Just found out the other day that my credit card number was compromised. the credit card company's fraud department left me a message and when I called them back they canceled my current card and is sending me a new one with a different number. I had not used it in a couple of months and there are no new charges on it. I have a pretty large limit on the card and was thinking maybe I should reduce the max limit on it. I have not been carrying a balance and pay it off in full whenever I use it. how much does lowering your limit lower your credit score ? hate to see somebody get this new number and run up a large bill under my name. if I needed to make a sizable purchase with a credit card I could use that my wife and I have.
reducing credit limit on credit card
- Thread starter matrass
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It used to lower your credit acceptance. That's access to debt. Back after the S&L there was a tightening of credit (in debt
ut debt ratios) and people had to pay off and close their accounts (some times) to get a mortgage. That is, the credit line was considered debt.
At one point I think I had enough on demand unsecured credit to pay off my mortgage.
ut debt ratios) and people had to pay off and close their accounts (some times) to get a mortgage. That is, the credit line was considered debt. At one point I think I had enough on demand unsecured credit to pay off my mortgage.
Originally Posted By: Gary Allan
It used to lower your credit acceptance. That's access to debt. Back after the S&L there was a tightening of credit (in debtut debt ratios) and people had to pay off and close their accounts (some times) to get a mortgage. That is, the credit line was considered debt.
At one point I think I had enough on demand unsecured credit to pay off my mortgage.
Well I am in good credit standing as is my wife. we only use the cards if they are needed to make an online purchase or for booking a place to say on a trip etc.... wow enough unsecured debt to pay off a mortgage, that is a lot LOL ! I figure even if my credit scores drops a little bit, I should be fine as we are not applying for any new cars or homes for at least 3 more years , when our son is in his last year of college.
It used to lower your credit acceptance. That's access to debt. Back after the S&L there was a tightening of credit (in debt
ut debt ratios) and people had to pay off and close their accounts (some times) to get a mortgage. That is, the credit line was considered debt. At one point I think I had enough on demand unsecured credit to pay off my mortgage.
Well I am in good credit standing as is my wife. we only use the cards if they are needed to make an online purchase or for booking a place to say on a trip etc.... wow enough unsecured debt to pay off a mortgage, that is a lot LOL ! I figure even if my credit scores drops a little bit, I should be fine as we are not applying for any new cars or homes for at least 3 more years , when our son is in his last year of college.
Sheesh, my credit card company also recently issued me a new card with "security enhancements" as it also was compromised. Same card number though.
I really like getting the 5% cash back on purchases, but since merchants seem unable (or unwilling) to implement tight enough security, I'm thinking of just canceling all my plastic and using nothing but cash.
I really like getting the 5% cash back on purchases, but since merchants seem unable (or unwilling) to implement tight enough security, I'm thinking of just canceling all my plastic and using nothing but cash.
Originally Posted By: Drew99GT
Sheesh, my credit card company also recently issued me a new card with "security enhancements" as it also was compromised. Same card number though.
I really like getting the 5% cash back on purchases, but since merchants seem unable (or unwilling) to implement tight enough security, I'm thinking of just canceling all my plastic and using nothing but cash.
Yea, that sucks that they are not keeping the credit cards safer, like having a pin or something so that you need to do more than just plug in the numbers and run up a bill. surprised that they kept your number the same. if I did not buy stuff online for Xmas or if all merchants took Paypal , I would cancel my card as well. saw an article the other day that one guy and a couple of partners stole something like 130 million credit card numbers. just seems like the stolen credit card number problem is growing more and more every year. the card number I had was 15 years old LOL !
Sheesh, my credit card company also recently issued me a new card with "security enhancements" as it also was compromised. Same card number though.
I really like getting the 5% cash back on purchases, but since merchants seem unable (or unwilling) to implement tight enough security, I'm thinking of just canceling all my plastic and using nothing but cash.
Yea, that sucks that they are not keeping the credit cards safer, like having a pin or something so that you need to do more than just plug in the numbers and run up a bill. surprised that they kept your number the same. if I did not buy stuff online for Xmas or if all merchants took Paypal , I would cancel my card as well. saw an article the other day that one guy and a couple of partners stole something like 130 million credit card numbers. just seems like the stolen credit card number problem is growing more and more every year. the card number I had was 15 years old LOL !
JTK
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Originally Posted By: Gary Allan
At one point I think I had enough on demand unsecured credit to pay off my mortgage.
Gary isn't that the truth. I recall having a Visa gold card 15yrs or so ago with a $50K limit. I think the card my wife and I use now is something like $20K.
Joel
At one point I think I had enough on demand unsecured credit to pay off my mortgage.
Gary isn't that the truth. I recall having a Visa gold card 15yrs or so ago with a $50K limit. I think the card my wife and I use now is something like $20K.
Joel
I've got 3 credit cards. two of them, I haven't used in over a year with a 0 balance. I'm thinking of cancelling them, but I heard it hurts your credit. but stolen credit card numbers make it even worse. One credit card should be enough. Once I get a house next year, I'll cancel them.
Originally Posted By: Cutehumor
One credit card should be enough. Once I get a house next year, I'll cancel them.
Consider keeping two, even if you don't use one. If you happen to lose one and need to cancel it, it can be inconvenient not having another card. Particularly if you are away from home.
One credit card should be enough. Once I get a house next year, I'll cancel them.
Consider keeping two, even if you don't use one. If you happen to lose one and need to cancel it, it can be inconvenient not having another card. Particularly if you are away from home.
I wouldn't do it IF you credit card company will cover fraudulent (probably spelled wrong) charges. I had some strange charges show up on Capital One and they simply called to verify and issued new cards. They also told me to call if any other charges showed up that they needed to take care of.
For a while was using a different card for online purchases that I did normally to help avoid this problem, but Capital One who cares.
If you're worried about your credit score and possible fraud, just stop using that card, which you already did, and get a Capital One Card. I think if you increase and decrease a similar amount in your credit it might sort of balance out, but I don't really know.
Unless you're planning to make a big purchase soon, your credit score should be an issue if it drops a bit.
For a while was using a different card for online purchases that I did normally to help avoid this problem, but Capital One who cares.
If you're worried about your credit score and possible fraud, just stop using that card, which you already did, and get a Capital One Card. I think if you increase and decrease a similar amount in your credit it might sort of balance out, but I don't really know.
Unless you're planning to make a big purchase soon, your credit score should be an issue if it drops a bit.
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