NatWest

Ann244

I'm so angry and upset. I've come home from work to find a letter from Natwest saying that they've reduced my credit limit. Not only that they reduced it to 40 pounds less than I already owe.

They said they've looked at my borrowing etc and credit score but I've never been behind with payments.
What do I do?

stclair

When you say credit limit do you mean on your credit card?

Why dont you call them and ask the question?

Ann244

Yes, on my card. I will phone and ask them. It just came out of the blue. Thank you for replying.

Lith

Sounds weird,

If you have never been 'LATE' on payments... then what there doing doesn't make sense at all....?

they have no excuse/reason to lower ya limit (if your good paying on time etc) - Phone up and get to the bottom of this.

opinions4u

Lith wrote: »

If you have never been 'LATE' on payments... then what there doing doesn't make sense at all....?

Unless the overdraft is high, the savings have suddenly reduced, the mortgage has had a payment missed, the credit file shows a new commitment that wasn't previously there. Or the card issuer has simply reviewed its risk profile and doesn't want to make such a high credit limit available to a specific customer or group of customers.

they have no excuse/reason to lower ya limit (if your good paying on time etc) - Phone up and get to the bottom of this.

They can vary the credit limit if they wish to.

I would expect them to give the customer reasonable notice, especially where the change would push a card over the limit, unless there is a more obvious credit problem.

OP: you're probably best posting in the Credit Card section of the forum. The best advice I can give is to get under the new limit asap and live within it.

Ann244

Thank you all, the limit is a bit high, but I think they should forewarn and not just do it. I'll phone today and sort it out.

bengal-stripe

Ann244 wrote: »

........but I think they should forewarn and not just do it.

If the banks were to give notice of a reduction in limits/overdrafts, quite a few people (in a ‘scorched earth‘ policy)
would rush to max-out their limits, just before the reduction was to take effect.