Barclaycard Credit Limits

jay78

squidwardtentacles wrote:

I think a couple of over cc providers are doing this, but what i dont understand is why us. I have never missed a payment and always pay 5 times the minimum payment yet had our limit reduced twice. Apparently all part of responsible lending.

The is from Martin's article about credit scoring:

This is so important, let me make it as clear as I can.

"Even good risks can be rejected simply because they won’t make the bank money!"


Credit scoring is about profit not risk. Of course risk plays a part, as those unlikely to repay are an immediate threat to profits. Yet rejection may happen to even the most solvent if they’re unlikely to act in a way that’ll make profit for lenders. The sooner we understand banks are there to make money, not help us, the better we can play the system.

Some sophisticated scoring examples that should help:

Credit card companies reject you for always repaying cards in full. The most profitable credit card customer is perpetually in debt, never defaulting, always paying just the minimum (see Danger Minimum Repayments article). Thus if you pay off in full every month, or always shift debt to 0% cards, you may be rejected for further credit.


Your score mightn’t be for to the product you apply for. It’s all about weeding out the customers least suitable for their business e.g. current accounts are often used to draw in new customers to sell them other products. So apply for a current account and you may be scored on how likely it is to flog you a mortgage.

s1h

Mine was £300 when I took it out a couple of years ago had a very bad rating at the time. It has stayed at that and never increased or decreased. I might just bin it really as I don't ever use it anymore.

ratttyo

How do you get your balance back to where it was is what I'd like to know. As long as the barclaycard account was maintained well enough I would have thought anything else unfavourable on a credit report outside of Barclaycard wouldnt effect it? Others have had different experiences.

The_Boss

Can you also state whether you had a regular or platinum Barclaycard please.

ratttyo

Mines a Barclaycard Gold. Ive paid most of the balance of now and have set a a direct debit to take the monthly balance in full. I figured try this out for a while and see if it improves things with them.

My only other thought is the fact if they lower the credit limit again as Ive paid it mostly off now?

anitap

Mine is just a standard barclaycard - having looked into it further it would seem that I have been affected by being a good creditor as up until 6 months ago the card was at £0 and then have used it to book the Hen weekend - as people gave me their payments for the weekend I paid it straight to barclaycard and only last week I had a balance of £400 in credit !!!

Think they have looked at it and decided they weren't making enough money from me however what really annoys me is that I am a Platinum Customer with barclays and yet the two companies have no power with each other - think I might ditch all my bankings and start putting money in my mattress !!!!!!!! Its a nightmare !

mariusvb

When i got my Barlayard Initial, they gave me a limit of £1750 straight away. And at that moment i only worked part-time with early income of £5200. Limit stayed the same for over a year now. Have to say i have been not really sensible and half a year after having the card my balance gone almost up to the limit. The thing is they never tried to reduce my limit and reason is quite obvious. I dont pay my balance in full, but never miss the payment. Interest wise i pay about £30-45 a month. When i rang them to ask to reduce APR, got straight answer NO.

Well at least my financial situation improved a lot in last 3 months. And from this month i can afford to pay them at least £350 a month. So in next 4-5 months i will clear my balance and then goodbye Barclaycard

anitap

Have just got home to the infamous letter - 4 days after the event it confirms the reduction and the withdrawl of my cash facility the letter states - "To help you understand out expectation we have listed below some helpful hints: 1) Keep your spending within your revised credit limit 2) ensure your payments are made on time each month 3) avoid long periods of making only the minimum monthly payments"

What an absolute joke - I have never gone over my limit, I have always paid over the minimum payment and more recently have been £400 in credit and have never made a late payment !!!!!!

They can shove this card where the sun doesn't shine but think I might send a nice letter back telling them about my expectations of them - platinum customer - pah !!!!!!!!!!!

joshuaasmith

My barclaycard (which I never use now) had a limit of £3500 and that was my first ever credit card(I got it when I was just 18). It was crazy the limit they gave me and as far as I'm aware they haven't reduced it.

scoobyra

anitap wrote: »

I today logged onto my barclaycard account to find my limit has been cut from £2,000 to £650, when I phoned them they said they had done a credit check and it was something on there.

I am so annoyed, I have had a barclaycard for years and it started at £1500 and they would never increase it.......until about 3 months ago when they finally upped it by £500 (whhoooppi do !) then snatched it away again today without any prior notice - they say a letter is in the post but it doesn't help my cause.

We are due to get married in July and we had budgeted around the available limits on the credit cards and savings to avoid taking a loan, initially, we then got to a point where we thought a loan would be more practical and less interest but have been getting declined as they won't take my partners income into account as his name isn't on the mortgage yet (can't change that until August or am faced with a £4k cancellation fee from the lovely Coventry Building Society).

Looks like the wedding will be cancelled if the other credit card companies reduce the limits - I never realised this was part of the terms and conditions -just goes to show they can change the goal posts as often as their call centre staff !!!!!!!!!!!

:eek: :eek: :eek:

Just had this happen to me, had my £3500 platinum card 14 days, bt and trans up to £1700 and now theyve reduced my limit to £1700, what was the point of giving me the card in the first place???