How to fight having a credit limit lowered
RICHMOND, Va. (WWBT) - Maybe you didn’t use your card enough or you’ve made mistakes with other lenders. Sometimes lenders just want to reduce their risk. When you find out your credit limit has been lowered, our partners at Nerdwallet say to make a plan.
Think of all the reasons why the lender should reinstate your limit.
Use good payment history or longevity to persuade them.
Talk to a human, preferably over the phone. The results are usually more favorable.
Just call the number on the back of the card. Then make your case in a nice way. The more calm and cordial you are when you are appealing, the better result you’ll likely get.
If you want to avoid a credit cut altogether, use your card but don’t overuse it. Every once in a while, request a credit increase and pay your bill on time and if you can, in full every month.
Also, pay attention to the economy. If you start hearing the word recession, lower credit limits usually follow.
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