• Last Updated:
  • Apr 27th, 2020 9:58 am
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[OP]
Newbie
Apr 27, 2015
44 posts
29 upvotes
Toronto, ON

Credit limits

If my banks lower my credit limits on my credit cards, does that lower my credit score? Has anyone else had their credit limits reduced without any warning across multiple accounts?

I am still employed during this pandemic.
2 replies
Member
Apr 16, 2020
302 posts
384 upvotes
Short answer is yes.

Longer answer is that it'll probably only lower it a very small amount if your card utilization is still <30%. You can always try to get the limits back to where they were or just apply for another card which should get your overall credit limit increased.

See also this excellent thread full of questions about credit scores.
Deal Addict
Jan 15, 2017
3932 posts
3393 upvotes
The impact depends on whether you use your credit cards and how much you use them. For instance, if you have a card with a $20,000 limit and you generally put $1000 a month on it and pay it in full and the limit is reduced to $15,000 then there wouldn't be much, if any, impact.

FWIW: Being employed has no impact on your credit score.

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