Why did my Affirm spending limit decrease?
When you first started using Affirm, you were likely excited about the convenience and flexibility it offered for making purchases. However, you may have noticed that your spending limit has recently decreased, and you might be wondering why. In this article, we will explore the possible reasons behind this change and what you can do to address it.
One of the primary reasons your Affirm spending limit may have decreased is due to your creditworthiness. Affirm uses a variety of factors to determine your spending limit, including your credit score, income, and payment history. If any of these factors have changed, it could lead to a decrease in your spending limit.
Another potential reason for the decrease in your Affirm spending limit is that you have exceeded your current limit. Affirm monitors your spending behavior and may reduce your limit if they detect any suspicious activity or if you have reached the maximum amount they are willing to lend you.
It’s also possible that Affirm has updated their underwriting criteria, which could result in a lower spending limit for you. These criteria are subject to change, and Affirm may adjust them periodically to ensure responsible lending practices.
Here are some steps you can take to address the decrease in your Affirm spending limit:
1. Review your credit report: Check your credit report for any errors or discrepancies that could be affecting your creditworthiness. If you find any issues, dispute them with the appropriate credit bureau.
2. Pay down existing debt: Reducing your debt-to-income ratio can improve your credit score and, in turn, your Affirm spending limit.
3. Update your profile: Make sure that your profile information on Affirm is up-to-date, including your income, employment, and contact information. Providing accurate and current information can help Affirm reassess your spending limit.
4. Contact Affirm customer support: Reach out to Affirm customer support to discuss your situation. They can provide more information about the reasons behind the decrease in your spending limit and guide you on how to improve it.
Remember, it’s essential to maintain a good credit score and responsibly manage your finances to ensure a favorable Affirm spending limit. By addressing the underlying issues and taking proactive steps, you can work towards increasing your spending limit in the future.
