Virgin card limit reduced

SarahNeedle1872

Just opened letter saying my Virgin Limit has been reduced from £4100 to £3400 (£160 above current balance). Not an issue, as I'm still within my limit, and paying it off.....slowly
I'm guessing a reduction in limit will show on the CRA files, but does it have a negative effect on your perceived credit worthiness?

Thanks

Sx

Nukey

Not at all, shouldn't make any difference (unless of course the reduction puts you over the limit!)

The things that really messes up your credit file is missed payments, too many active accounts/searches, and defaults / CCJs etc.

Al you will see is the "credit limit" figure drop - shouldn't make any difference if you've been keeping up payments

- Nukey

simonts

Actually yes is is going to affect your credit score, Virgin did exactly the same to me. I had paid a large sum of money off and within a week they reduced my limit to the standard of 105% of the current balance.

First I knew was when I checked my credit report..Because this was on it under searches!

Name: Me
Address: ROAD, SWINDON
Date of birth: 25/00/1900
Searched on: 03/09/2009
Time at address: 03 years 00 months
Searched By: MBNA EUROPE BANK LTD
Application Type: Credit Card

izools

Nukey wrote: »

Not at all, shouldn't make any difference (unless of course the reduction puts you over the limit!)

The things that really messes up your credit file is missed payments, too many active accounts/searches, and defaults / CCJs etc.

Al you will see is the "credit limit" figure drop - shouldn't make any difference if you've been keeping up payments

- Nukey

Look at you, reformed credit guru after I got you a Cap1 card

How's that going anyway? Been able to upgrade to anything better since?