We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Credit Card Closier

Options
Hi All,

I've had a so-called card with an available line of credit of £500 (not a lot but is enough for me). I used mainly when I'm running low on funds to purchase the usual things like fuel grocceries etc. and when I have some monies the balance of not more than £270 gets paid in full at the end of the month, and the cycle begins all over again. The card in question, also offers 3 months without interest which I rarely take advantage of. I opened the account in May 2021, I've never missed a payment, asked for a higher limit, or complained about anything. I have four other lines of credit totalling £3000; the way I see it, if I get into difficulty, I won't owe too much.

Anyway, the card company sent an email saying, "As a responsible lender, we are constantly reviewing how our customers are using and managing their accounts, alongside the regular information from the Credit Reference Agencies, to ensure continuing to offer credit is the right thing for us to do...".

What can I do, and how can I do it?

Comments

  • cymruchris
    cymruchris Posts: 5,365 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    Hi All,

    I've had a so-called card with an available line of credit of £500 (not a lot but is enough for me). I used mainly when I'm running low on funds to purchase the usual things like fuel grocceries etc. and when I have some monies the balance of not more than £270 gets paid in full at the end of the month, and the cycle begins all over again. The card in question, also offers 3 months without interest which I rarely take advantage of. I opened the account in May 2021, I've never missed a payment, asked for a higher limit, or complained about anything. I have four other lines of credit totalling £3000; the way I see it, if I get into difficulty, I won't owe too much.

    Anyway, the card company sent an email saying, "As a responsible lender, we are constantly reviewing how our customers are using and managing their accounts, alongside the regular information from the Credit Reference Agencies, to ensure continuing to offer credit is the right thing for us to do...".

    What can I do, and how can I do it?

    What exactly is the question?

    Do you mean they have written to you to close your account?

    (Your thread title says 'Credit Card Closier' - so making a guess there)

    If so - Have they said when? Do you have an existing balance?

    If they have decided to close it there's nothing much you can do - but you could try eligibility checkers for other cards and get a new product instead.
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • MorningcoffeeIV
    Options


    Anyway, the card company sent an email saying, "As a responsible lender, we are constantly reviewing how our customers are using and managing their accounts, alongside the regular information from the Credit Reference Agencies, to ensure continuing to offer credit is the right thing for us to do...".

    What can I do, and how can I do it?
    You need to continue reading the email. That will tell you if their review is leading to any changes to your account.

    Also - why is it a 'so-called card'? 

  • CliveOfIndia
    Options
    when I have some monies the balance of not more than £270 gets paid in full at the end of the month
    Does this mean that sometimes you pay in full when the statement arrives, and sometimes you only pay the minimum (or not at all)?  Regularly paying only the minimum can be a red flag (unless it's an interest-free promotion).
  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    Hi, you said " I have four other lines of credit totalling £3000" - so could you use one of those if your card is closed?

    Otherwise, as Clive says above, you could try paying the statement in full because regularly paying the minimum amount indicates to lenders that you don't have enough to cover the full payments.

    It's now credit card providers' responsibility to ensure that their customers are not in what is called 'persistent debt'.

    There's information about persistent debt in the following link -

    https://www.stepchange.org/debt-info/persistent-credit-card-debt.aspx

    And if you do need any help at all, you could always phone StepChange, they helped me a lot in the past when I was struggling.
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • 2CrazyLegs
    Options
    when I have some monies the balance of not more than £270 gets paid in full at the end of the month
    Does this mean that sometimes you pay in full when the statement arrives, and sometimes you only pay the minimum (or not at all)?  Regularly paying only the minimum can be a red flag (unless it's an interest-free promotion).
    I pay the balance of in full every month and without fail. This just came unexpectedly for no reason so hence me talking about it and wondered if anyone else has experienced the same thing?
  • 2CrazyLegs
    Options
    MalMonroe said:
    Hi, you said " I have four other lines of credit totalling £3000" - so could you use one of those if your card is closed?

    Otherwise, as Clive says above, you could try paying the statement in full because regularly paying the minimum amount indicates to lenders that you don't have enough to cover the full payments.

    It's now credit card providers' responsibility to ensure that their customers are not in what is called 'persistent debt'.

    There's information about persistent debt in the following link -

    --https : // www stepchange org debt-info persistent-credit-card-debt.aspx

    And if you do need any help at all, you could always phone StepChange, they helped me a lot in the past when I was struggling.
    Hi, I think having access to 3k is enough for me and, if I got into debt trouble it wouldn't be too troubling to deal with, but as I mentioned earlier it unexpectedly for no reason so hence me talking about it and wondered if anyone else has experienced the same thing?
  • eskbanker
    eskbanker Posts: 31,987 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    2CrazyLegs said:
    as I mentioned earlier it unexpectedly for no reason so hence me talking about it and wondered if anyone else has experienced the same thing?
    You still haven't explained what the thing is that you've experienced, so nobody can say if they've had the same!  What does the rest of the email say, after the small extract you shared in your first post - does your title reference to 'closier' mean that they're telling you they're closing your account?
  • COIAHLGW
    COIAHLGW Posts: 112 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Do you carry balances on your other cards?  Maybe your other lenders are looking at your complete credit profile, and basing your letter on that information?

  • cannugec5
    cannugec5 Posts: 487 Forumite
    First Post Name Dropper First Anniversary Combo Breaker
    Options
    Is it a JaJa card by any chance? 
    Just wondering. 
Meet your Ambassadors

Categories

  • All Categories
  • 344.7K Banking & Borrowing
  • 250.6K Reduce Debt & Boost Income
  • 450.4K Spending & Discounts
  • 236.8K Work, Benefits & Business
  • 610.7K Mortgages, Homes & Bills
  • 173.8K Life & Family
  • 249.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards