Credit Limit Cuts......

oceanscape

It's quite scary reading about all these credit limit cuts people are getting - do these tend to apply to people who aren't using their credit, or have there been occasions where CC companies have cut someone's credit limit even when they're maxed out? Does that make you go "over limit" straight away or do they give you x-number of days to move the credit somewhere else/pay it off?

Robert_Sterling_3

I do not think they cut a limit when a card is maxed out.

smartpicture

I don't think it should happen, but there was a thread on hear a couple of months ago where it happened to someone. I think it may have been a crossover problem, where they'd spent more on the card while the letter was in the post or something, but they had a lot of extra charges because of it. Not sure what happened in the end.

INT1

It happens to people that mainly:
Hardly use the card facility
Commitment levels have changed

I have now started to use all my cards again and pay off so they don't appear to be dormant.

cifpower

or if you have a large balance then paya chunk off some people have had their limits reduced to just above the new balance

sarahs999

This should be happening to me as I have several dormant cards; however at the moment all that's happening is that Virgin keeps increasing my credit limit. There's nothing on the card, so clearly they're desperate for me to spend spend spend.

INT1

sarahs999 wrote: »

This should be happening to me as I have several dormant cards; however at the moment all that's happening is that Virgin keeps increasing my credit limit. There's nothing on the card, so clearly they're desperate for me to spend spend spend.

That's MBNA for you, when I was 20 they amalgamated all my cards in to one and had a £15k limit which for a 20 year old I found scary!