Credit Limit Reduced!

ish · 23 January 2007 at 6:39PM

I am a student and i have a Barclaycard Student Credit Card and i had a credit limit of £600.

They have just sent me a letter stating that my credit limit was reduced to £260!! I have always payed my credit card in full off every month so how come they have reduced it. I have NEVER had a late payment either.

I would just would like to know wat i can do to raise the credit limit.

The_Boss · 23 January 2007 at 8:13PM

Barclaycard have been doing this with many customers recently.

I wouldnt lose too much sleep if they did that to me, I'd just close and go elsewhere.

Bisoy · 23 January 2007 at 9:39PM

I would also try to give them a ring and ask why considering the circumstances you've mentioned.

There are previous posts that have similar problems with regards to credit limit being reduced but worth a try ringing them.

The_Boss · 23 January 2007 at 10:01PM

I wonder what criteria they use though - whether its from a credit check, account spending or account repayment.

Phoenix79_2 · 23 January 2007 at 10:03PM

Don't take it personally. Its happening to a lot of people.

MABLE · 23 January 2007 at 10:21PM

If BC had been more responsible in the first place they wouldn;t need to keep reducing limits.

The_Boss · 23 January 2007 at 10:25PM

MABLE wrote:

If BC had been more responsible in the first place they wouldn;t need to keep reducing limits.

Last April they gave me a paltry £1600 lmit, which was less than the limit they gave me over 2 years ago when I earnt less, owed more and had more available credit. I think their credit limits are more random than irresponsible.

techno_geek · 24 January 2007 at 12:12AM

Ish, how much have you been spending on your card each month? I believe that they decrease people's limits if they havent been using their cards to spend much

I wonder what criteria they use though - whether its from a credit check, account spending or account repayment.

In addition to my student Barclaycard, I have 2 other student credit cards, and because my transactions are spread across them I don't spend more than £200 on each every month.

Last week I phoned barclaycard to increase my limit, but the man said I would have to spend more regularly on my card for the next 6 months to qualify (even though I've had the card for 3 months already)

Now I'm worried that they might reduce my limit too!! :mad:

ish · 24 January 2007 at 2:21PM

I usually spend alot on my card, at least £200 per month and always paid off on time. I will probably just cancel the credit card and get a another one from somewhere else, any suggestions?

techno_geek · 24 January 2007 at 3:18PM

Which bank do you have a student account with? And do you have any other bank accounts?

If you're with Barclays then you might be stuck as other lenders generally only give student CCs to people who hold student accounts with them (HSBC, Lloyds, NatWest and RBS all do this to my knowledge, don't know about abbey)

If, for example, your student account is with Barclays but you also have a NatWest current account you could ask them to upgrade this to a student account and get the interest-free overdraft and student credit card with it.

If you don't want to take that approach, you could try CapitalOne or someone like Egg might accept you...

Let us know what's happening! :beer:

mparter · 24 January 2007 at 4:24PM

I've just paid £1500 off my balance, wonder if they'll now drop my credit limit!

Credit Limit Reduced!

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