lower CC limit

sunfield91

Hi ,new to this forum pls be patient
Can anyone help please?
Applied on line for the credit card currently with 23months interest free and no fee. Accepted with £5250 credit limit . Great! When acceptance letter arrived limit reduced to £1000. Rang up no one able (or willing??) to tell me why. Call Centre Operative kept going to check with different depts,but just kept coming back with "no increase for 6 months"
BUT I just wanted to know why it had been reduced. Someone must have made the decision surely?
Checked Experian my score is "excellent" (just realised from posts that means nothing!)
Told them to stick the card in the end (More politely though)
Please can anyone explain why it dropped like that
Thanks

rtho782

Because they changed their minds when the application was reviewed by an Underwriter.

It could even be that they looked at your previous borrowing, decided you'd only ever use the interest free period and they wouldn't make any money from you, and so decided to offer less.

It doesn't have to be because of anything you did wrong, they could have just decided you are an unprofitable customer, or they could have decided they have met their quota of lending to people in your profile and wish to lend elsewhere.

rehanmalik3030

A couple of possibilities firstly you may have read the initial decision wrong it was 1000 not 5250. The second possibility more likely is that between giving you an instant decision and when they send you out the paper work they actually do a proper credit check and review their initial decision.

sunfield91

Thanks rtho782, That's exactly what I do , as soon as the interest free period ends I change cards and your other comment makes sense.
You would think perhaps they should be obliged to tell you the reason?

sunfield91

rehanmalik3030 wrote: »

A couple of possibilities firstly you may have read the initial decision wrong it was 1000 not 5250. The second possibility more likely is that between giving you an instant decision and when they send you out the paper work they actually do a proper credit check and review their initial decision.

Thanks for your fast reply. It was definitely £5250, in fact they dug out the application (so I was told). I don't think they would have found much wrong with the credit check though.
Thanks again

rtho782

sunfield91 wrote: »

Thanks rtho782, That's exactly what I do , as soon as the interest free period ends I change cards and your other comment makes sense.
You would think perhaps they should be obliged to tell you the reason?

In a perfect world yeah they should be, but they aren't and it will never happen