credit card question
Does it affect your credit rating if your credit card wants to reduce your credit amount? It is my oldest card and I’ve not closed it because of that. I still use it monthly but have shifted the majority of purchases to a better rewards card. We pay off our cards every month. Every 6 months they send me a letter to reduce my credit limit and I call them to keep the same amount. Do I need to keep doing that?
Terry Says
Actually, it doesn’t really matter — except that if your credit limit is lowered on that card, it changes your “percentage of available credit used.” The higher the percentage used, the lower your score. But it doesn’t sound like you’re really using much if any of your available credit, so it shouldn’t make a difference.
In your place, I’d keep calling them — just to aggravate them, and make them spend their time/productivity dealing with you! For sure keep the card open because it demonstrates the longevity of your credit history.
