Changing Credit Limit

Tsmedley

Hi, I have 3500 on my barclaycard platinum which is just under its limit, it's been at that for about 12 months. I recently missed a payment due to an error on the direct debit. I've recently come into some money and am shortly in a position to clear it in full. My question is are they likely to reduce the limit after it is cleared, given the fact it's been near limit for some time and a payment was missed, if so how quickly will they do it? Do they give much notice? It's just I may have to put a couple of purchases on soon which I need to spread over a few months.

nicholaswitchell

If you are relying on any of the £3500, then just for safety I wouldn't be paying the whole lot off. You never know what they will do.

If they do lower the limit, you will get precisely zero notification that they are going to do it, it will just happen without you even being aware.

Tsmedley

Thanks Nick, I suppose that is the sensible option. I remember some time ago that I got a letter from one of my cards 'we are changing your limit to x on (date)' so I'm not sure if it's in the t&cs they give notice?

PeacefulWaters

I think you need to change your mindset.

Nudging credit limit. Missing a payment. "Needing" to spread payments over a few months.

You are a credit card company's dream.

solentsusie

So your Barclaycard is 'just under its limit' and has been constantly for a year?

Personally I would start looking at why I have been in that position for the past 12 months?

What reason is there that you keep spending on it to keep it 'just under limit' without repaying in full or by a substantial amount? I presume you are not on a 0% deal and this is costing you interest every month?

Perhaps you need to look at the whole of your financial circumstances. You are in the very fortunate position where you have come into some money and can clear the debt.

What are the purchases coming up that you will need to spread over a few months? Could they not be saved for seeing as you are expecting them?

jamesd

Just pay it off. Nothing you're done would prevent you from getting a card from another company. Given your history they are unlikely to reduce the limit. If you want to be more cautious and spend some money, apply for a balance transfer card from another firm and transfer the balance to that. This way you'll be sure you have the credit available.

SamGR

PeacefulWaters wrote: »

I think you need to change your mindset.

"Needing" to spread payments over a few months.

That's what a credit card is designed for i thought.

typistretired

I always pay off the full amount each month and have never had the credit limit reduced on any of my cards.