Fake News number three. Sometimes we're told that asking for lower limits will help your credit. Fact, having sizable credit limits is a good thing for your scores, as long as you don't use them to run up debt. Lenders like to see a big gap between your available limits. And the amount of credit you're actually using. A lower limit reduces that gap, which can be bad news for your scores.

Of course, if you can't trust yourself not to use your available limit, the damage to your credit scores may be the least of your worries. Otherwise, you probably should leave your credit limits alone.