Whats your credit card limit?

Question

At the moment mine is £10.000 but ive never used it and they keep upping the limit.
Don't they get the message I DON'T WANT IT.
I never even applyed for it in the 1st place.Are they allowed to just send themout?

Answer 1

Nil, because I don't have one. You seem to be in control of yours at the moment, but so many get tempted, in the end, to use the credit because it's available. The card companies aren't stupid, they know that .......Never forget my words eh! :-)

Answer 2

This is standard practice in the industry. I am not competent to say for sure but I really doubt credit card companies would give you a credit limit (unsolicited) that would have a deleterious impact on your credit rating. Pertaining to credit scores, I have never heard someone say that having too much credit affects your score, and in fact it may raise it (it affects the debt-to-credit ratio). I have been an aggressive pursuer of credit limits and it has not hurt me in the least. My biggest card is $27,500, though I have several.

It's important to realize that you want your credit limit to be much higher than you ever plan to use. I'd say two to three times higher. You never want to get even close to your credit limit.

Answer 3

I have a credit card with no limit cause its the sort you put your own cash on, no rip off and no debts, I reckon if I had one of the standard type credit cards my limit would be what I could afford to pay back each month and it would be nothing like the limit they have offered to you, god be careful think of the problems you could have if you were really tempted to use it, cut it in half now and shred it, the only ones benefitting from credit are the banks.

Answer 4

Just imagine if you lose that card, or someone gets your card details, £10 grand would come in handy.
If you don't need that amount of credit limit, and as you have said, the credit card company are not listening to your demands, simply cancel the card and go to a more reputable credit card company - it isn't rocket science!

Answer 5

I've got 5 credit cards but the credit limit changes every 6 months

Answer 6

First of all, a higher credit rating affects your credit score, which can cause problems getting other credit (Loans, overdrafts; mortgages etc). You want a credit limit that is high enough to justify your needs but low enough to allow you to live comfortably.

The ideal credit limits are as follows, anything more is just greed:
Overdraft is 50% of your monthly MINIMUM income
Credit cards (The sum of) is 250% of your monthly MINIMUM income (2.5 months worth)
Mortgages at 3.5 times your total anual income

If you are not comfortable with such a high limit, you should phone your CCcompany and tell them to lower it, and that you do not want it increased. They are required to do this
1) To ensure fair distribution of your credit score
2) If your card is stolen, it reduces the possible damage that can be incurred.

Check your T&C's (That document with the small writing they sent with your card) as it should confirm it, but get in touch with your issuer to tell them to get it down.

Answer 7

Ummmm... Why don't you just cancel it ?
Have you checked your credit report? If a c/c company ups a person's credit amount that usually means that they are using A LOT of credit and paying it back in a reasonable amount of time. You may have another credit card floating around out there.

Answer 8

I have about $60K on various cards. Only 1 has a balance, and it's 0% interest.

To answer your question, are you sure you never applied for the card? Major credit card companies don't usually do that, though department stores will.

Keep it, you'll never know when you'll need it.

Answer 9

Companies and banks are not permitted to send out unsolicited credit cards, so you must have signed something at some point to request as its a legal requirement (UK, that is) If you dont want it, simply cut the card into little bits and send it back to them! Its really that easy!

Answer 10

None of your business.

If you don't want a limit that high, just call the credit card company and tell them to lower it. They will try everything to talk you out of this of course, but if you are persistent they will do it.

Answer 11

mines is unlimited ( a green amex card)..when ur limit is topped everytime...the lender is giving u a notion that u are in need of more credit

get a copy of ur credit report...u might have a credit card with ur info with someone else lol