Personal Finance

Is it advisable to increase credit card limit if the card is rarely used?

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  • Dec 17th, 2014 1:50 pm
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Deal Fanatic
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Aug 27, 2012
6228 posts
1592 upvotes
Toronto

Is it advisable to increase credit card limit if the card is rarely used?

*title*

scotiabank told me i can increase the credit card limit if i want to, but im not using it, maybe once in 3 months. thats it.

should i increase it or not?

will it affect my credit score?
6 replies
Sr. Member
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Dec 9, 2010
500 posts
92 upvotes
what's the point? only benefit is it lowers your utilization ratio... at the expense of possibly being able to increase your limit with the CC you actually use because you wasted it at scotia

just curious... what CC do you actually use?
Deal Fanatic
User avatar
Aug 27, 2012
6228 posts
1592 upvotes
Toronto
^
capital one vibe. been using it for almost a year. since i got the capitalone card, scotiabank CC has been my secondary (backup) card.
Sr. Member
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Jan 1, 2008
576 posts
229 upvotes
Brossard
dee88 wrote: what's the point? only benefit is it lowers your utilization ratio... at the expense of possibly being able to increase your limit with the CC you actually use because you wasted it at scotia

just curious... what CC do you actually use?
I agree with Dee88. There's no reason to increase the limit of a card you're not using aside from the utilisation ratio. Most of the banks are pretty liberal with increases if your account is in good standing though, so it probably won't affect your chances of an increase especially if you're with Cap One
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Jul 15, 2012
303 posts
35 upvotes
Toronto, ON
Personally i wouldn't, i only have credit cards i use so whenever they offer my CLI i take it. Either way if you don't use a CC for a while it becomes inactive, so the credit limit increase is possibly a ploy to get you back with them :D

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