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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Can credit card conpanies legally change your credit limit without your consent or authorization?
I received an email this morning notifying me of this change.[/quote]

They did that to us (increased limit) without notifying us a couple of years back from approx 5k to 10 or 15k (cant remember). Had to call them to kindly lower it again.[/quote]

Why do you want to lower your credit limit?  When you have higher credit limit, you have lower debt to credit ratio which it is good for you when you apply for loan.  For example, your charged $1000 in your credit card of that month and your credit limit is 10K.  Your ratio is 10%.  If you credit limit is 5K, your ratio is 20% for that month.

I don't see any risks with higher credit limit as long as you don't use it to the max.  If you lost your credit card, your liability is $50 max.  The rest will be paid by your credit card company regardless the credit limit.[/quote]

[b]Well, having too much credit available to you can hurt your ability to get credit with more favorable terms. I.e., you go to buy a car at 1.9% finance but they won't give you a loan because you have three credit cards who have collectively boosted your available credit by $30,000[/b].[/quote]

09:31 poster here. That's why.[/quote]

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