Credit rating causing an apparent issues

Kareny8

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 

Willing2Learn

Hi Kareny8 and welcome to the forum 

Have you actually checked your three credit files to confirm data accuracy?

Kareny8

Hi the credit card company only referred to experian and actually gave me the number.... Who else should I speak with? 😊 

[Deleted User]

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.

Willing2Learn

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

Kareny8

I will do that's really helpful 
What if all data seems OK? 

[Deleted User]

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.

Kareny8

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?? 😀 

[Deleted User]

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.

Kareny8

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? 🤔😊

[Deleted User]

Try one more application. If declined, leave it a couple of months.