Posted on: 15-10-09 21:11:21
Hi Pratick,
I don't have a mortgage. Regarding my credit limits, I thought that seeking too much credit is detrimental which I why I wont to reduce limits on some cards.
No other reason apart from this.
Thanks
Quote:
Originally posted by pratickm
Quote:If you pay off your credit cards every month, you should have a good rating.
Originally posted by pritesh_patel
I make 47K and don't carry any debt [pay everything at the end of the month]
Is 35K total available via credit cards too much?
The ratio of available credit will matter less.
If you are able to get decent cards and good mortgage rates then you have nothing to worry about.
I suggest don't mess with your credit limits, unless there is any other reason.
Your available credit can be detrimental when you apply for any big loan such as Mortgage. I never heard that getting your credit limit reduced voluntarily can hurt your credit rating. When I applied my mortgage my agent asked specifically what is the total available credit I have because more available credit could negatively limit the amount I could get for mortgage regardless my credit rating.
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Always keep ur credit limit to as minimum as possible. Higher credit card limit put u at higher risk of losing ur money if ur credit card is misused by any means. U should make a request to ur CC comapny to deny any transaction which crosses ur credit limit. Sometimes they do allow to make transaction over ur credit limit. I have heard about several people who lost their funds due to stolen CC/number. Their loss was maximum due to higher CC limit.
Quote:Aren't you automatically protected against fraudulent charges in the case of theft or card or number?
Originally posted by web2000
Always keep ur credit limit to as minimum as possible. Higher credit card limit put u at higher risk of losing ur money if ur credit card is misused by any means. U should make a request to ur CC comapny to deny any transaction which crosses ur credit limit. Sometimes they do allow to make transaction over ur credit limit. I have heard about several people who lost their funds due to stolen CC/number. Their loss was maximum due to higher CC limit.
How can the card holder be liable?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by pratickm
Quote:Aren't you automatically protected against fraudulent charges in the case of theft or card or number?
Originally posted by web2000
Always keep ur credit limit to as minimum as possible. Higher credit card limit put u at higher risk of losing ur money if ur credit card is misused by any means. U should make a request to ur CC comapny to deny any transaction which crosses ur credit limit. Sometimes they do allow to make transaction over ur credit limit. I have heard about several people who lost their funds due to stolen CC/number. Their loss was maximum due to higher CC limit.
How can the card holder be liable?
No, there is no such thing to protect you if ur card is stolen or misused. You are responsible as a card holder. This is same as ur bank password is stolen and all ur money is drained to countries like Nigeria. Banks cannot do anything in that case. That is why scammers sell stolen card numbers in bulk and that cost both the card holder (Either directly or making their credit rating into such a bad shape that u won't get any loan in future) and the CC company (If CC company unable to get money from the card holder)
But u can have protector insurance which only protects u if u have lost ur job and u r unable to pay ur outstanding balance on ur card.
Quote:
Originally posted by web2000
No, there is no such thing to protect you if ur card is stolen or misused. You are responsible as a card holder.
All major credit card issuers have fraud protection policies, which are part of the card and not additional paid services.
For example, the Visa policy is at:
http://www.visa.ca/en/personal/securewithvisa/liability.jsp
Quote:That is different because money has already been taken out.
This is same as ur bank password is stolen and all ur money is drained to countries like Nigeria. Banks cannot do anything in that case.
Quote:That is different as well since that is a third-party insurance policy.
But u can have protector insurance which only protects u if u have lost ur job and u r unable to pay ur outstanding balance on ur card.
It is not provided by Visa or MasterCard directly.
Often, the issuer contracts with a an insurance company to provide that.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by pratickm
Quote:
Originally posted by web2000
No, there is no such thing to protect you if ur card is stolen or misused. You are responsible as a card holder.
All major credit card issuers have fraud protection policies, which are part of the card and not additional paid services.
For example, the Visa policy is at:
http://www.visa.ca/en/personal/securewithvisa/liability.jsp
Quote:That is different because money has already been taken out.
This is same as ur bank password is stolen and all ur money is drained to countries like Nigeria. Banks cannot do anything in that case.
Quote:That is different as well since that is a third-party insurance policy.
But u can have protector insurance which only protects u if u have lost ur job and u r unable to pay ur outstanding balance on ur card.
It is not provided by Visa or MasterCard directly.
Often, the issuer contracts with a an insurance company to provide that.
It is important to read the agreement carefully. I believe there are some hidden things to be checked out.
