Are there any disadvantages on increased credit limit?
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Credit card company keeps offering me increased credit limit. I have not been opting for it as I don’t need to spend that much in any month.
But I was wondering if I opt for it, are there any disadvantages?
Or any other advantages other than increased limit to spend.
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Thanks.
Are there any implications on credit score (CIBIL etc) due to higher credit limits?
No negative impact on credit score but as @On-n-Off said, it may improve your credit score.
Also, get the limit enhanced while your bank is offering it. They will never going to increase the limit if you ask for it in future when you really want it.
https://economictimes.indiatimes.com/wealth/per...
Card issuers have also been asked to allow card holders to modify transaction limits within the overall card limit for all types of transactions -domestic and international at PoS, ATMs, online transactions and contactless transactions.
Not sure if it helps anyone…..still posting
SMS LIMIT to 5676788 ==> Kotak CC
SMS CLI to 575750 ==> HSBC CC
SMS CLIYES to 9987123123 ==> Standard Chartered CC
SMS LE to 5676712 ==> HDFC CC
All SMS should be sent from your registered mobile number.
disadvantages? If a fraud happens greater liability
advantages? More limit ==> future needs covered; will help in getting premium cards like diners..etc
Limit enhancement is a slow process and can not be done overnight so accept the offers.