Credit Limit reduced

RooftopHaircut

Hello Everyone

First post nerves etc.

I owe about 20,000 pounds and am considering getting a consolidation loan to clear it all.

This is on 3 credit cards.

I owe MBNA 10,000 pounds.

Two months ago, MBNA contacted me to say they were reducing my credit limit from 12 thousand to 11 thousand.

I have never missed a payment but have only been paying off the minimum.

I had recently however, been withdrawing cash off that credit card. A fair bit of cash. I was gambling. I was actually winning a profit but neglecting to pay what I took out back. Yeah, i know i'm an idiot.

Anyway, how badly will them reducing my limit affect my credit rating ?

Its fairly good apart from that. I've never missed a payment on any card. I have made late payments (2 or 3 days) about 5 times in 5 years.

I had a CCJ against me in 1993 too.

I have lived at my address for 21 years apart from 3 years at University.

I have had my current bank account for 15 years.

Do you think I will qualify for a typical rate loan ?

Thank you for your time and hopefully your answers.

Rooftop Haircut

RAS

have a look at Martin's article and get your credit reference checks for free to find out what your situation is.

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

if you want more DFW help, you could post up your SOA.