Leaving rationale aside, assuming that:
- absent a lottery win which changes my spending habits, I have more than sufficient credit to use responsibly without exceeding 8.89% utilization
- I'm not concerned if I get dropped by an issuer or two for non-use
- a FICO of 750 is good enough (tho' 800 is always nice)
will an issuer get spooked if I call up and request a lower spending limit?
[If an institution requests a reason, my reply will be that I'm concerned about fraud and want to limit my exposure.]
Knowledge, insight, intelligent hypotheses and outlandish theories invited.
Before the big wigs latch on to this, lol, ill just say you can do it and if something ,ie a credit limit, makes you uncomfortable,, do whats right for you.
Some will say a manual review or even sp from other lenders might have affects on other accounts , but hey, if reducing exposure is in your best interest, im sure with good scores and credit, its an option worth exploring
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Ps, im not actively clding myself by calling for lower limits, but in a way, by reducing my card collection i am clding my overall credit exposure
Some will say a manual review or even sp from other lenders might have affects on other accounts , but hey, if reducing exposure is in your best interest, im sure with good scores and credit, its an option worth exploring
.Ps, im not actively clding myself by calling for lower limits, but in a way, by reducing my card collection i am clding my overall credit exposure
@Anonymous wrote:Which lender is this?
For now, BoA, Chase & Discover.
I'd include Barclaycard as well, but I've read that just about anything can set this institution off, and I'd like to keep my Ring card.
@Anonymous wrote:What are your current cards/limits and what do you want to reduce to? More importantly, why do you want the reduction?
I recently applied for a few cards to access lower APRs, improve rewards, have BT availability, reduce utilization and not be tied to one issuer. I overdid it, and don't feel comfortable with quite so much credit. But I'd rather not close my existing lines, as there'd be a significant AAoA impact ~10 years down the road.
That said, I'd prefer not have lines greater than 10-12K, and would like to reduce from 14 -> 10, 15 -> 10 & 19 -> 12.
You should be fine with BoA. I called in and asked for a CLD from 6000 to 5000 before my card even mailed out and they happily obliged.
Actually if you told them you wanted to limit exposure in case of fraud, I think they'd be none too happy to comply. In 5 years they've sent me 4 replacement cards, each after a retailer had some kind of data breach.
