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Published on Sunday, Oct 12, 2008
Here are some tips to protect your credit limit:
• Keep your balances at less than 30 percent of your limit.
Thirty percent is a conservative ceiling, but it's safe, said Bill Hardekopf with Lowcards.com. The closer your balances are to your limit, the more likely the limit could be reduced because you're a higher risk.
• Improve your credit score.
A drop in your credit score can cause a drop in your credit limit. A FICO score of 720 or above is generally considered a good score.
• If you have a good credit score, a good payment history and a low debt ratio, but the issuer decreases your limit, call and nicely question this.
Tell them you are a good customer, and would like them to restore your credit limit.
• If your limit is lowered and your balance is close to your limit, transfer part of the balance to a credit card with 0 percent APR for 12 months for balance transfers.
Hardekopf also advised not to use this card for purchases because they could be charged at the regular interest rate. Use this introductory rate as a chance to pay off your debt as quickly as possible.
Hardekopf said consumers need to weigh balance transfer fees, which could be 3 percent, to see if it's worthwhile. If you transfer $8,000, that could be a fee of $240 upfront.
Hardekopf said he also expects some0 percent balance-transfer offers to disappear as credit tightens.
• Read through the terms and conditions of your credit card.
Hardekopf said he knows it is very boring reading, but he suggests reading through the document as many as four times a year. Consumers need to know under what circumstances the issuer can change the terms.
— Betty Lin-Fisher
Here are some tips to protect your credit limit:
Get the full article here.
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