Credit Card Closier

3 Posts

in Credit cards
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?
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?
0
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Replies
Also - why is it a 'so-called card'?
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.