Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

10/24/2008
What happens if you lower your credit card limit?
What happens if you ask the credit card company to lower your credit card limit?
Delores Lenzy - Jones, CPA, CIA:
expert info »
They will likely do so. It's in their best interest to do so because they will receive some vs. no money back.
Connie K. Marmet:
expert info »
Yes, just call the company and they will lower your credit line. Note that using a high percentage of your available credit line will lower your overall credit rating. That said, if it helps you to better manage your finances, lowering the amount on your credit card is good.
Joan Koonce, Ph.D:
expert info »
If you ask the credit card company to lower your credit limit, they usually will as long as your outstanding balance does not exceed the lower credit limit. Keep in mind that lowering your credit limit can have an effect on your credit score because of the amount of credit used in proportion to the amount available.
 

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