COOP Visa ...unbelievable

dickydonkin

Little Angel is lucky - at least the CO-OP gave her some advance warning that her credit limit was being reduced. Nationwide reduced my credit limit without warning on the day I travelled to the Far East. Luckily, I over compensated for the poor currency exchange rate and I took more cash with me which allowed me to pay for many items by cash which I would have normally paid by CC. After paying my hotel bills etc, I was unaware that I had become perilously close to my 'new limit'. Furthermore, on checking my CC account on line when I got home, my 'available balance' was just over £100.00 which led me to believe over £1,500 was unaccounted for. It was only when I queried this by phone that I was informed that my credit limit had been reduced from £2,300 to a meagre £850.00. I have an excellent experian report, my house is owned outright, I have had many loans with Nationwide paid in full and on time with no defaults and I also have over £30,000 in savings/bonds with the Nationwide. I always pay off my cards in full and on time, however, their 'system' HAS DEEMED ME AS A RISK. I was informed of the credit reduction by letter some three weeks after they implemented it. What was more insulting was that I was offered debt counselling and advice on what to do to assist me in my 'debt situation' Needless to say, my savings will be removed from Nationwide and I will also be seeking a new CC provider.

CopperPlate_2

I'd be p'd off if my bank called me to 'negotiate' a reduction in my credit limit down to the balance level. I'd probably wonder what I'd done wrong and feel aggrieved that they'd decided to target me. But I'd just vote with my feet - CC companies still get a % of the transaction/fee each time you use your card so even if you pay no interest in a month they are still making something (albeit not a lot!) out of you. It just smacks of trying to get rid of customers who are considered 'unprofitable' when, in todays current economic climate, banks are looking to squeeze as much as they legitimately can out of customers. Find another bank.

Little_Angel

Thank you to those of you who posted & who understood why I posted in the first place. I am indeed "OVER IT" as one poster suggested, but that was not why I posted. I was trying to gain an understanding if this was widespread or whether I had been targeted for a reason.
My limit was 9.5K & they wanted to reduce it to 3.5K. So modest original limit I thought.
I will indeed post if I get a response from the Bank.
Thank you again to those who understood & sympathised.

LA