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will a decrease of credit line hurt my credit score?

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Joined: 12 Aug 2014
KelsEldridgeovt's page
Posts: 2

24 Magic Points

Posted on Tue Aug 12, 2014 7:39 am  

Lowering your credit card limit can have a negative impact on your credit score. A large portion of your score is comprised of your credit utilization percentage. This is the ratio of debt you are carrying compared to the amount of credit you have available. If you lower the limit, the percentage is going to increase.

As an example, let's say you have three credit cards, each with a $2,000 credit limit. You have spent $500 on each card. $1,500 out of the total $6,000 available means that you have a credit utilization of 25%. If you lower the limit on each card to $500, you end up using $1,500 out of a possible $4,500. That makes your credit utilization 33%.

Ideally, you want to keep your credit utilization at 30% or lower. Anything beyond that will start to decrease your credit score.
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Subject: Do Not Lower Credit Limit
Posted on Sat Jan 31, 2015 1:57 am  

Yes, decreasing your credit limit will definitely hurt your credit score because your credit card utilization determines 30% of your score. So if you decrease your limit and your balance is not below 20% of your limit, you're bound to witness a severe drop in your credit scores.

Focus on just using the amount of credit you need and not what you have. The lower your balance and the higher your limit, the better scores you will have.

Let me know if this makes sense.

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