I applied for my first credit card, and it got approved. I applied with icici banks credit card online and it was approved immediately. I have received the credit card but bank has given me credit limit of Rs2,20,000. But i dont really want such high credit limit and I wanted to have credit limit as low as Rs70,000 or so. I checked and found out that I can change my credit limit to lower amount by myself using icici mobile app (imobile app/netbanking). I had few queries on this?
1. Will it affect my CIBIL score if i lower my credit card limit to 70000 from 220000?
2. Will it be possible for me to go back to same limit of Rs220000 (banks customer care said i can), but will that again affect my CIBIL score?
3. I may hardly spend Rs 30000 or at max in worst case Rs40000 by using my credit card and hence i felt credit limit of Rs220000 is not required for me. Is it ok to continue with higher limit or its good idea to move back to have limit to something like 70000 or 75000.
Note: The reason i wanted lower limit is i am afraid if some fraud happens or card gets lost then i might be in for loss of over 220000 where as if i limit my credit line then it would restrict to 70000(my credit limit).
- Yes, you can get it and yes it will not impact your credit score.
- Let the limit be higher and you mentally use based on your limit. Then no questions of such issues or doubts.
Thank you for the inputs.