Would lowering my credit limit effect my credit score?

Would lowering my credit card limit effect my credit score? I was planning to try paying off my credit cards, but the more credit limit I have the more I spend, So i'm planning to decrease my credit limit to try to pay everything off.|||It could make your score go down. One factor is credit utilization, that is your total credit available compared to credit used. Ideally this amount needs to be under 30% for the best scores. So if you lower your limit you lower your credit available, you then have less to spend before you get above the 30% mark.





However, you said that the more you have the more you spend. In your case I would not worry about your score until you can control the desire to spend, because that could get you into trouble in the future. So you probably should lower the limits for now. When you lower your limit do not lower it to anything less than double of the current balance, so if your current balance is $500 don't lower it to less than $1000. Better yet would be to wait until you have paid it off and have a 0 balance.|||yes, that would lower your credit score, because your debt to credit ratio is an important factor. if your limit is 1000.00 and you owe 100.00 you owe 10%, if you lower the limit to 200.00 you'd owe 50%. pay off the cards, cut them up, if you have to, but do not close them or lower the limits!!!|||Stay debt free---debt is not free.. Never have debt except for a home---lights---gas--- and water bills. Pay cash for dinner and dates and gas for the car. Credit card it is too easy to over spend. Other way, when the cash is gone--done spending.


Pay off the credit cards--off. Spending to spend you need mental health and counselling... Plus 2 jobs...|||Good for you for trying to pay off your cards. You will be happier when you do. Yes, it will lower your score under most modern systems. That may be all right. There are some people who just can not handle credit cards. As long as you are tempted to spend more the higher the limit, that applies to you. There are other ways to pay bills and buy things besides credit cards. You must pick another until this tendency leaves you. That might even happen in a month or two after you are out of credit card debt.|||yes it will...just pay off your bills and have the discipline to not use your cards|||Your credit score is, in part, calculated based upon how much total credit you have (all your limits) and how much outstanding credit you have (meaning how much you owe). Having your credit limits lowered will change the number but I'm not sure if it would make your score go up or down. You should talk to a credit counselor or an accountant to figure out what would be best for your situation.





Good luck!