If I lower the limits on my credit cards will that hurt my credit score?
I have several credit cards all with a zero balance. Several have high limits and I was just denied a loan because I had to much credit. If I were to lower the limits on all the cards will that affect my credit score??? I have no outstanding debits an only have a car loan and am never late on anything. I have a 760 score and I want to keep it.
Tags: Cards, Credit, hurt, Limits, Lower, Score
No as long as you keep at least a 30% balance on your credit cards. At this point just continue to make the minimum payments and it should not affect your score if you decide to lower your limits.
Call your credit company to be sure though..
Instead of lowering your limits you are going to want to close a few of the accounts, paying most attention to the ones you have opened recently. It is pure myth regarding the percentage of a balance you have in relation to the true credit line affecting your score. What most people do not realize is that you want to keep accounts open that you use regularly and have a long history with. Having a ton of available credit will not hurt your score, until you go around applying for credit and get declined several times. That is known as “fishing for credit.” So rework your finances a bit before applying for any more credit.
Yes, it can.
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This is a problem that everybody face this days. trust me i have being in this same situation and just last week, someone introduce me to a loan fairm in yahoo answer about UNsecured Loan that he has being approve for a loan that i can try and see if my will be granted off which i put it to a test and i was approved and given a loan fund of $4000USd that i requested from them and i will be starting my repayment after 4 months of loan offer. I will help you with the Loan Office address but since you are looking for a loan i will like to know what kind of business that will be good for me to put the money into so that i can make the repayment as soon as possible cause i nerva plained to get a loan as big as $4000USD please let me know. Loan Office Email is unsecuredloanupdate@live.com
you can try the firm and see how they can help you…. please also let me know the type of inverstment that will be good for me..
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Loan Office Email is unsecuredloanupdate@live.com