hsbc have just reduced my credit card limit from 5000.00 to 3000.00 !

sultana.begum1

hsbc have just reduced my credit card limit from 5000.00 to 3000.00 ! will this effect my credit scoring??:p

Oblivion

sultana.begum1 wrote: »

hsbc have just reduced my credit card limit from 5000.00 to 3000.00 ! will this effect my credit scoring??:p

Simply reducing your credit limit on the card should have no effect on your credit rating. Failing to meet your credit card repayments is what would impact on your credit rating.

The more sensible banks are now taking on board the realities of the 'credit crunch' and are starting to impose tighter restrictions on credit card and overdraught limits. About time too I say.

Dave.

PoorPrincess

I had this happen to me a couple of months after i missed a payment on my card. I was devasted at first as i didnt have the money to hand to make me within my new limit. However for me it was a blessing in disguise as it made me work my little butt off to get the money and made me stop and think about spending money on daft things. Sometimes i think we just need a push to make us realise what we can do when we put our minds to it.

Hope you manage to get back under your limit.

Princess

x

MYLITTLESISTERLOLA

Not being cheeky but how much do you owe on the card ? and have you missed any payments ?

Oblivion

PoorPrincess wrote: »

I had this happen to me a couple of months after i missed a payment on my card. I was devasted at first as i didnt have the money to hand to make me within my new limit. However for me it was a blessing in disguise as it made me work my little butt off to get the money and made me stop and think about spending money on daft things. Sometimes i think we just need a push to make us realise what we can do when we put our minds to it.

A very responsible attitude, if only more people thought as you do.

Dave.

HamiltonL

Oblivion wrote: »

The more sensible banks are now taking on board the realities of the 'credit crunch' and are starting to impose tighter restrictions on credit card and overdraught limits. About time too I say.

Dave.

Abbey do this a lot. I know people who have had 3-4 late fees pretty much in a row and their credit limit was cut from a five figure amount to half a grand. Very sensible.

chuckley

Oblivion wrote: »

A very responsible attitude, if only more people thought as you do.

Dave.

so so true (to both of u). sometimes we get complacent. having said that hsbc need to give people notice for such changes... as they havent been doing so recently!

chuckley

HamiltonL wrote: »

Abbey do this a lot. I know people who have had 3-4 late fees pretty much in a row and their credit limit was cut from a five figure amount to half a grand. Very sensible.

thats different! constant lateness shows the bank the person aint good with credit. totally reasonable for banks to take such drastic action.

MABLE

sultana.begum1 wrote: »

hsbc have just reduced my credit card limit from 5000.00 to 3000.00 ! will this effect my credit scoring??:p

It may have been reduced because of your credit score and the effect is reducing your limit.

sultana.begum1

i have never used my credit card with hsbc and their excuse is because i never use my credit card they will have to reduce my limit.

is anyone know for definite whether this will effect my credit rating?

Moggles_2

sultana.begum1 wrote: »

I have never used my credit card with Hsbc and their excuse is because I never use my credit card they will have to reduce my limit. Does anyone know for definite whether this will effect my credit rating?

HSBC is known to reduce the credit limits on a/cs that are left dormant.

The honest answer to your question is that none of us knows for certain. Lenders score us differently and nobody knows precisely what criteria are used by individual companies. Lenders do not disclose this information.

Do you have other credit cards - besides HSBC - at the mo? If so, it might be an idea to close the account completely