Barclaycard reduced our credit limit without telling us

Call_Centre_Monkey

Redgable wrote:

I'm not in any way suggesting that this may be the case with you here, but it may pay you to (a) ask Barclaycard exactly why the limit's been reduced - they are ongliged to give you a valid reason, and (b) get a copy of your CRA files via Equifax and/or Experian - just in case.

I doubt they are obligated to give a reason, it's their money - their choice. If you do ask them for a reason you'll probably find they just direct you to your credit file.

VenuS

Call_Centre_Monkey wrote:

Yeah... that's why they've decreased the limit - responsible lending

Not responsible if they don't tell you beforehand, no two ways about it.

Call_Centre_Monkey

VenuS wrote:

Not responsible if they don't tell you beforehand, no two ways about it.

Yes, the courtesy of being told about the limit would be nice, but in practice it's just not feasible. It's like telling someone they have 4 days with £1000 available to them, and after that it's gone. I'm sure some people (perhaps those in financial difficulty) would then rush to spend the money, and get themselves into more trouble.

So yes, the system for credit limited decreases is pretty cold, but it's better than than being irresponsible, and getting some people into a worse financial position.

BONJOEY

credit card companies have an obligation to provide you with notice of such a change surely?

phone barclaycard up and ask for explanation,
you say you have had this card for a few years, is that you credit limit 500?

is it initial barclaycard, ?

i would pay it off , or apply for another card and transfer the balance:o

Call_Centre_Monkey

They are probably obligated to tell you the change has taken place at some stage, but wouldn't have to qualify it with a reason as far as I understand. Most banks would probably give you general information at the least about the decision that has been made if you give them a phone though.

MABLE

I have not had my limit reduced but a about 2 years ago I wanted to do a bt. However even though my credit score was then was excellent with BC my score from Equifax was very low. The reason being I had been busy stoozing and had alot of searches on my file in a short period of time. The reason then could be to do with your score from the agencies.

VenuS

I just think that if the OP had gone over their limit unknowingly, it would of been quids in to the bank, and heafty bank charges to the OP. Shame on Barclays for acting so sneaky.