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
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