Voluntarily decreasing CL for Capital One

[Anonymous]

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@Gregory1776wrote:

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@Anonymouswrote:

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@Meanmchinewrote:

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@Gregory1776wrote:

Not sure what’s the point of lowering your limits..... what’s the point of keeping your total credit available where it is now? 🤔🤔

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/agree

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Or equally (blasphemy though it may seem to many) the equivalent question for almost everyone else:  "If your limits work for you now, why continually try to increase them?"

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Reducing utilization, increasing the sense of being able to use high credit lines to lenders/or getting larger SL’s....🤔🙂

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Reducing utilization:   for the VERY few times you actually need to maximize your score, you can pay down before the payments.

Increasing the sense....: by assumption, the existing limits are adequate.

Needing high CLs to get high SLs is circular in that it then raises the same queston, why do you need a high SL?

[Anonymous]

Does CO allow the moving of limits?  If so, it could be beneficial to keep the limit you have on the SD card thus making it available to you to move to another product that you may actually like or use often at some point down the line. 

[manyquestions]

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@Anonymouswrote:

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@Gregory1776wrote:

Not sure what’s the point of lowering your limits..... what’s the point of keeping your total credit available where it is now? 🤔🤔

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I'm curious about this also.

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I'm also curious if there is ever any reason to lower credit limits other than personal preference.  

[Anonymous]

One reason to lower limits could be to lower exposure, thus allowing for the addition or growth of other products. This isn't the case with the OP, but it's worth noting.

[pip3man]

Couldn’t make any sense out your question

[coldfusion]

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@Anonymouswrote:
One reason to lower limits could be to lower exposure, thus allowing for the addition or growth of other products. This isn't the case with the OP, but it's worth noting.

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+1.  This is a known sometimes-useful tactic for example with Chase to increase odds of approval if a current cardholder is planning to app for an additional card, when current total exposure with them is already near or above 50% of gross yearly income. 

[marty56]

Anyone ever get denied in writting for having CLs that are too high? or too much available credit?

If you have to play games like lowering your CLs to get approved just isn't worth it.  If Chase or any other CCC plays that game, my response is next.

With all the posts here about CLDs and Chasing the Balance I would think askinga CCC to lower your limit because it makes you feel better or possibly opens the door to get another CC is not a good idea.

[Anonymous]

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Anyone ever get denied in writting for having CLs that are too high? or too much available credit?

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I'm not sure a reason statement like that has ever been given.  I think most just speculate when it comes to this.  Many times it's not overall exposure, but individual lender exposure.  You'll see someone that has a pair of $20k+ cards through a lender, for example and if they app for another and get a $5k approval and see no ability to grow the card most seem to feel it's due to exposure being too high.

[NRB525]

OP, you will not gain anything by reducing these limits.  The one situation it might make sense is if applying with Simmons... but you already have a card from them. 

I would just leave them where they are. Given your current score, they provide adequate utilization, but large unexpected expenses can turn up from time to time.

NFCU will scare you with the limit they are going to offer. Be brave. Allow your credit limits to stay at these levels, and add NFCU. You may not need the limits every day, but when you do, there they will be.

And use the Capital One Card more often. It gets 1.5% after all, right?

[Anonymous]

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@marty56wrote:

Anyone ever get denied in writting for having CLs that are too high? or too much available credit?

If you have to play games like lowering your CLs to get approved just isn't worth it.  If Chase or any other CCC plays that game, my response is next.

With all the posts here about CLDs and Chasing the Balance I would think askinga CCC to lower your limit because it makes you feel better or possibly opens the door to get another CC is not a good idea.

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Well, people have certainly had CLIs denied because they are at the limit with the issuer, which is a similar thing.

Lowering limits to get a card can be a strategic move: if you really want a card for some reason, and you have a lot of credit, you can maximize your chances for auto-approval by reducing your limits.   This is also common when applying for cards for MS, where you don't want to go through any manual review.

Arguing that all the posts about issuer CLDs and balance chasing make this a bad idea is no more coherent that saying all the posts about people getting in debt means we should all stay away from credit cards entirely.

So, IMO, it's not a bad idea, just another tool in the box.