Help with aqua/new day

K4S

Hi I am hoping someone can help me?
I have a credit card for 6 years with aqua, gradually they increased my credit up to 5k
I never missed a payment never went over my limit etc
Just before new year they informed me that they had lowered my credit from 5k to just £250?!
This has seriously made my credit score drop, upon reading reviews apparently they are doing this to a lot of people.
Any advice would be welcome!

SnowTiger

K4S wrote: »

Hi I am hoping someone can help me?
I have a credit card for 6 years with aqua, gradually they increased my credit up to 5k
I never missed a payment never went over my limit etc
Just before new year they informed me that they had lowered my credit from 5k to just £250?!
This has seriously made my credit score drop, upon reading reviews apparently they are doing this to a lot of people.
Any advice would be welcome!

Lots of other credit card providers in the UK.

Apply for a card elsewhere.

[Deleted User]

It's very common and worry not about your credit score.

JonVarnas

Count it as a blessing - you wouldn't want to have a balance anywhere near £5K with the likes of Aqua and their rates.



Just cut it up and close it - plenty of cheaper cards out there.

[Deleted User]

K4S wrote: »

Hi I am hoping someone can help me?
I have a credit card for 6 years with aqua, gradually they increased my credit up to 5k
I never missed a payment never went over my limit etc
Just before new year they informed me that they had lowered my credit from 5k to just £250?!
This has seriously made my credit score drop, upon reading reviews apparently they are doing this to a lot of people.
Any advice would be welcome!

Close the card and apply elsewhere.

Ignore any change in your credit score as it will likely drop again when you close the card and apply for a new one.

CakeCrusader

They usually do this if you haven't used the card for a while or if you clear it in full on a regular basis. As others have said, there are other cards out there (I bet most of them have a better APR).

Willing2Learn

Aqua sent me an email in November, stating that they reducing my credit limit from £6,400 to £2,800.

They gave me the option to accept or decline the reduction using a 'clickable' button. I rejected the reduction...

stehouk

Mine has been reduced and is now 2k which i'm happy with as i use it for overseas spending, i don't think i would keep it if they reduced it to £250.

jimbo26

Not uncommon, loads of posts about this on the forum, including many mainstream providers. It does appear that lenders are reducing the limit on cards that aren't used much or are not making them much money. It makes sense, they have a finite amount of money to lend, and they want to maximise the amount of money they make. I's not good to them if you are tying up £5K and not making them any money.

Ben8282

The amount by which the OP's credit limit has been reduced appears to be to be somewhat excessive. A £250 credit limit is not really fit for purpose. To my mind £5000 to £250 looks like something more than a general reduction in limits, like something has seriously spooked them
Also the drop in OP's credit score, meaningless that it is, appears to have happened incredibly quickly given the timeframe and bank holidays involved. It is difficult to imagine that Aqua would have reported the drop in credit limit and the CRA's updated so quickly.
I am therefore wondering if the drop in the credit score (or rather whatever caused the credit score to drop) is the cause rather than the effect of the Aqua credit limit reduction.
I'm sorry to say this but Aqua have sent the OP a very clear message ….take your business elsewhere. I think that it is time that the OP did just that, assuming of course that the state of their credit files is such that they are able to get a new card elsewhere

DCFC79

Despite your score dropping it is only something you can see, lenders see your history.