Limit Decreased

lookstraightahead

Bothmyself and my OH had this. We had debt for years and high credit limits so they made a fortune out of us. We tgen didn't use them after happily clearing them so once we weren't cash cows any longer they weren't interested. We closed all 4 accounts which was a nice feeling.

Penelopa.Pitstop

My husband just got the same letter. Decrease from £18000 to £250. We paid off 0% promo about a month ago. Limit decrease from 7th of December.

There's a form attached, that you can send, to get limit increased, but you have to send copy of bank statements and proof of income. Considering the fact, that my husband doesn't work since March, it won't get him limit back. We don't need it, but it was good backup to have card with decent limit. Hopefully MBNA won't follow suit.

CRISPIANNE3

At least Barclaycard gave me the choice of keeping the existing limit or being reduced to a £1000.  They told me to make sure the cards are used at least once a year. My total limits with them is about £23k. 

stclair

Lenders will be nervous now due to the pandemic, I received a letter from Barclaycard and Sainsburys both stating my credit limits were being reduced. Obviously checked my credit file and all's as it should be. I guess they are scared you'll go out and blow 5K then write to them saying you'll pay a £1.00 a month.

Superhoopza

I've just paid off 80% of my balance on my Barclaycard due to getting a cheaper consolidation loan. I've got a credit limit of £5k with BC so really hope the same doesn't happen again. Does it appear to be one big crack down around November or is it still going on?

WillPS

Superhoop91 said:

I've just paid off 80% of my balance on my Barclaycard due to getting a cheaper consolidation loan. I've got a credit limit of £5k with BC so really hope the same doesn't happen again. Does it appear to be one big crack down around November or is it still going on?

It was a theme throughout 2020. Not so much since, although of course any prudent lender will ensure that credit limits are managed and there's nothing you can do which will absolutely guarantee that you wont have your limit reduced.