Credit Card - credit limit reduction?

Gillby1

Hi all,

I applied a few months back for a credit card, and it arrived with a really high credit limit (over £10K - which is high as far as i am concerned!!). I have just applied for a new card to transfer the balance as the 0% bt rate runs out soon, but have been turned down despite an excellent credit score, apparently because i already have too much credit available to me.

I now have well under £3K on the card (must update the sig!) and intend to close the card i currently have as soon as i can transfer to a new card - but can't get a new card whilst i have so much available credit. Do i need to request that my credit limit is reduced? Is that possible? I assume so...

Thanks

grumbler

Gillby1 wrote:

... Is that possible? ...

Yes, just make a phone call. However, it will take time for information to be updated on you credit files. Check this or wait at least 1 month.

BTW, what card is it?

Gillby1

AmEx Nectar card.

grumbler

Gillby1 wrote:

AmEx Nectar card.

Of course, there is no point in having high limit with this card, unless you want to use their 5.9% for life of balance offer.