Raising Your Credit Limit
Every year I get a notice from my credit card company that they have decided to raise my credit limit again. This happens with no action on my part. The credit card companies do this so that you can charge even more money, and end up paying more interest each month if you carry a credit card balance. If you do not want the temptation of a higher limit, if you are trying to get out of debt, you can call and request that they no longer raise your balance without your permission.
It is important to remember that you can also ask for a lower interest rate as well. Usually the credit card company will do this once a year. If you are focused on getting out of debt and you have stopped using your credit cards you may want to surf your balances over to a lower interest credit card if you can't get the company to lower your interest rate. Once you have done this, you should put your cards in a place that they are inaccessible or close down the accounts completely.
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Comments
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Bad advice. You should never close down your credit card accounts completely; it lowers your FICO score because the age of/length of time you’ve had your accounts is a major factor.
Simply cut your cards up if you no longer want the temptation, but once you’ve paid them off leave the account open.