credit card limit slashed.

lor6126

hi all, have been reading this has happened to a lot of people recently, and has happened to me by both bos and barclaycard this month.Checked credit rating and noticed a late payment recorded by capital one just before i closed it.Is this the reason they have done this to my limits, didnt have very big balances on them and always pay more than minimum on time.
Capital one have admitted it was a mistake and have removed it and account now shows as always paid on time and settled. i closed it a few months ago.
my question is, is it worth asking credit cards to reconsider putting limits back now that the info has been removed? Dont really want to spend more on them, but it now looks as if i have spent close to my limits, which was not the case, if that makes sense Ok i could just change to a new card, but might not get one now as it looks as tho i have maxed the two i have.
Or should i just pay them off, might take 2 or 3 months, and then close them and move then.?

BugsyBrowne

lor6126 wrote: »

hi all, have been reading this has happened to a lot of people recently, and has happened to me by both bos and barclaycard this month.Checked credit rating and noticed a late payment recorded by capital one just before i closed it.Is this the reason they have done this to my limits, didnt have very big balances on them and always pay more than minimum on time.
Capital one have admitted it was a mistake and have removed it and account now shows as always paid on time and settled. i closed it a few months ago.
my question is, is it worth asking credit cards to reconsider putting limits back now that the info has been removed? Dont really want to spend more on them, but it now looks as if i have spent close to my limits, which was not the case, if that makes sense Ok i could just change to a new card, but might not get one now as it looks as tho i have maxed the two i have.
Or should i just pay them off, might take 2 or 3 months, and then close them and move then.?

That late payment would be the most likely reason of lowering your limit, as each month your lender receives up to date info from your credit report and would picked up on that instantly.

lor6126

yes it has taken 3 months to get capital one to admit it was a mistake and remove it.When i requested a final balance they gave me the wrong figure then marked me as a late payer because it was £20 out.
I just wonder if they will reconsider now that it is erased,

BugsyBrowne

lor6126 wrote: »

yes it has taken 3 months to get capital one to admit it was a mistake and remove it.When i requested a final balance they gave me the wrong figure then marked me as a late payer because it was £20 out.
I just wonder if they will reconsider now that it is erased,

It might worth taking it up with cap1,although your account might be closed if you do decide to take up anymore credit the lender will see this,Its not the worst thing to have on your credit file,but a credit file is always better with no late payments.

lor6126

star-fire wrote: »

It might worth taking it up with cap1,although your account might be closed if you do decide to take up anymore credit the lender will see this,Its not the worst thing to have on your credit file,but a credit file is always better with no late payments.

cap1 have amended the info, i am wondering if my new credit card issuers will rethink their decision on my limits now that i dont have a late payment showing.:)

BugsyBrowne

lor6126 wrote: »

cap1 have amended the info, i am wondering if my new credit card issuers will rethink their decision on my limits now that i dont have a late payment showing.:)

No way mate unfortunately you have to stick with your current limits for a few months now then then maybe ask your lender to increase them.
People have been getting their credit limits reduced recently with spotless credit history, think of it as a good thing.