Has anyone voluntarily lowered their credit card limit?

[FlaDude]

---

@Anonymous wrote:

So, identity theft (fraudulent charges, I assume you mean) doesn't happen with a lower limit?  Quite honestly, who cares about fraudulent charges?  Anyone that uses cards a lot in a lot of different places will see fraudulent charges at some point. Cardholders are protected against these types of charges. 

---

Agree completely. My wife, daugther and I have had cards compromised at least 2 dozen times over the years. It's never taken more than a quick call to get resolved with no out of pocket expense.

[Green456]

---

@Anonymous wrote:

Yes, the opposite of what everyone else wants, I was wondering if anyone here has called to have their limits lowered? My credit card has a 25k spending limit, due to fear or paranoia of identity theft etc I was thinking about calling Chase and asking to knock it down quite a bit to say 10k. Of course in corona times I can't call them up and ask so figured I'd shoot it out here.

Thanks as always to anyone who replies.

---

If I had 25 credit cards then I probably would keep very minimal credit limit. My reasoning behind that would be that I might not check all 25 credit cards as often as I should and something could slip through. 

Personally, I got only 7 credit cards and I am about to close one of them to bring me down to 6 cards. 

[Anonymous]

Most cards have alerts when charges are made. That is my first line of defense when something fishy occurs.

BoA alerts are delayed. But their fraud system alerts me even quicker. Other cards have it too, but with limited or no use of the card, the fraud algorithm could fail.

On some cards, you can lock them if they are SD. However, that might provide a hint to the issuer you aren't going to use the card anytime soon. 

[Anonymous]

Yes this past weekend I lowered my Amex from 25k to 10k. And then Discover 22.5k to 11k. It wasn't for covid19. I don't really need the high limits. Navy is a good balance transfer card so I might not lower that card. I want all my cards to be 10k or 11k across the board.

[FieryDance]

If it's Chase I believe you can SM them to move or lower your limit.   

[Anonymous]

---

@Anonymous wrote:

Yes this past weekend I lowered my Amex from 25k to 10k. And then Discover 22.5k to 11k. It wasn't for covid19. I don't really need the high limits. Navy is a good balance transfer card so I might not lower that card. I want all my cards to be 10k or 11k across the board.

---

What if Amex or DISCOVER become good balance transfer cards in the future?

We had an employee email the entire company regarding tough economic times, stating statistics and said he is volunteering to take a significant pay cut. He got a response from the CEO stating his request was denied and that it was not necessary to take a pay cut.

I hope you don't request a pay cut stating that you don't really need that much money lol.

[Anonymous]

I have a hunch we will see lenders lowering limits on their own in a few months, so there are far more reasons than normal to not request such a thing now.

It's possible they might look at your $10k limit in a few months and cut it to $5k, whereas you might have fared better if they made their cuts from the $25k point.

I'm not asking anything of creditors right now, and I'm making sure my profile looks better (less util reported individually and overall) for any moment they decide to look at it.

[Anonymous]

---

@Anonymous wrote:

I have a hunch we will see lenders lowering limits on their own in a few months, so there are far more reasons than normal to not request such a thing now.

It's possible they might look at your $10k limit in a few months and cut it to $5k, whereas you might have fared better if they made their cuts from the $25k point.

I'm not asking anything of creditors right now, and I'm making sure my profile looks better (less util reported individually and overall) for any moment they decide to look at it.

---

I think so too. A lot of small businesses are requesting loans, more than expected, and banks will need more available credit, which can be had from unused CC lines.

[FieryDance]

---

@Anonymous wrote:

---

@Anonymous wrote:

Yes this past weekend I lowered my Amex from 25k to 10k. And then Discover 22.5k to 11k. It wasn't for covid19. I don't really need the high limits. Navy is a good balance transfer card so I might not lower that card. I want all my cards to be 10k or 11k across the board.

---

What if Amex or DISCOVER become good balance transfer cards in the future?

We had an employee email the entire company regarding tough economic times, stating statistics and said he is volunteering to take a significant pay cut. He got a response from the CEO stating his request was denied and that it was not necessary to take a pay cut.

I hope you don't request a pay cut stating that you don't really need that much money lol.

---

There is a huge difference between credit and pay.  

[Anonymous]

---

@Anonymous wrote:

---

We had an employee email the entire company regarding tough economic times, stating statistics and said he is volunteering to take a significant pay cut. He got a response from the CEO stating his request was denied and that it was not necessary to take a pay cut.

I hope you don't request a pay cut stating that you don't really need that much money lol.

---

Presumably the employee had some other motivation, such as seeking attention!  Generally speaking to your manager and/or HR would be the way to deal with that, rather than "Look at selfless wonderful me" companywide email.    And if you must send such a thing, add a "P.S.  I think Jake [or whoever] should have his pay cut too"