Credit Card Limit Reduction

OneLife_OneShot

Is it possible to reduce a limit at anytime? I have a Vanquis card of £500 limit and want to bring the limit down to £250 in the next 14 days.

TheGenerus1

Most credit card companies let you do this, it's just a matter of calling them up and requesting the reduction.

You must also bear in mind that you may also be excluded from any future automatic increases that often occurs when an account is well managed.

BugsyBrowne

conisme wrote: »

Is it possible to reduce a limit at anytime? I have a Vanquis card of £500 limit and want to bring the limit down to £250 in the next 14 days.

Don't take this the wrong way but you must be in a complete financial mess if you're reducing a Vanquis credit card from £500 to £250.

CRISPIANNE3

conisme wrote: »

Is it possible to reduce a limit at anytime? I have a Vanquis card of £500 limit and want to bring the limit down to £250 in the next 14 days.

Perhaps it may be an idea to give the card up if you feel you cannot trust yourself with such a small credit limit of £500. Nothing nicer than the feeling of cash in your pocket and knowing it belongs to you.

Gromitt

Don't forget that reducing the limit to £250 will not actually stop you spending above that, you'll just get charged a £12 over-limit fee. If you feel you can't be trusted with a £500 limit, then its best to cancel the card completely.

OneLife_OneShot

BugsyBrowne wrote: »

Don't take this the wrong way but you must be in a complete financial mess if you're reducing a Vanquis credit card from £500 to £250.

Yeah I was in a bit of a mess I am aiming to get rid of it altogether soon I just want it reduced a bit first.