Next

mum_of_lewis

I have a next card with £3600 limit owe very little on it, new statement was produced today with limit of £2200. Now i have no intention of maxing the card but feel really annoyed that they have reduced my limit, i have never missed a payment,always pay on time.
Anyone else had this happen to them recently?

Janette xx

sharpy2010

This is a bone of contention with Next, they have done it to tens of thousands of people. I cancelled my account because of it, and I'm sure plenty of other people have also done so.

Cancel your account with them, and shop somewhere where you will be respected/trusted.

fozmcfc

Prehaps the balances you keep on the card suggests that you don't require a £3600 limit.

I personally reduced my limit on a couple of my cards I hardly/no longer use, because it could impact my chance of getting another card for 0% on spending or balance transfers. I don't want to have a huge amount of unused credit, absolutely no point.

Everyone has been screaming about irresponsible lending, but when financial institutions are looking at the way they lend and trying to act responsibly they get slated for that as well. Damned if you do, damned if you don't.

fozmcfc

sharpy2010 wrote: »

This is a bone of contention with Next, they have done it to tens of thousands of people. I cancelled my account because of it, and I'm sure plenty of other people have also done so.

Cancel your account with them, and shop somewhere where you will be respected/trusted.

I'm sure the'll miss you greatly :rotfl:

topcat9

I have an online account rather than a card with Next and in the last year my credit limit has been up and down more times than...well maybe I won't finish the saying that comes to mind. There was even a pattern for a while of hiking the limit right up when my new statement was produced and then cutting it back down again about a week later. Anyway, the information that might be of use to you is that the credit limit has slowly crept back up again and it's now higher than it was when this whole rigmarole started. If, as you say, you're a reliable payer you'll probably find the same happens to you after a few months.

KingElvis

Who could possibly spend 3.6k in Next anyway?

Degenerate

KingElvis wrote: »

Who could possibly spend 3.6k in Next anyway?

Someone with very poor taste.

_Andy_

mum_of_lewis wrote: »

I have a next card with £3600 limit owe very little on it, new statement was produced today with limit of £2200. Now i have no intention of maxing the card but feel really annoyed that they have reduced my limit, i have never missed a payment,always pay on time.
Anyone else had this happen to them recently?

Janette xx

If you don't intend on ever using that much of the limit, then why does it even bother you at all?

ryantcb

As fozmcfc says its all about responsible lending, looking at your account they have determined that you dont require the £3,600. Seems to me that next are doing the right thing. You limit will go up as well as down depending on what your spending habits are. If they gave you a million limit and you spent it is it your fault for spending it? yes. But its common perception to blame the companies for lending you too much.
Well done Next

JimmyTheWig

The credit crunch means there is less money to be lent out.
It is better for them to give you a limit of £2200 and someone else a limit of £1400 than to give you a limit of £3600 and none to the other person if you're not going to use that extra amount.

kev.s

Degenerate wrote: »

Someone with very poor taste.

how very true, when you consider the original designer started up George @ asda.
many years ago i used to drink with the son of the woman who owned next....oh the banter:D