Barclaycard Credit Limit Misery

Galstonian

While I can understand a certain amount of anger you do have to put it in perspective. Credit is not a right and lenders exist to generate a profit.

Best not take umbrage, try and learn from your experience - checking on forums like here or stoozing.com before applying for a card means you can get a much better idea of how generous (or not) a lender's limits are, how strict their underwriting process is, how long applications take, how much fees are, how amenable to limit increases or negotiation on fees they are etc..

gorbash

That's understood Galstonian,

However, I did check all the relevant info before applying and I was aware that Barclaycard offered lower lending limits - but based on my details (and even more so for my partner) I did not expect to be offered the lowest limit. There are people with a worse credit history and earning substantially less than both of us, that have been offered a darn site more.

CTT_2

daveboy wrote:

Barclaycard also gave me £3500....only last week I dropped it down to £1300 so as to not get myself in financial trouble. I only got it, as others, for the 0% offer.

Responsible lending....I had to be the responsible one on Barclaycards behalf.

I take it that you are then a very weak willed person and cant trust yourself.
Personally I feel Barclaycard are very irresponsible and have should have given you nothing.

Nipper78

The thread starter has made clear his circumstances, there's no shadow of a doubt his circumstances are vastly better than mine and based on the facts there's no reason for him to recieve such a low limit.

There's people with no, even bad history getting at least 500% more than this. It simply put it, incorrect.

CTT, blimey, very opinionated on someones will, its quite sensible to change there limit.

Stop beating other people down people, jeez.

reehsetin

CTT wrote:

I take it that you are then a very weak willed person and cant trust yourself.
Personally I feel Barclaycard are very irresponsible and have should have given you nothing.

dont think thats a right attitude at all - think it was responsible and realistic reducing the limit. what if a theif had got hold of the card and barclay card wouldnt pay - hes just saved himself a few thousand, there are a million reasons to why people would want a low limit - i requested the lowest limit poss on my new card

malky39

i don't konw why you got such a low limit with those detail. I work part time at most earning £8000 in a year and i am a student. At the moment i have
Morgan Stanley Cash Back Credit card limit £2700
M&s &mORE credit card limit £3000
Nationwide cash reward card limit £2000
I have also had and cancelled
Burtons car limit £400
Barclay Card limit £750
with my current account i have
Nationwide flex account £3000 overdraft
If.com account £100 overdraft
Bearing in mind my income and being a student i would have though you would get a better limit than that.
No wonder students get into so much debt that £10950 it could have run up in debt its shocking. Before anyone goes of on one at me being irresponsable for have all this. I will reasure you if i used the cards they get paid of and i have never going into over draft. I am also not in any kind of debt not even student loans. In real terms i am gaining from them with my cashback. But as i said it just shows how easy it could be to get into debt.

daveboy

Well, when it comes to money, I prefer to be sensible.

I owe less than £1k and intend it to stay that way. Barclaycard giving me £3.5k, to me, was unneccessary, as the card was only applied for because of the 0% on balance transfers for 10 months, with no fee.

Spending on it wouldn't be a good idea, as it would mess things up when making repayments (we all know how card companies direct repayments in a particular order from the terms and conditions).

Weak willed. Whatever. I've seen many people struggle due to spending stupidly, and having too much debt. I can control myself, I know my limits.

Another reason for the reduction....I don't have children at the moment, and would like, when I have them, to start with no debt. So the money I do have can be spent on the child, not paying back debt.

Personally.....criticising when you don't have any idea of my future intentions is just childish.

Thank you to others, CTT is known for this.

It gave me a laugh in any case.

inmypocketnottheirs

Which Barclaycard did you apply for Gorbash? I have an Initial which is a card for 'forst time users' or those wishing to re-establish their creditworthiness. I fall in to the latter category, having recovered from some fairly serious problems a few years ago.

I have had an Initial card for about a year, and when I received mine I had a £260 limit. It has now been raised to a dizzy £400. I clear my balances every month in full off my three cards, and have done so since each one is issued.

Although my problems are in the past, and my financial situation is now very healthy, credit card companies do not give me the sorts of limits I require (I travel extensively throughout the UK and Europe) which I suspect is done to the fact they make diddly squat out of me. Not paid any interest yet!

jay78

Ali-OK wrote:

There are the answers I suspect to why you didn't get bigger limits...

(i) only been at that address 1 year
(ii) only been with current employer 1 year
(iii) only have one other credit card
(iv) not applied for a card in a year

All sounds good and responsible from your perspective...but probably not enough "history" for the lenders. It's no different from those who have lots of cards, pay responsibly and apply more frequently (lenders look at them as possibly can't afford more credit, etc).

And the younger you are (I'm making a big assumption here!) the lower your limit will be. Barclaycard aren't what I'd call "high limit" lenders from my perspective either - been with them over 20 years and still my highest with them was £5,5K, compared to over £14K limits with others I have.

Perhaps you need to look at cards like Virgin, Capital One - they seem better for what they would consider "higher risk" applicants.

Appreciate that doesn't help your current situation, but may help when you come to apply for a different cc. You could always phone a company for a quotation first - thus no footprint on your credit record unless you decide to apply based on the quote.

I think this is probably the case. The lack of credit history means your unpredictable, period! You also haven't said which card you applied for (or which card you got given). Try another company. You may have better success with them.