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Time for credit limit changes to take effect
Nasqueron
Posts: 11,195 Forumite
Original question from 27th June 2014:
How long does it take for lenders/credit agencies to see a change in credit limit?
Answer from zx81 - Once a month
Further info from me for anyone curious:
I reduced my available credit with bank and supermarket card on 24-6-14 (automated, online/on phone).
I had a new Noddle report generated 6-7-14 (I don't use the other 2 as no need to pay for reports) and they have not picked up the changes.
I assume the banks didn't update at month end / don't report in time for it to be on the new report.
Report from August now shows the lower limits in July and I have been (provisionally) accepted for a Barclaycard 33 month card - awaiting the possible rejection so not spending just yet!
Edit - Junked the blurb as no longer needed for this question and kept it simple for others
How long does it take for lenders/credit agencies to see a change in credit limit?
Answer from zx81 - Once a month
Further info from me for anyone curious:
I reduced my available credit with bank and supermarket card on 24-6-14 (automated, online/on phone).
I had a new Noddle report generated 6-7-14 (I don't use the other 2 as no need to pay for reports) and they have not picked up the changes.
I assume the banks didn't update at month end / don't report in time for it to be on the new report.
Report from August now shows the lower limits in July and I have been (provisionally) accepted for a Barclaycard 33 month card - awaiting the possible rejection so not spending just yet!
Edit - Junked the blurb as no longer needed for this question and kept it simple for others
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Comments
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Lendes will typically update accounts once a month.0
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