Has your Credit Card limit been reduced?

fozmcfc

I've just cleared my Egg card off and it has a £4200 limit on it.

Would it affect me adversely, if I was to ask for the credit limit to be reduced down by half or possibly even to £1000.

I don't want to use the card ever again, but you never know in life, a situation may arise where I have no choice but to use it.

naijapower

fozmcfc wrote: »

I've just cleared my Egg card off and it has a £4200 limit on it.

Would it affect me adversely, if I was to ask for the credit limit to be reduced down by half or possibly even to £1000.

I don't want to use the card ever again, but you never know in life, a situation may arise where I have no choice but to use it.

TBH, i belong to the school of thought whereby i feel you should hold on it as an emergency standby. My reasoning is that what if when you want a card or funds, you fail to meet the scoring of these providers, you would be left with NOTHING.
So as not to be tempted to spend, simply take card out of your wallet and hide it very far or perhaps destroy it but do not ask for a replacement until you really want to spend.
I feel if the card is readily available in your wallet, there is more temptationto spend and get into debt

fozmcfc

Yeah I haven't used the card for the best part of a year, because I was attempting to stop just paying the minimum plus the interest and I seem to be going nowhere fast.

Got a Virgin Card and transferred everything to that, so the Egg card isn't the only card I have.

I also have a Natwest card and said Virgin Card, although I've no intention of using the Virgin card either, just going to take me the full 16 months to clear it.

digitalcomponents

I use credit card occasionally. But I take care to pay it within given time frame. So, I get points. But i don't know what would I procure by getting this points.:D

pre123

• Current (not to be soon) account provider - Argos Mastercard
• Credit Card limit before change - £1000
• Credit Card balance at time - £0
• New Credit Card limit after change - £250
• Whether this happened due to the way you run your account - Yes sort of, reviewing account blah blah reasonably lenders blah blah.. but i assume its because i hadnt used my card for 6 months or so:rolleyes:
• Any charges incurred as a result - Nearly, went on holiday and checked my card after a couple of days to only see £12 left of my limit!!!!:mad:
• Whether you were notified beforehand - Nope, week afterwards

Hank_Marvin

I got a letter this morning from santander saying CL was being decreased on the 15th by 700 pounds from 3.2 k too 2.5k. Thing is in the letter it says Please be aware you will not be charged over limit fee if you go over the limit before you receive the letter!. It also says after monday i wont be able to spend above my new limit after this time. So wondering if i rang up tomorrow to do a BT would it be accepted or declined.

I dont understand why the letter says it's up too me to make sure i do not exceed the limit. Why not just decrease it and be done with it. Ive not had a decrease before. Infact Cap1 raised my limit last week by 500 pounds.

So how can 1 cc company who use same cra's raise you then next week 1 cc decreases limit.
Asda Everyday Credit Card
Have had it 15 months
No late payments in 5 years on my 3 Credit cards
Never been over limit in 5 years on my 3 credit cards
Got a couple of 0% deals ending so may be they decreased limit because of that.
May be cottoned on too me for being a rate tart. And they dont like it.

magiciansgirl

Current account provider: Marks & Spencer
Credit Card limit before change: £6450
Credit Card balance at time: £4400
New Credit Card limit after change: £4500
Whether this happened due to the way you run your account: Stumped: was making minimum payments on time every month but was able to pay lump sums of £1000, then £250, then £250 in May and June. Do occasionally use card for small purchases only at M & S, don't withdraw cash etc. Phoned to query and got Indian call centre, saying I have missed a payment (I have NOT!) Then put on hold for 15 minutes so am writing to appeal
Any charges incurred as a result: no
Whether you were notified beforehand: 2nd July letter says 'with immediate effect'.

SO fed up about this. Have worked hard to repair dodgy credit history pre 2007 and used PPI refund to reduce balance. Feel they wanted me when minimum payment was entirely interest and as soon as I reduce the balance they cease valuing me as a client. Was aiming to have that '% of available credit' marker on Experian reduced nicely down.....

dfh

Barclaycard has done that to me.Had a balance of 3000,credit limit 3200.Was making minimum payments.Then made some lump sum payments and reduced balance to 2000.Credit limit then changed to 2100 !

magiciansgirl

dfh wrote: »

Barclaycard has done that to me.Had a balance of 3000,credit limit 3200.Was making minimum payments.Then made some lump sum payments and reduced balance to 2000.Credit limit then changed to 2100 !

Maddening, isn't it? You'd think they'd reduce limits for people querying late payment charges etc. I am appealing by pointing out that whatever they say about responsible lending, they do have a duty of care not to actively damage my credit rating by putting me in a position where I only have an available balance of £100 now as opposed to the halcyon last week of June when I had £2028....

maeleine

Well, that indeed appears to be a true bummer! If only we can live and survive without credit cards (sigh)