Having a higher credit limit will obviously improve your credit utilization ratio.
But with shared limit cards, the reported value is actually a bogus value. With high-limit rewarding cards like ICICI, one might end up with a huge credit limit in their credit scores, but in reality they are only having a fraction of that. Sometimes it may prevent lenders from approving a higher limit for new credit cards.
I read somewhere in the threads that ICICI only reports spend limit values from the mobile app to credit bureaus.
Anyone personally experience that?
If its true one could reduce limits of shared limit cards before a new cc application
But with shared limit cards, the reported value is actually a bogus value. With high-limit rewarding cards like ICICI, one might end up with a huge credit limit in their credit scores, but in reality they are only having a fraction of that. Sometimes it may prevent lenders from approving a higher limit for new credit cards.
I read somewhere in the threads that ICICI only reports spend limit values from the mobile app to credit bureaus.
Anyone personally experience that?
If its true one could reduce limits of shared limit cards before a new cc application