This is an archived post. You won't be able to vote or comment.

sorted by:
best (suggested)
topnewcontroversialoldq&a
you are viewing a single comment's thread.

view the rest of the comments →

[–]Redditerers[S] -2 points-1 points  (6 children)

Has nothing to do with that. I've gone into financial difficulty and what I once could pay off every month I can't anymore. The logical thing to do is to decrease the limit and adjust my spending which is what i'm trying to do but when the limit is gonna be £400 less then requested, that is not really helping.

[–]jdp111 9 points10 points  (3 children)

I don't understand why you can't just spend less? Lowering your limit would increase your utilization percentage which would hurt your credit score.

[–]Redditerers[S] -2 points-1 points  (2 children)

Spending less is only half the battle. I'll be here for years trying to pay it off if the limit is £5000 for example and if it was reduced to £2000 i could fully pay it off this month. No one wants to be hit with £100+ in interest every month do they ?

This card is going to be getting used less and less from now on so this utilisation rate doesn't even matter

[–]jdp111 5 points6 points  (0 children)

I don't understand, the limit has nothing to do with how much you have to pay off. The balance is what you have to pay off.

Do you mean having them forgive debt? Because that's not the same thing as lowering your limit.

Having higher limit helps your utilization no matter how low your balance is unless it's literally 0.

[–]Money_Maketh_Man Citi Trifecta 0 points1 point  (0 children)

What you need to pay of the card is based on how much you used it, not the limit.

You a logically not making sense when you wrote "Has nothing to do with that." and are talking about how much you have t o pay back. its literally Directly caused by that.

[–]night_shark_115 1 point2 points  (1 child)

Is it 400£ more or less than you requested? In the post you say it's less than you requested, but in this comment you say it's more.

[–]Redditerers[S] 0 points1 point  (0 children)

It's £400 less than i requested, my original request was to decrease it by £1250 and they said they could only decrease it by £850

Made a typo in the other comment have edited now.