Warning - they are slashing our credit limits

Dylanwing

They can do what they want!
Its there money

True, but they've made an awful lot of money by lending it to me!:rotfl:
BTW, I totally agree that the Banks need to tighten up a lot, as they have lent totally irresponsibly. They are just being a bit random, indiscriminate and showing contempt to, in many cases, long-standing customers.
Still, we should all look on the bright side, the customers they are getting rid of tend to hold high balances and pay a lot of interest. They'll miss us once profits plummet as they are left with the goody-goody pay within 56 days brigade and the 0%-ers who will go at the first hint of paying interest.
Power to the overspenders maxing their cards!:beer:

YorkshireBoy

The reason customers who shift their balances elsewhere, or make large payments in general, are seeing their limits cut can be explained by the BCSB's '2007 Review of the Banking Codes' - specifically para 2.7, which states...

2.7 In the interests of consumer protection, in addition to the need for a full customer view, the independent directors of the BCSB also believe that there is a case for a further amendment to the Code to require a subscriber to undertake a credit assessment, and review or cancel credit limits, when its customer switches the whole of his balance from the subscriber to another provider. Unless cancelled, these represent additional credit lines.

http://www.bankingcode.org.uk/wpdocs/BCSB%20submission%20to%20Code%20Review%202007.doc

Dylanwing

Except that I had not moved any balance..... Mine was pure victimisation by Sainsburys for not liking Jamie Oliver.

YorkshireBoy

Dylanwing wrote: »

Except that I had not moved any balance.....

I thought you'd paid off a significant amount from your debt, and then a provider had reduced your credit limit? Must've been thinking of another poster.

Anyway, the fact remains that many providers are looking to reduce their exposure as soon as the opportunity to do so arises.

techspec

Barclaycard recently reduced my limit from £1100 to £900 and withdrew my cash facility.

I have not been late paying for over 2 years.

The card was near its limit, so i suddenly had to find £200.

FelOn_2

p1an0player wrote: »

Fair enough. Unless secondhand/charity shops might sell stuff like this?

p1an0player, first you have to find a garment that actually fits you in said secondhand/charity shop...these are the first items bought by semi-pro eBayers. They visit these shops regularly, and some have "inside" contacts who keep the items to one side when they spot a "real" moneymaker.

It's funny, I assumed the OP was a woman.

Ooh!! A woman in leathers, a weakness of mine :T :j :T :j

FelOn_2

techspec wrote: »

Barclaycard recently reduced my limit from £1100 to £900 and withdrew my cash facility.

I have not been late paying for over 2 years.

Barclaycard are not the first (or the last) to do this to upstanding, credit worthy folk. Read the other threads about this.

techspec

FelOn wrote: »

Barclaycard are not the first (or the last) to do this to upstanding, credit worthy folk. Read the other threads about this.

Well it certainly cost them, because i did a 0% balance transfer to another card, and now they get nothing from me.

They have since re-instated the cash facility, but i aint interested.
:beer:

Dylanwing

I thought you'd paid off a significant amount from your debt, and then a provider had reduced your credit limit? Must've been thinking of another poster.

I did pay in monies, but not all was new credit - Even so, all my bills are being paid on time, they have no record of my income, nor are they interested, so quite how they can pass judgement based purely on a credit file is beyond me.

3ofus

:mad::mad:Just logged on to M&S to find they've reduced my credit limit without any notification in writing and I thought they were supposed to according to t & C's. Is there anyone I can report them to, like FSA?
rgds
3ofus