Credit Card Closier

2CrazyLegs

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?

cymruchris

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.

MorningcoffeeIV

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?

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

2CrazyLegs said:

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

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.

2CrazyLegs

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

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

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

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

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

Is it a JaJa card by any chance? 

Just wondering.