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Put simply, your credit limit it’s the maximum amount you can borrow on a credit card.
Many lenders offer the option to increase your credit limit if you need more flexibility on your existing credit card, or decrease it if you’d like to limit the amount of credit available to you.
Especially if you’re thinking of increasing your credit limit, ask yourself:
It’s important to know that credit limit increase requests are subject to security and credit checks.
Lenders could reduce your credit limit for a number of reasons, including:
We’ll always let you know if we decrease your Halifax credit card limit, which will be reflected in your online accounts and future statements.
Just so you know, a credit limit decrease could negatively affect your credit score, which could make it more difficult to get credit in future.
Your credit limit isn’t set monthly or annually. It stays with you for as long as you have your credit card account, although it can increase or decrease over time, either because we’ve changed it, or you’ve requested a change.
Your credit limit is the maximum amount you can borrow on a credit card.
Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.