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Credit rating causing an apparent issues

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Credit rating causing an apparent issues

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Kareny8Kareny8 Forumite
7 posts
First Post
MoneySaving Newbie
Hi all just wondering if anyone has had a similar experience and how was it resolved? 
My credit card limit was reduced by £8000 overnight
A letter was received but after the actual event 
Today I have contacted the customer service of the credit card to be told that they have reviewed my account using a CRA and that it has led to this 
I contacted the CRA who were extremely helpful and advised that there was no adverse items on my Credit report and had no explanation other than to think that the wrong person account details had been accessed. There were no identified searches on my account by the credit card company.
Spoke 3 times further with the credit card company who are not transparent at all and not able (willing ) to discuss further other than to say that the underwriters will not revisit
Anyone else had this experience? I have also been refused a balance transfer card which again the CRA are unable to explain
ANY help gratefully received 
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Replies

  • Willing2LearnWilling2Learn Forumite
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    Hi Kareny8 and welcome to the forum  :)

    Have you actually checked your three credit files to confirm data accuracy?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Kareny8Kareny8 Forumite
    7 posts
    First Post
    MoneySaving Newbie
    Hi the credit card company only referred to experian and actually gave me the number.... Who else should I speak with? 😊 
  • edited 26 February at 5:54PM
    zx81zx81 Forumite
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    edited 26 February at 5:54PM
    The CRA won't be able to tell you why your limit had been reduced, as they're not aware of the criteria that lenders use.  Your card provider may well have tightened their belt on risk criteria, meaning you didn't need to have any change in your own circumstances to have the limit reduced.

    Or they may just be reducing limits across the board - eg Halifax - and gave you the stock customer services answer (who also won't know why your limit was reduced).

    All you can do is check your three files (Experian, Equifax and TransUnion) and ensure that the data on there is correct.


  • Willing2LearnWilling2Learn Forumite
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    You need to access your three files with Experian, Equifax and TransUnion.  Go through the recorded data, checking for accuracy.  Disregard your 'credit scores' as it is the data within your report that is important.

    You can access your files for free via:
    Experian = MSE Credit Club
    Equifax = ClearScore
    TranUnion = CreditKarma

    :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Kareny8Kareny8 Forumite
    7 posts
    First Post
    MoneySaving Newbie
    I will do that's really helpful  :)
    What if all data seems OK? 
  • edited 26 February at 6:59PM
    zx81zx81 Forumite
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    edited 26 February at 6:59PM
    Then you don't need to do anything except manage your credit in a low risk way that appeals to lenders.  ie carry little to no debt and clear your card in full each month, etc.
  • Kareny8Kareny8 Forumite
    7 posts
    First Post
    MoneySaving Newbie
    So no adverse events on any... Equifax states my credit score is stable and 10 things im doing well... So not understanding really
    Are there definite reasons why credit can be slashed or you can't have a balance transfer card?? 😀 
  • edited 26 February at 8:19PM
    zx81zx81 Forumite
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    edited 26 February at 8:19PM
    Again, Equifax's score or opinion on anything isn't worth anything.  

    There are no definitive reasons, all lenders have their own risk criteria. But general reasons for denying credit are affordability, poor credit history, lack of credit history, frequent moves, frequent job changes, no ER registration, high risk financial associates, high debt, low income, reliance on credit and so on.
  • Kareny8Kareny8 Forumite
    7 posts
    First Post
    MoneySaving Newbie
    Thanks that's really helpful so work that in mind is it worth trying for a different balance transfer card or just leaving will alone? 🤔😊
  • zx81zx81 Forumite
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    Try one more application. If declined, leave it a couple of months.
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