Credit card reduced available limit

sparklinglime

Hi

I have a load of debts after my car broke down. Paid thousands and the ruddy thing still doesn't work.

Anyway, I've been reducing my card balance as best I could, and transferred some to another card on a low interest deal.

I've not used my card for months - which is why it isn't really a problem - but Mint have now reduced my available credit limit by a considerable amount to a couple of hundred above the balance.

I'm panicing really (I'm quite an insecure person), as I really don't know what I've done wrong for them to do this. I pay minimum payment by DD, and pay extra on-line to try and clear the debt quicker (not every month, but most months).

I was wondering if anyone had heard of this happening, or are they just narked because I've shifted a couple of thousand to another card?

I really would appreciate any comments here. I'm a lone parent and feel I'm doing ok. This though has made me wobble.

Many thanks.

kevin_M

thats normal. 1 of my card co's droped my limit as well and i haver never missed a payment.

exel1966

It can be harsh, but all card companies can and will reduce limits at regular intervals. There's nothing new about it and it doesn't happen to just those who are in difficulty/have had problems with payments etc. Even the most concientious of payers have had limits reduced.
Anyone can have their limit reduced to any amount , at anytime without recourse.

sparklinglime

Thank you very much.

I thought I'd done something awful somewhere and not realised it.

I might calm down a bit now.

:T

jonesMUFCforever

If you have a clean credit record now may be the time to apply for a new credit card - perhaps to balance transfer the Mint card balance?

joobrien

Credit card companies are frequently criticised for increasing their customers credit limits without being requested to do so, and encouraging people to spend and borrow beyond their resources. In the current climate it may have been an adjustment they made with thousands of customers.

If you've always had a good record with them, then there seems no reason to think they wouldn't increase your limit again if you requested. You could ask them why they've reduced your limit.