Reduce my credit limit please!

EarthBoy

In that case wouldn't you be better closing the accounts, rather than reducing your credit limits?

Lower limits on your credit record might be misinterpreted. Any other company searching your file might think that Next Directory and Littlewoods regard you as a bit risky, or at least only trustworthy for small amounts. That could prevent them from offering you any new credit.

staffie1

I see what you mean - it's a no-win situation then!

Don't want to close the accounts you see as I do use them and find them convenient. I'd never considered the limits as an issue until Experian mentioned it.

Dr_Cuckoo3

I reduced my credit limit on a Littlewoods group catalogue and the previous credit limits are not recorded in the same way as credit card limits are

Only the current credit limit is recorded on Experian



Company name: SHOP DIRECT FINANCE COMPANY LTD
Credit Limit : £500

Credit cards show previous credit limits

Company name: HALIFAX CARD SERVICES
Credit Limit : £2,000
Credit Limit History: £2,000 (04/10); £1,100 (08/07); £900 (05/03); £500 (11/02);

So I suspect that only an existing company would know that your "available credit" has changed from one amount to another over the history of your accounts

beanielou

I phoned Next & they reduced my limit as I asked & it updated on my credit file very quickly.
It was very easy.

staffie1

Thanks all - I will phone (now I have a freephone number!)

beanielou

Make sure they put you through to the credit department.