Morgan Stanley Platinum card Credit Limit Review

square-eyes

I have just had a bad experiance with my card. I tried to use it over the week-end and the transaction was refused. I had only about £400 to be paid off by the next payment date. I always pay the full amount by payment date. I phoned the help line and was told my limit had been REDUCED from £4500 to £500. A letter arrived today saying something non-committal about reviewing my account in the interests of us both.
Can anyone think of a valid reason why they have done this to me? I had always thought of myself as a good credit risk.

tulwinn

I had a similar message saying it has been reduced from £2000 to £800 on the advice of credit agencies who have contacted them. I too also pay off my bill every month. They say I can write to the credit agencies with a cheque for £2 to view the info they have received. I'll be damned if i give an agency like that money, its like a bloody racket. It sounds like another way to force us out, well its worked, I'll be cancelling the card.

Glitzkiss

I noticed when I logged on to my MS/goldfish account the other day that they had reduced my limit from 5000 to 500. At the time I thought it was something to do with me getting the Capital One 4% cashback card (7500 limit on that one) and no longer using the MS. I pay my cc card off in full every month so can't see myself being a credit risk but maybe they are more concerned about the amount of money I am making from them. :money:

CSandL

I have cancelled my card with them too.

I always pay off my balance in full. In August they cancelled my card saying Mastercard said there was a problem with it. Up until the end of last month, they still had not managed to send me a new card which worked with a PIN I requested. The person on the phone was most unhelpful and refused to put me through to a supervisor saying one would phone back within 48 hours.

2 weeks later...........

I just phoned and told them to cancel the card as they clearly were not interested in my business and opened a Capital One card.

They obviously didn't feel they were making money from me either - even though they will only pay your cashback in multiples of £15 so obviously I have lost some of that too.

I would never get another card from Goldfish - I think their CS is awful.

MABLE

Despite of what many posters say on this site your credit score held by the credit agencies does play a part in this. I know with Barclaycard they have their internal score and your generic score held by Equifax. Sometimes when I have been applying for other credit cards for the purpose of stoozing this has obviously knocked my generic credit score.

A little while ago I contacted Baclaycard to do a bt and was refused because of the generic credit store. When I contacted them yesterday I was greeted with all these special offers for balance transfers etc. and confirmed again I could take cash up to the credit limit of £8.500. Obviously I would not but there for the asking.

Also I am very reluctant to close credit card accounts down incase this happens to me because then I have other cards to fall back on.

groove_timer

I got a letter through on Tuesday saying my credit Limit was getting reduced from £3800 to £500:mad: after careful consideration to meet customer requirements:rotfl:. I phoned goldfish yesterday and after waiting 48mins to get through I asked the CS person why my credit limit had changed and after waffling for a bit she admitted she was reading a prepared statement and that they had be inundated with ppl phoning to complain. I also said it was a bit suspicious that because i used it all the time and paid the balances off in full that my cashback rewards would be affected as well. And she wasn't 1 bit bothered if i canceled my account. If I do will they send out the cashback rewards because i think it's not till July that I would normally have got them?
I've sent the £2 cheques off because I want to check they don't have any erroneous information about me or my wife for future credit applications:mad:

bigstevex

I dont know if anyone saw the news yesterday but they have lost something like £3 billion due to the sub prime stuff in usa, maybe they are doing it to reduce their exposure at the moment as they are short on cash?

square-eyes

Thank you all for your feedback. It makes me feel a lot better to feel I am not alone in being picked upon.
I think the lessons I can pick out of your replies are:-

1) This downgrade may be limited to Goldfish and affiliated cards.
2) I have asked for credit checks to make sure there is no erroneous data held on me before applying for replacement cards.
3) Wait until June/July for the cash back and spend it and then cut up my old card and cancel the account.
4) Avoid MasterCard cards. This is just a personal foible as I only seem to get problems with Mastercard cards.


Perhaps Martin need to look again at his advice about always paying off your credit card each month as this may affect your credit limit.

square-eyes

Well I got my credit report and it is a clean as a whistle. I think I ought to get my money back from Goldfish for causing all this worry in the first place.

Bowlarks

i too have had my credit limit reduced , by approx 60%.
They have never had a penny interest out of me , except when I used the card abroad and was charged a percentage of the transaction.

C32AMG

Do they write to you first?

I have a MS Platinum card, they recently upped the limit as my monthly spend nearly hit the top of the previous limit. I pay in full every month, but that month was exceptional as I had to furnish an entire new property :cool:

I usually only spend about 25-30% of the limit each month so if they decide to cut it I'm not too worried, but I would like advance notice if they decide to do it! :rolleyes: