Goldfish CC credit limit

missile

I have had a Goldfish CC for over 10+ years, never been overdrawn always pay in full. My limit was £11,000, got a brief letter advising me limit was now £500, with standard blurb about regular reviews.

Phoned and asked why, to get more standard blurb about credit reviews etc.

Yes, but I have no CCJs, no credit defaults, been a customer for many years, so why?

We can't tell you that, per data protection act.

Is it just me, or does anyone else find this legislation which was supposed to be to help the consumer is often used as an convenient excuse?

Anyway, (as I said to the nice young man) their loss, I shall leave my Goldfish card at home in future.

darcyvuqua

to to the data protection act any info they have about you can be provide on written request hope this helps

nomoneytoday

I would just cancel it. They obviously don't want your business anyway...

missile

It is up to Goldfish what limit they wish to set and there is no reason why they have to tell me why they reduced my limit. I am not really that bothered, I have more credit cards and prefer to use my Capital1 cash back card.

What irked me, is how these companies can hide behind and abuse legislation which was brought in to protect consumers.

barclaysguy

missile wrote: »

What irked me, is how these companies can hide behind and abuse legislation which was brought in to protect consumers.

How are they abusing legislation?

They wouldnt lower the credit card limit to below your balance so it must be below £500. Customers who dont use the cards are the most risky, as when they do use them - and spank the limit, theres a reason (lost job etc) and cant pay it back. Where customers who have allways got high balances on the accounts and pay more than the minimum are the least risky, as the bank makes money off interest to minimise potential losses.

Somerset

missile wrote: »

What irked me, is how these companies can hide behind and abuse legislation which was brought in to protect consumers.

Absolutely right. It's the 'catch-all' answer for anything they don't want to tell you. Oh sorry, they can't tell you :rolleyes:

I once worked with someone who studied it, and overhearing his conversations with some companies on the phone was hilarious ..............
''Hang on, I've got a transcript in front of me ............ which section are you referring to ? ................. ''

ldn-100

Try not to take it personally. In the last few years the banks have exposed themselves to risk they had not assessed properly and are now desperately attempting to restructure their exposure, annoying many of their loyal customers in the process. Wait six months and apply for a limit increase to something more realistic (a couple of £k) and see how it goes. If they don't do it, they don't deserve you as a customer.

MABLE

missile wrote: »

It is up to Goldfish what limit they wish to set and there is no reason why they have to tell me why they reduced my limit. I am not really that bothered, I have more credit cards and prefer to use my Capital1 cash back card.

What irked me, is how these companies can hide behind and abuse legislation which was brought in to protect consumers.

It is only good business practice to reduce your limit if you are not making use of it. Goldfish are then able to give it to another customer. No doubt the credit crunch has something to do with it.

tictax

Goldfish is now part of Barclaycard who have done lots of reducing limits recently.

If a customer has undrawn credit limits the bank under the Banking Reguulatory capital rules known as Basel 2 enforced by the FSA needs to hold capital on the undrawn limit.

In these difficult times for banks they are trying to conserve as much capital as possible and reducing limits on accounts is a way to do this. this allows them to use this capital in another part of the business which will generate them money as an unused credit limit is not going to make them any money.

missile

Thanks for your replies. It would have been nice if they had been honest and given me a straightforward answer "we have reduced your credit limit because ........." rather than give me BS about my credit rating and abusing data protection legislation.

Glitzkiss

Goldfish did this to my Morgan Stanley cash back card last year just after they took them over. My limit dropped from £5000 to £500 overnight and they later sent a letter stating they were reviewing accounts. I checked on here and several other posters who, like me, paid the card off monthly also had their credit limit slashed. However within a month or two it was reinstated with apologies and a letter stating it was due to a computer glitch.

I wonder if we are all in for the same thing again

Edit: just checked my account and I still have a limit of 5k. I have close to £500 on it not due to be paid until the end of the month so perhaps I'll leave the card at home until I'm certain this isn't going to happen again