Sky credit card credit limit cut ??

houston_5

I had my credit card declined in 2 shops today ...

Very strange as i had a 10k limt on this card and balance was 2k.

After ringing Sky the had said due to the credit crunch they have re looked at all credit limits and reduced....

So mine reduced from 10k down to 2k !!!!

Is this right has anybody else had this happen ??

Spoke to girl on customer service and the said had flood of complaints...

Post your comments please.

exel1966

Don't worry, you're not special, it's a pretty common practice in todays day and age !

Paulgonnabedebtfree

houston_5 wrote: »

I had my credit card declined in 2 shops today ...

Very strange as i had a 10k limt on this card and balance was 2k.

After ringing Sky the had said due to the credit crunch they have re looked at all credit limits and reduced....

So mine reduced from 10k down to 2k !!!!

Is this right has anybody else had this happen ??

Spoke to girl on customer service and the said had flood of complaints...

Post your comments please.

In the past year I've had this happen on my Goldfish card (twice), 2 co-op cards, and my sainsbury card.
The funny thing is that the 4 cards above happened after looking at credit reference agancies (I owe lots but have always paid at least the minimum) so my assumption is that they didn't like my level of indebtedness. Another card (GM) were threatening to slash my limit because I wasn't using it. So they slash it if you use it too much and they slash it if you don't use it enough. Seems like damned if you do and damned if you don't. I am trying to avoid using any of my cards these days and just stick to gradually reducing the balances but it looks like I may have to rotate paying for my shopping on my cards without LOB deals and instantly paying them off via the internet as soon as I get back from the shops (I can never remember which, if any, give an interest free grace period).
Ironically, after slashing my limit to a bit more than I then owed them, Sainsbury visa had the gall to phone me up and ask if I wanted to add any more to my 5.94% LOB amount with them. I asked the guy how the hell I was supposed to achieve that with so little spare credit limit. He sounded mightily embarrased. I have since transferred a bit more to them after making some more repayments.
The bit that really got to me was that, theoretically, I could have ended up stranded in Spain due to Goldfish's limit slashing without warning. In reality, I was staying with friends and they could and would have loaned me the money to get home. Luckily, I had another card with me at the time so no problem.
I do need to keep some spare credit in case my work van needs a big repair. It's a bit worrying that these companies could all slash my limits overnight and then my van goes wrong. It could actually lead to me becoming insolvent even though I would have the means to repay my debts so long as I can stay mobile. Catch 22 really. There is a temptation to borrow a load more to give me a cushion in case the unexpected happens. I wouldn't want to do that but what's a guy supposed to do when companies withdraw credit without warning? I'm trying to build up a financial cushion but it's a struggle as I am still building my income higher.

ExecutiveIncome2You

This is unfortunately very common with the credit crisis..

BenL

I see my statement is meant to be produced next week so i will keep an eye out.

At the moment it hasn't been reduced but they are unlikely to do it before statement date i guess, makes it easier on system processing and advising us.