Credit limit dropped £2000 after 3 days notice???

bigadaj

jonvh48 wrote: »

It was Barclaycard platinum they gave me a huge credit limit a few years ago and I have always paid on time so I am really quite baffled by there decision

So what was the before and after credit limits and what useage did you make typically?

Banks have obviously come under pressure in terms of funding liabilities and reducing unused credit limits is an area in which they can save, so it's not necessarily a reflection on your creditworthiness, more a reflection of their costs in providing the limits they have to you.

CKhalvashi

GingerBob wrote: »

It happened to me last year (AMEX). They took a couple of thousand off the credit limit and suspended cash withdrawals. It made the card virtually unusable at a stoke, given the balance I had at the time. It was my business expenses card and for a couple of months I'd paid minimum payment because I hadn't got around to filing my expenses.

Over the years I'd spent a very large amount of money on the card - maybe approaching £100k - and nearly always paid it off in full.

I kicked them into touch, so they lost an excellent customer. I'll never go back to them and I brief against them all the time (like here). In terms of assessing risk exposure they were, and probably still are, incompetent. I suspect Barclaycard are the same.

I've put nearly £1m of expenses on an Amex card, and they've increased the limit every time I've asked (although they have wanted to see company bank statements and a list of trade debtors before now).

I wouldn't be surprised if they want to reduce it at some point, neither with a current 6-figure limit would I blame them if they did.