• Skip to main content
  • Skip to primary sidebar

Ask Liz Weston

Get smart with your money

  • About
  • Liz’s Books
  • Speaking
  • Disclosure
  • Contact

Q&A: Could reducing your credit limit hurt your credit score?

January 26, 2015 By Liz Weston

Dear Liz: I asked one of my credit card issuers to increase my credit line from $2,000 to $5,000 but was turned down. The reason given was that I have too high credit limits from my other cards. Combined, I have about $100,000 in available credit, although I’ve never used more than $15,000 at any time and always paid promptly. If I ask these credit card companies to reduce my available credit, will I damage my FICO credit scores, which are around 785?

Answer: Your credit scores may well take a hit if you reduce your available credit, and there’s no guarantee that doing so will induce the issuer you’re courting to raise your limit. If this card is relatively recent, you may find that simply waiting a few months and asking again will get you the credit line increase.

If not, you have plenty of other options. Credit card companies are falling all over themselves to attract creditworthy customers like yourself. Check out some of the offers you’ll find at credit card comparison sites such as NerdWallet, CreditCards.com, CardRatings, LowCards.com and others.

Related Posts

  • Q&A: How asking for a credit limit increase can help your credit score

    Dear Liz: Does requesting a credit limit increase on a credit card affect your credit…

  • Can a small credit card improve your credit score?

    Dear Liz: I am trying to increase my credit scores so I can buy a…

  • Q&A: Will closing high-interest cards hurt your credit score?

    Dear Liz: I have a few credit cards with very high interest rates — in…

  • Q&A: Repairing your credit score

    Dear Liz: After a divorce, I had to start my life over at 62. I…

Filed Under: Credit Cards, Q&A Tagged With: Credit Cards, Credit Scores, q&a

Primary Sidebar

Search

Copyright © 2025 · Ask Liz Weston 2.0 On Genesis Framework · WordPress · Log in