Credit limit reduced from 5000 to 260?

System · 13 March 2018 at 2:55PM

chattychappy wrote: »

Some lenders get a continuous feed in return for supplying their own monthly updates.

Don't bother closing the account (they might close it anyway). Just carry on, ensuring you make payments on time. In the case of the transferred balance, don't pay just the minimum even if it's on 0%. Pay at least £1 more. That avoids a minimum payment marker which can make you look distressed.

I had that marker applied by BC card a few year ago even though I was making a minimum payment + £1. I called up but was closing at end of the 0% offer, so didn't think it was worth pursuing further- just be aware.

Thrugelmir · 14 March 2018 at 8:08PM

Danielle1985x wrote: »

Hi guys.

I!!!8217;ve just had a letter from Barclays telling me that they!!!8217;re reducing my credit limit, from £5,000 to £260!!! I did a balance transfer to a new card a month or so ago, and had a balance of around £3500, which I ideally would like to get paid off. The Barclaycard is now clear. The new card has a credit limit of £4,600.

Sounds as they are blocking you from transferring the balance back at a later date. There is a general tightening down by lenders. Following the recent non regulatory intervention of the authorities. Though one assumes only a matter of time before something is imposed on lenders. Credit cards appear to be the next area. Following mortgages and pay day loans.

owen_money · 15 March 2018 at 2:30PM

Deleted_User wrote: »

It will just show on your credit files and lenders will take their own view.

No real need for concern if the rest of your file shows good credit management.

Don't worry about the credit score.

There is no credit score, its just a made up number

[Deleted User] · 15 March 2018 at 2:32PM

Good to know.

owen_money · 15 March 2018 at 2:38PM

Deleted_User wrote: »

Good to know.

Just so you know

enthusiasticsaver · 15 March 2018 at 2:40PM

I personally would not have three active credit cards so I think I would close it. You still have your Nationwide which you should aim to repay in full each month plus the one with the BT on. It may well be that Barclaycard have seen you have a card with a large limit elsewhere and decided that you have too much credit available. There is a general tightening of credit availability going on at the moment.