I stopped into Wells Fargo yesterday to ensure that my credit card is the one that provides phone insurance. I didn't get the brightest of reps and after a lot of other conversation she asked me if I ever used the full $8000 limit. I told her no, and she advised me to "be careful" with having that high of a limit and to consider getting it lowered. I asked her why I would want to do that since it would increase my credit utilization % when I do have balances on a card. She told me that if I ever need a loan, having that high of a revolving credit limit, even if I have a 0 balance, will be factored into my debt-to-income ratio and can affect how much of a loan I could qualify for.
Is this true? Does this make any sense? I have no plans of lowering it because I have an excellent credit score and don't want or need to get approved for massive loan amounts.
Edit: For clarification I pay the balance in full every month.
Submitted April 29, 2017 at 10:53AM by mosiac_dreams http://ift.tt/2oJiBWf
