Would this hurt my credit score?

I have a $3000.00 spending limit on my credit card but I would like to reduce it to $1000.00. If I requested the reduction, would it hurt my credit score?

Would this hurt my credit score?

It can because it will lower both your available credit on that card and overall credit available.

If you have any balances, this will increase your Credit Utilization percentage. This makes up a significant portion of FICO scoring.

In fact many people who want to increase their scores try to increase credit limits to lower utilization, even/especially on cards they don%26#039;t use.

Just because you have a certain limit doesn%26#039;t mean you have to use it all. besides, what happens if you end- up charging, let%26#039;s say $500? On a $1000 limit you will be at 50%. Some banks will even consider this a high risk factor and look at Universal Default and increasing interest rates. However, if you charge the same $500 on a $3000 limit card, that%26#039;s under 17%. That is preferable.

As long as you have any financial discipline, it is preferrable to have high limits, IMHO.

Would this hurt my credit score?

yes...then it means you can%26#039;t pay it back...

Would this hurt my credit score?

As long as you keep it paid, the limit shouldn%26#039;t matter. But, why would you get it reduced? I mean, just allow yourself the $1000 instead of $3,000.

Would this hurt my credit score?

No and really that is a smart thing to do if you are not going to use it or don%26#039;t want to tempt yourself. It can hurt you more to have open lines of credit out there that you don%26#039;t use than having lines of credit that you fully use. Generally your credit score is based on how long your credit history is and how well you pay your bills.

Would this hurt my credit score?

it will hurt ur credit score if u have a balance on ur credit card.

Reason:

Your debt to credit ratio will be higher

e.g. $500 debt/$1000 Credit limit instead of $500 debt /$3000 Credit Limit

Would this hurt my credit score?

Just spend a little time searching, I found this in less than a minute.

http://www.harpfinancial.com/FicoScoring...