Card limits being cut again?

Puddylove

evochaz wrote: »

Il"m really annoyed as I voluntarily reduced my automatic £5000 credit limit with Santander down to £1500 so I wouldn't be tempted. Always repaid on time and have a high credit score. now want to Increase limit so I can buy a new kitchen and Santander won't increase it- even though I have reduced my mortgage and had a pay rise! They told me all I can do is appeal - but that involves another credit search on a card I already have - and underuse. Any advice please?

You could apply for another credit card? Look at the credit card information (on here, up there ^^^) and then use MSE's 'soft search' to work out your chances of being accepted before you apply.

Link here;
https://www.moneysavingexpert.com/eligibility/credit-cards/

andyfromotley

i'd appeal. another search or two is hardly likely to tank your credit history.

planteria

Puddylove wrote: »

Mine haven't been cut - including with Halifax.
I wish my limits were lower - I have £35k available credit on 3 cards. Who needs that?! (And/or is daft enough to use it?!)

I'm scared to lower the limits, close cards as doing so might adversely affect my credit history, and I'd like to buy a house soon.
P x

i don't think you have any reason not to reduce your limits, if you are sure that is what you would like to do. the card providers won't say no. but on the basis that you have discipline, i'm not sure i would. evochaz's post, immediately below yours, tells a story that you might want to bear in mind.
i close accounts when they're no use, but i have never requested a limit decrease, and don't think i am every likely to do so.

Shopper_99

planteria wrote: »

but i have never requested a limit decrease, and don't think i am every likely to do so.

It is worth decreasing your limits if you are planning on applying for something like a loan or mortgage. They usually take your total available credit in to account and having too much is seen as a negative.

Basically available credit is seen as a risk to them just as if all those cards were maxed (although to a lesser extent).

Jagraf

Shopper_99 wrote: »

It is worth decreasing your limits if you are planning on applying for something like a loan or mortgage. They usually take your total available credit in to account and having too much is seen as a negative.

Basically available credit is seen as a risk to them just as if all those cards were maxed (although to a lesser extent).

I could buy a flat outright with the credit limits available on our (now cleared) cards. Best start asking for them to be reduced.

catwoman73

My Clarity card was cut earlier this year from about £3000 to £500, which is a bit inconvenient as I have to monitor my account carefully and send extra payments to avoid going over. I phoned them up to see if they would put it back up a bit (even £1k would have probably suited) but they refused.

I have now applied for a supercard, so if that works out, I'll keep the Clarity as a back up only. I can't remember how long I've had the Clarity card, but it's been a few years so could easily be pre 2008.

When I got the card they gave me what I thought was a stupidly high limit (about £8k? - that combined with another high limit I had added up to quite a lot of available credit on my credit reference data - I wasn't worried about spending it, just that it might look bad.) so I phoned them and took it down to a more sensible £3k.

I think unless you have much higher than average spending habits, or need a big balance transfer offer, £5k is more than enough as a credit limit for most people.

gunsandbanjos

Just had a letter this week from Santander upping my limit by £1000

Morglin

Not noticed this - I have had two letters in a week, from Barclaycard and BOS, increasing my limit, even though I spend very little on them, and lay them off monthly.

Lin