Reducing Credit limit advise 11 July 2018 at 8:29AM in Credit Cards 7 replies 825 views

jnrwrighty

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

zx81

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.

jnrwrighty

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

stevenhp1987

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.

jnrwrighty

I've already signed up to that website last month but now want to use the energy i had for gambling to start saving

DanielBarton

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]

[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

zx81

markwillims1 wrote: »

misguided Yankee gibberish

Thank you for your contribution!