tag:blogger.com,1999:blog-6507959347687500495.post2026662766654795777..comments2007-10-26T12:06:22.136-04:00Everything Financehttp://www.blogger.com/profile/11908288985581925996noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-6507959347687500495.post-70662653761269979782007-10-26T12:00:00.000-04:002007-10-26T12:00:00.000-04:002007-10-26T12:00:00.000-04:00Lowing the limits sound like a good idea.<BR/><BR/>Keep it low and under control.Marcelhttp://www.financialdominance.comnoreply@blogger.comtag:blogger.com,1999:blog-6507959347687500495.post-70117779912575475292007-10-23T12:22:00.000-04:002007-10-23T12:22:00.000-04:002007-10-23T12:22:00.000-04:00Hi Kyle, <BR/>You are right. I really don't need the 30k credit. Its just that the credit card companies kept increasing my limit without my knowledge and I didn't bother. But after hearing that it could affect my mortgage rate prospects, I had to do something. One phone call to each Credit Card company and now my credit limit is down to 10k now.<BR/>So in a way, even though the Bank of America person gave me wrong advice to close my accounts, they at least brought this issue to my notice, so that I could take the right direction.Everything Financehttp://www.blogger.com/profile/11908288985581925996noreply@blogger.comtag:blogger.com,1999:blog-6507959347687500495.post-41524413547060657292007-10-23T12:14:00.000-04:002007-10-23T12:14:00.000-04:002007-10-23T12:14:00.000-04:00Excellent discussion. My question would be, why would you want/need 30k of available credit? If you don't need it, then I would agree with the point of calling and asking them to cut it in half. My 2 cents. Ooops, I see you already did it!Kylehttp://www.rather-be-shopping.com/blognoreply@blogger.comtag:blogger.com,1999:blog-6507959347687500495.post-1097164663351067092007-10-22T16:32:00.000-04:002007-10-22T16:32:00.000-04:002007-10-22T16:32:00.000-04:00I kinda agree with Ms. Micah. You can also ask yourself if you really do need a credit limit of 30k p/m. Closing one or lowering the limit might be the way to go. Good luck.Jamesnoreply@blogger.comtag:blogger.com,1999:blog-6507959347687500495.post-11003960828022438102007-10-22T11:58:00.000-04:002007-10-22T11:58:00.000-04:002007-10-22T11:58:00.000-04:00Yup. I think lowering the credit card limits is the right thing to do. So I did just that. Thanks Telemill.Everything Financehttp://www.blogger.com/profile/11908288985581925996noreply@blogger.comtag:blogger.com,1999:blog-6507959347687500495.post-77183053694758166862007-10-22T11:55:00.000-04:002007-10-22T11:55:00.000-04:002007-10-22T11:55:00.000-04:00Ms. Micah is right, getting the credit limit lowered is the way to go. But (additional info) make sure you get the credit limit lowered on cards that you have very little on the accounts (preferably $0). Banks also look at how close you are to your credit limit.Telemillhttp://www.blogger.com/profile/08238505104337970695noreply@blogger.comtag:blogger.com,1999:blog-6507959347687500495.post-86041949157729174122007-10-22T10:42:00.000-04:002007-10-22T10:42:00.000-04:002007-10-22T10:42:00.000-04:00Actually, you are both wrong. It IS about how much trouble you COULD get into. But DO NOT CLOSE your accounts. You want to build credit HISTORY. What you should do instead, and it may get some "wha's?" from the credit card companies, is this: Ask for your LIMITS TO BE LOWERED. This way you don't have the opportunity to get into $30,000 in debt. I went about that much after I bought the house. I regret it every day.Anonymousnoreply@blogger.com