Comments on: Under what circumstances is a credit card company allowed to lower your limit?

By: Marco Lautner

Marco Lautner — Tue, 04 May 2010 22:32:21 +0000

Somehow, between me and my husband, we have managed to gather over 30 thousand in credit card debt. We can’t seem to find a way out. We have tried to budget, we have done research, and we have even cut out alot of fun stuff in our lives. I think it’s time for me to get a full time job. If we can’t pull this off, we may have to declare backruptcy.

By: James G

James G — Mon, 06 Jul 2009 18:25:29 +0000

the first thing that you can do is ask your company what their policies are with regards to lowering credit limits. that’s the best way of finding out. now, about your plan to max out your cards. keeping your utilization under 50% of your cl should keep it from negatively affecting your credit rating. you said that you already know that maxing out your cards could hurt your credit rating. is this going to be a one time thing? or are you planning on applying for other cards? if so, you are still going to have a difficult time because of its effect on your credit… anyway there are still other credit card deals that you could apply for. probably not as good as a deal compared to having a better credit rating. but you’ll find one.

By: bud68

bud68 — Sun, 05 Jul 2009 04:32:02 +0000

They can lower them whenever they want.

By: Renee

Renee — Fri, 03 Jul 2009 15:20:42 +0000

I dont think they can do that read all fine print on all cards but again that cant be done not that ive ever heard of.

By: Bart M

Bart M — Wed, 01 Jul 2009 06:35:45 +0000

its no big deal

By: bdancer222

bdancer222 — Mon, 29 Jun 2009 12:45:15 +0000

Credit card companies can lower your limit for any reason they want. They can also just close your account.

Maxing out your credit cards is not a good idea. Credit cards are not meant for long term financing. They should be used as a short term convenience. You will be wasting a lot of money on interest.

If you max out your cards, this will decrease your score. A decrease in your score could result in your interest rates being increased to the max. The shorter the time you’ve had these credit cards, the more likely you will get hit with that increase.

By: S P

S P — Fri, 26 Jun 2009 23:03:06 +0000

Bad spending habits, over the limit too many times, late payments. Make timely payments on your account, pay more than the minimum balance, and show you can financially handle charging a good amount of money.

By: submetropolis

submetropolis — Tue, 23 Jun 2009 14:05:38 +0000

when applying for the card do asome research…I’ve personally never heard of a card company lowering a limit.
if you’re applying over the phone ask them, if online go to their FAQ
it really depends on the card company