Personal Finance

BMO USD Master Card Credit Limit

  • Last Updated:
  • Feb 8th, 2015 9:35 pm
Newbie
Mar 3, 2014
48 posts
68 upvotes
Toronto

BMO USD Master Card Credit Limit

I often travel to USA, most of the time I have cash. However, last summer I decided to get CC, which I think better to use and pay it off, helps in good credit rating.
I went to BMO, they asked me to fill up an application and since it was for USD, they said they don't know about the limit and they will let me know on the phone.
Within a day I got a call from Montreal office and I was given 7500 USD credit limit. Now I realize that I don't need that much limit. 2-3 K limit should be enough as it is holding up my credit limit Utilization.
What do I do? Can I call and decrease the limit? Does that affect may credit rating?
3 replies
Sr. Member
Sep 23, 2011
760 posts
693 upvotes
LAVAL
Just like any credit card, call them and ut will be reduced. As simple as that.

Also a higher credit limit is better for your credit score, assuming you use the same amount (lower credit utilization).
Newbie
Mar 3, 2014
48 posts
68 upvotes
Toronto
Lemig0s wrote: Just like any credit card, call them and ut will be reduced. As simple as that.

Also a higher credit limit is better for your credit score, assuming you use the same amount (lower credit utilization).
Thank you. I was thinking to reduce the limit 2-3k since it is USD and I can't use it often in Canada. 7500 is holding up credit limit that I can get for my other Canadian $ Credit Cards.
Deal Addict
Oct 9, 2005
1884 posts
230 upvotes
triumpher wrote: Thank you. I was thinking to reduce the limit 2-3k since it is USD and I can't use it often in Canada. 7500 is holding up credit limit that I can get for my other Canadian $ Credit Cards.
If BMO gave you $7500 off the bat, then it's highly unlikely that it will affect what you can get on your other cards.

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