Reducing Credit limit advise

in Credit Cards
7 replies 825 views
Morning All,

Just looking for some guidance on this issue please. i have recently racked up a lot of credit card debit (around 3200) and most of it is due to gambling. i have stopped gambling now but as everyone who has went heavy on gambling knows if you have any way of getting a bet on you will do it (including using the credit cards)

so my question is, i want to start paying these debts off and at the same time reduce the credit card limit each time. would this affect my credit score? personally i would like to take the hit on the credit score for the next few years and make sure i have not way of getting another bet on with money on actually have.

I'm looking at paying the minimum payment plus 100 a month and asking them to reduce limit by 100 every time. my credit card company allow me to do this via live chat so major hassle for me really.

thanks for you advice
Credit cards - 8300 (Currently 2501.48), Loans - 21000 (Currently 12155.41), Other - 1300 (Currently 0 :T) Weight loss : 7st 2.3lbs

Replies

  • zx81zx81 Forumite
    34.7K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    You don't have a credit score, just credit history.

    The downside of reducing your limits is that you will look as if you're spending all the credit you can get and that lenders don't trust you.

    However, if it's a choice between that and getting further into debt, reduce them.
  • jnrwrightyjnrwrighty Forumite
    26 Posts
    Fifth Anniversary
    i've been at my limit for over a year now so i doubt lenders trust me now anyway,

    i was hoping to reduce them down to 1000 and then manage that more sensibly.

    Thanks for the advice anyway
    Credit cards - 8300 (Currently 2501.48), Loans - 21000 (Currently 12155.41), Other - 1300 (Currently 0 :T) Weight loss : 7st 2.3lbs
  • stevenhp1987stevenhp1987 Forumite
    907 Posts
    Part of the Furniture
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    First of all register here: https://www.gamstop.co.uk/

    It is the new National Self-Exclusion scheme meaning if you attempt to open an account, it will be automatically blocked.

    Getting your gambling under control by preventing yourself from doing so is the first step towards financial freedom. If you keep the door open, no matter how far you go, the temptation will always be there.
  • jnrwrightyjnrwrighty Forumite
    26 Posts
    Fifth Anniversary
    I've already signed up to that website last month but now want to use the energy i had for gambling to start saving :D
    Credit cards - 8300 (Currently 2501.48), Loans - 21000 (Currently 12155.41), Other - 1300 (Currently 0 :T) Weight loss : 7st 2.3lbs
  • To be perfectly honest i wouldn't be too concerned about your credit score when doing this. You simply want to focus on getting your debts down in whatever way works best for you. From there you can start to rebuild your credit score, which if you put the right time and energy in to doing so, wont take that long.
  • [Deleted User][Deleted User] Forumite
    0 Posts
    MoneySaving Newbie
    [QUOTE=DanielBarton;74515160_From_there_you_can_start_to_rebuild_your_credit_score,_which_if_you_put_the_right_time_and_energy_in_to_doing_so,_wont_take_that_long.[/QUOTE]

    Correction - rebuild your credit history.

    Not the made up score
  • zx81zx81 Forumite
    34.7K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    misguided Yankee gibberish

    Thank you for your contribution!
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