NEXT - wiped out credit limit!

Sharmaine

I've had a next directory for years, only owe a couple of hundred, always paid on time, usual thing etc etc. Anyway accounts dept keep changing my credit limit, one month it's £3,000 +, then drops to £750, then goes back up to £2000. My last paper statement was £750 limit, and I owe £150. Only purchased a couple of things in the last eight months or so, and then just small amounts. Logged online to pay my account end October and the limit was £750. Logged on yesterday and limit displaying as 0.00 available 0.00 balance £105.00. Very puzzling......any ideas why this might be anyone? Nothing has changed in my circumstances, in fact my credit file has improved lately. Only thing I can think of is that a catalogue company has increased my limit from £2600 to £3150 in last month.

cifpower

This has happened to me all the time with my limit swinging wildly between £500 and £3500 and all numbers inbetween. Often when they limit online says £0 the paper statement shows me my real limit.

Fonz_2

Just sounds like another finance house limiting it's risks to me, nothing to worry about. If I was in the money lending business I'd be doing exactly the same.

Moggles_2

I'm not familiar with the Next card, but I doubt whether limits that fluctuate to that extent from month to month correlate in any way with your credit files.

Why not apply for a proper credit card and get paid to shop?
This table on the stoozing site (which is sponsored by Money Saving Expert) should help:
http://www.stoozing.com/cashback.php

Cash_Flow

Sharmaine wrote: »

I've had a next directory for years, only owe a couple of hundred, always paid on time, usual thing etc etc. Anyway accounts dept keep changing my credit limit, one month it's £3,000 +, then drops to £750, then goes back up to £2000. My last paper statement was £750 limit, and I owe £150. Only purchased a couple of things in the last eight months or so, and then just small amounts. Logged online to pay my account end October and the limit was £750. Logged on yesterday and limit displaying as 0.00 available 0.00 balance £105.00. Very puzzling......any ideas why this might be anyone? Nothing has changed in my circumstances, in fact my credit file has improved lately. Only thing I can think of is that a catalogue company has increased my limit from £2600 to £3150 in last month.

My limit was reduced from £900.00 to £700.00 this month:j

nunusmum

hi there this has happened to me also this month, they wiped my credit limit altogether,
I rang next and enquired and they told me that each month they change the credit limit due to your circumstances , which i told them nothing had changed and they told me they couldnt tell me why DATA PROTECTION!!

Tef

Izools answered my earlier thread with some info which may or may not be the cause here, apparently "Lloyds TSB collect CRA data from CallCredit, on a rolling basis, without a search appearing. It's a new facility CallCredit rolled out to creditors so that they can consider your limits on a month to month basis depending on other obligations"

If Lloyds do it its possible others do too.

Regards

TFD_2

Seems strange, my limit has stuck at £3,600 for about 2 years now. Never had more than 500 quid or so on the account and has been clear all year.

cifpower

I have had soft searches on Equifax by Next in the past

hoyles10

nunusmum wrote: »

hi there this has happened to me also this month, they wiped my credit limit altogether,
I rang next and enquired and they told me that each month they change the credit limit due to your circumstances , which i told them nothing had changed and they told me they couldnt tell me why DATA PROTECTION!!

I have exactly the same so I ended up paying them the £78 I owed on my account and told them to stick it. They tried talking me into keeping the account open as they review credit status every month.

olly300

nunusmum wrote: »

hi there this has happened to me also this month, they wiped my credit limit altogether,
I rang next and enquired and they told me that each month they change the credit limit due to your circumstances , which i told them nothing had changed and they told me they couldnt tell me why DATA PROTECTION!!

Next time a company hides behind the Data Protection Act inform them that you will be reporting them to the Information Commissioner for mis-use of the act.

They will either then apologise and give you a plausible reason i.e. we calculate your credit risk monthly on data taken from a variety of sources, or you can just report them.