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hoolan01

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Lowering my credit line-- Utilization rate vs. loan chances
I know that in general, you do not want to lower your credit card limits as then your utilization rate goes up. However, my fiancee and I are combining finances and so, we are each adding a card or two, so our credit limits are going up significantly.

I've heard that a lot of open credit can count against you when applying for a loan (though if anyone has more information on that, I'd love to know about it), so my question is, should I lower the credit limits on some of the less used cards? Our utilization rate will likely be unaffected (it's around 15%) since we're opening a couple new cards. Would lowering those limits help in getting a loan?

Thanks for any advice.

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