wonder if a bank would give me a house loan someday if I have a $20,000 card. Seems like a crazy amount of credit to me...especially since I was a student until this May. They just wanted me to get into trouble.I plan to call the banks and ask for interest decreases too.
10-06-2007 10:33 PM
10-06-2007 11:28 PM
10-07-2007 12:51 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.