Morgan Stanley Platinum card Credit Limit Review

tulwinn

I have an update on this, I got an apologetic letter from Goldfish who say that due to an 'incorrect system setting' my credit limit was incorrectly reduced. It also a says that my limit has been restored to its previous setting. They also say that this hasn't affected my status with the Credit Reference Bureaux as nothing was reported to them in relation to this adjustment.

I hadn't contacted Goldfish about this so it isn't a result of me contacting them personally.

Musicman

I also received this letter this week, though I believe they only cut my limit by around 20%, as I now only have £138 credit available.

Though that did not stop them offering to carryout a BT on an enclosed leaflet!!!

jinky67

this is because of some new rule? about the general level of credit people have.Companies have been reducing the amount of UNUSED credit people have eg. I have a limit if £10000 on one card, the most I have ever had on it is £3000 therefore the company has to pay for that unused credit,which doesnt make economic sense

Abetorius

Just to point you at another thread: http://forums.moneysavingexpert.com/showthread.html?t=597335

I received a letter slashing my credit limit to £500 (I have and will again go over this £500 so I'm not sure if Jinky67's explanation stands up here), I called them and they admitted right away that it was a computer error and they reset my limit to £1000. Within the hour it was updated on my online account and today I received a letter apologising for the mistake.
Looks like it was just another one of their system failures, much like the one that causes their cashback to be wrong.

square-eyes

I too have now received my letter of apology. However, for me it has cost getting credit reference agency reports plus the inconveniance and embarrassment of not being able to use my card at the week end. I'm sending them the bills for the credit reports.

square-eyes

Well I sent Morgan Stanley a complaint about the unnecessary expense they put me to getting credit reference agency reports plus some recompense for the worry they caused by reducing my credit limit.
i have recieved an initial letter saying they will investigate and reply within 28 days.
I have just had another letter saying they will not be able to reply within 28 days so they are giving themselves another 28 day extension.
I suppose the government are basing their terrorist holding policy on the speed Goldfish sort out their customer's problems.
I'll keep you updated so long as I don't go senile before they reply.

chriz1000

At around the same time Goldfish increased my limit by about 15%!
I’m not sure if this was due to a computing error or not, as I haven’t used the card in a good 6 months!

Huw333

I had the same problem with my credlimit on my morgan stanley card at the end of november. I was trying to pay for something online but it kept declining the card. I checked my balance and it said my credit limit was only £500 (instead of £4500). I phoned morgan stanley immediately and they told me not to worry about it, it was a systems error and it would be corrected by the next day.

Sure enough by the next day my credit limit had been corrected but i recieved a letter explaining why the limit had been reduced (something to do with responsible lending?) Anyway i phoned MS again and they said it had been sent out automatically and just told me to ignore it. They were very helpful and resolved the problem as they said they would, so i have no complaints! :cool:

square-eyes

I have just received a very late letter from Goldfish (aka Morgan Stanley) offering an apology and a £20 ex gratia payment for the trouble caused. I thought this was a bit stingy considering they made me think I had been subject to identity fraud. I had to check all my bank and savings accounts as well as getting credit agency reports. I phoned the manager and got the ex gratia payment upped to £50 and a promise that it will not happen again.
Good news I think.