BOS Cutting credit limit

starsky365

I know they have the right to do this but I was wondering if anyone else had experienced BOS cutting their credit limit. Mine was cut from £6200 to £2100 thats only £100 more than the balance.

I had a couple of problems with a DCA recording somebody elses default on my credit files but I managed to have these removed.

Apparently they sent me a letter which "will explain the reason" which Im sure will be a standard "we conduct periodic reviews blah blah".........the only thing I can think is that Ive not spent on it since last year and I asked for a pin reminder.

I checked my credit file, its all hunky dorey and my rating is 435

Moggles_2

No experience, personally. I've found HBOS fairly generous with credit limits ... so far.

I've not spent on it since last year.

Nevertheless there's a £2000 balance on the card, which is presumably charged at your standard rate.

Have you considered applying for a 0% BT card? Which deal is best depends, to some extent, on which cards - besides BoS - you have at the mo or have held recently.

Meanwhile, I'd concentrate on paying off as much as possible each month. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit rating in the process.

starsky365

I have tried....I applied for a Virgin card last year but they turned me down and I applied for abbey last week but not heard anything yet

Moggles_2

starsky365 wrote: »

I have tried. I applied for a Virgin card last year but they turned me down and I applied for Abbey last week but not heard anything yet.

Bad luck. Virgin are not known to score particularly harshly.

'Hope you applied for your Abbey card in branch. Online applications are often subject to long delays, apparently.

For tips to improve your chances of credit card acceptance, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve