Reducing my credit card limits after consolidation?
Monday, November 30th, 2009 at
8:51 pm
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Tagged with: Best Score • Credit Card Limits • credit cards • Credit Consolidation • High Risk • Loan Question • mortgage
Filed under: Credit Card Consolidation
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You should not reduce the limits on your cards, just use them only when necessary. A big component of your credit score is the amount of available credit you have. A high amount of available credit shows lenders that you are able to responsibly handle your access to funds and that you are able to pay your debts promptly. By reducing your available credit, though it is a tempting way to keep spending under control, you actually look less desirable to lenders.