unexpected limit decrease...

knowledgeman

No doubt this is the same people who moan about banks being irresponsible when the charges hit

The banks dont need to give you a card, and they certainly dont need to give you a credit limit

If it bites that much having the limit reduced then they are probably right in that you dont have the finances to maintain credit of that level

Also if they told you before everyone would just go out and spend the cash as a bank cant reduce a limit below the account balance

inmypocketnottheirs

knowledgeman wrote: »

No doubt this is the same people who moan about banks being irresponsible when the charges hit

The banks dont need to give you a card, and they certainly dont need to give you a credit limit

If it bites that much having the limit reduced then they are probably right in that you dont have the finances to maintain credit of that level

Also if they told you before everyone would just go out and spend the cash as a bank cant reduce a limit below the account balance

Sanctimonious claptrap.

knowledgeman

inmypocketnottheirs wrote: »

Sanctimonious claptrap.

No its called an opinion

Imo people who cant afford to lose the limit shouldnt have that sort of limit

I certainly dont want to end up paying more in the future so banks can subsidise them

inmypocketnottheirs

knowledgeman wrote: »

No its called an opinion

Imo people who cant afford to lose the limit shouldnt have that sort of limit

I certainly dont want to end up paying more in the future so banks can subsidise them

But it doesn't happen like that does it?

I travel extensively, pay my cards in full, and Barclaycard reduce my limit to £260. Totally useless.

Whenever you borrow from banks/credit cards you will always subsidise those that do not pay. Therefore if you do not wish to subsidise, then don't borrow or use credit cards. Simple

Dylanwing

Knowledgeman - Sorry, I totally disagree with you.

No doubt this is the same people who moan about banks being irresponsible when the charges hit

No, it's people who have run an account for many years who suddenly get hit with a limit decrease, and has no connection with other issues.

If it bites that much having the limit reduced then they are probably right in that you dont have the finances to maintain credit of that level

I think you will find it is called Financial Planning - OP was stuck in Cornwall, I paid money in to make it easier to buy stuff for decorating the bathroom. Also, using your theory, nobody would ever need a credit card!

The banks dont need to give you a card, and they certainly dont need to give you a credit limit

Quite right, but they have. Is that our fault?

Also if they told you before everyone would just go out and spend the cash as a bank cant reduce a limit below the account balance

You really do have a problem! You seen to think that we are all some kind of !!!!less low-life! If they gave warning, the majority would comply. Perhaps if they bothered to listen to customers, they could negotiate an appropriate limit so that they reduce their risk, and we know that the goalposts will not move again.
Right, back to my hovel for Turkey Twizzlers and chips!
BTW - You mention about people complaining about Banks being irresponsible - Can I claim that it might have been irresponsible of Banks to buy heaps of cleverly packaged high-risk debt, without really understanding it??

youknowwho

I think your spot on knowledge man. It annoys me how ppl whi have their limit reduced react! They have reduced the limit because the bank feels it a risk to allow you to that much credit. It's completely different story when some cliams that they cant afford to pay bk their debt, cus the bank gave them too much of a limit, they blame the bank, but the bank didn't drag 'um to the shops and blow all the money.Ok, i agree it's a bit of kick in the goolies when your away, and your relying on the card for your holiday, but the lesson there is.... don't rely on CC's. If you don't like the wa the bank plays then shut your card down and move on. THE BANK ARE DOING US A FAVOUR BY LENDING US THE MONEY IN THE FIRST PLACE! ITS UP TO THEM HOW MUCH THEY WOULD LIKE TO LEND US. DOnt like it? Dont borrow.

inmypocketnottheirs

Dylanwing, spot on.

Knowledgeman, I would guess, probably works for a bank.

Dylanwing

Knowledgeman does work for a Bank.;)

don't rely on CC's. If you don't like the wa the bank plays then shut your card down and move on. THE BANK ARE DOING US A FAVOUR BY LENDING US THE MONEY IN THE FIRST PLACE! ITS UP TO THEM HOW MUCH THEY WOULD LIKE TO LEND US. DOnt like it? Dont borrow.

With that theory, credit cards are absolutely pointless, so the Banks should discontinue them.:p
A lot of people are being very judgemental about those of us affected and making assumptions that we are in difficulties and nearly defaulting. Far from the truth in many cases, myself included. And many of these posters are actively encouraging the 0% craze, and yet I have seen a number of posts about 'My 0% is coming to an end, help!'. And I am certain that once the 0% offers end, a number of people will be in the doo-doo financially. So whilst we get messed around, the same Banks are encouraging and creating problems elsewhere.

youknowwho

I have by nno means sai that anyone has been in finacial diffulty or just about to default. I jut said that the banks dont want to lend um that amount of credit anymore as they feel its a risk. Yes the banks feel its arisk, i didnt say that the banks were right, in a few cases the banks are reducing limits when the customer could easily manage that credit. But, they dont have to justify themselves if they dont want to borrow u that bit of money anymore. I dont recall anything about encouraging 0% tarts? I thought we were talking about credit limits.Have you closed your Sainsbury card down yet btw? You should let us know how you get on when you do.

MABLE

runpaulyrun wrote: »

hi everyone.
this is my first venture into this forum and hope you can help.

basically i bank with tsb and have a current account with 250 overdraft and a loan and a platinum credit card all of which are up to date and only one late payment on c card. whats happened was i was on holiday in cornwall last week and was horrified to discover my card limit had been reduced from a limit of £4500 to £2200 and that left me in a pickle as i had already used £2000 on it. i have maxed this limit and paid it off in full and also paid £2000 on it bowt 6 mnths ago i just use it and pay it when i can.

can anyone help me with why they are likeley to have done this as i find them quite arrogant over the phone and the letter says yearly review and the usual checking of risk but i dont see where iam a risk i have £1400 going in salary every month.

could it be that i have complained about my risk rating being a 9 on the current account when again alls in order...sorry for rabbling on just i am so angry with them at moment..regards paul

Risk indicators are strange beasts. Mine went from 1 to 9 in one month. Also my loan rate quotation went up to 29.9%. However the next month it went down to 2 and rate 6.4%.

My credit limit on the card is £15,000 and overdraft facility of £10,000 but they have never once attempted to touch these limits. I am certain because you complained about your risk of 9 that had no bearing on reducing limits but just having it there in the first place might have done.

I know from time as a staff member of Lloyds 9 was the worst possible rating.