Credit limit set to high

Wayneg1603

We have recently had a letter from Barclaycard stating that previously our credit limit was set to high. Which they understand may have influenced our financial position etc... and if we wanted to talk to them we could call. Well as its stands we have had to split the balance of that card over 2 new interest free cards to be able to manage payments. So in theory yes it has caused an issue. Has anyone else had this letter and has ringing them  been worthwhile? What end results have people had. Any advice welcome.

Thanks in advance

D3xt3r5L4b

Surely you’re own spending habits should be looked at?

I fail to see how your spending control (or lack of) is anything to do with BarclayCard?

Wayneg1603

Thanks for your input. However I am asking more from a legal stand point or previous experience. If they haven't done their due diligence and set the credit limit too high are they in breach of policy or such like?

jones_guitar

I had a letter years ago from Sainsbury's I think, asking me to bring balance down by a set date. Also, my credit score got in to a bad in 2016, and one wrote to me and closed the account (MBNA). If anything you have done the right thing by opening two more?

Aqua told me that if the balance if below 50 percent they will bring the balance down.

dreamacademy

I had received the same letter about 6 weeks ago. I had raised my limit a year or so back from 7k to 10k and although it hadn't caused any problems it had opened the door to bigger BT/money transfer offers.
They did send me an online message regarding my credit limit before the letter arrived and I was expecting them after doing their due diligence to lower it again but all they said was after a review they felt that the limit was probably about right for me.
I'm hoping as you've been able to move your outstanding amount to other 0% cards you issue has been minimal and not too costly.

Mr87

I agree with @D3xt3r5L4b. I couldn't comment on the legal recourse you might have, but whatever you might achieve through that would likely only be a sticking plaster if you are living beyond your means. "2 new interest free cards to be able to manage payments" = alarm bells. Why don't you pop along to the debt free wannabe forum and have a chat there? I've just started on my own debt free path.

Chino

Wayneg1603 said:

If they haven't done their due diligence and set the credit limit too high are they in breach of policy or such like?

Credit limits are just that - limits, not spending targets.

Thrugelmir

Wayneg1603 said:

Thanks for your input. However I am asking more from a legal stand point or previous experience. If they haven't done their due diligence and set the credit limit too high are they in breach of policy or such like?

If you are no longer using the card. Then having the credit limit reduced isn't going to cause you any issues. If you are hoping for an easy exit from your current financial circumstances you are barking up the wrong tree. As has been suggested ready. Start your journey on the Debt Free Wannabe board. 

Malkytheheed

jones_guitar said:

Aqua told me that if the balance if below 50 percent they will bring the balance down.

Hmm, I only ever use about 1% of my limit and my limit keeps being put up frequently. 

macman

A credit limit that is too high is only a problem if your spending limit is also too high. It doesn't remove your own responsibility to only incur debt that you are able to service.