Marbles decreased credit limit

SidsWife

I paid my credit card off in full 2 days ago, and I've just had a text to say they have decreased my limit. I now 2grand vanished into thin air, which is my money to survive on for the next 3 months. I have always paid more than my monthly minimum payments and an advisor I spoke to 4 weeks ago said that my account was looking good and it was being managed really well. As I'm a student, I pay off my balance in full every 3 months when my loan comes through the live on that, always paying my minimum payments off.
My credit score hasn't changed, there is no reason why they would do this. I now have been left 100 pounds to last me 3 months. They have passed it into complaints and say it can take up to 8 weeks to get back to me. Can they do this? The guy on the phone said they may be able to compensate me if it's left me in financial hadrship, which it has. I'm really worried about this now, and worrying that I will have to drop out of uni. They have me no warning that they had any concerns with my account, they just did it today.
Has this happened to anyone and what happened when they reviewed it?

[Deleted User]

SidsWife wrote: »

My credit score hasn't changed, there is no reason why they would do this.

Your credit score isn't a factor and there's lot of reasons they would do it - and yes, they are allowed.

The main reason is that you're demonstrating that you're reliant on the credit, which make you high risk.

Apply elsewhere if credit is an absolute essential.

SidsWife

But if I'm paying more than my minimum payments each month and managing the account, what difference does it make to them? Can they really just completely leave me in the !!!! like this?

[Deleted User]

Of course they can. It's their money - not yours.

Despite the general belief, you have no right to credit from anyone.

They won't carry either unprofitable or high risk customers.

SidsWife

I'm completely screwed then.

[Deleted User]

If you refuse to consider other options, then yes, perhaps you are.

SidsWife

I don't have any other options. They specifically said that my credit file had changed which is why they did it. But I've checked my credit file and it hasn't changed for 4 months.

sleepyjones

You could always try and apply for a new card?

Check here and see what it says : https://www.moneysavingexpert.com/eligibility/credit-cards/

[Deleted User]

So you've applied to every other lender already?

That was quick.

How many of your credit files have you checked? Every file changes, because another month has gone by.

SidsWife

There's no need to be so rude to me. If I apply for another card, I'll get a starting limit of 500 which doesn't help that I've just lost nearly 2k.

[Deleted User]

SidsWife wrote: »

There's no need to be so rude to me. If I apply for another card, I'll get a starting limit of 500 which doesn't help that I've just lost nearly 2k.

No one is being rude. But you're not demonstrating much proactivity given you give the impression that credit is important to you.

You can either just say 'I'm screwed' or you can do something about it. It doesn't matter to me, but I thought it might to you.

You won't know what limit you get until you apply and are accepted.