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Credit Card Closier
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2CrazyLegs
Posts: 3 Newbie

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?
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Comments
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2CrazyLegs said: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.2 -
2CrazyLegs said:
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?
Also - why is it a 'so-called card'?
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2CrazyLegs said:when I have some monies the balance of not more than £270 gets paid in full at the end of the month
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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.0 -
CliveOfIndia said:2CrazyLegs said:when I have some monies the balance of not more than £270 gets paid in full at the end of the month
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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.
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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?2 -
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?
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Is it a JaJa card by any chance?Just wondering.0
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