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Marbles decreased credit limit

edited 30 November -1 at 1:00AM in Credit Cards
58 replies 3K views
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  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    Original post in case it gets deleted:

    I paid my credit card off in full 2 days ago, and I've just had a text to say they have decreased my limit. I now 2grand vanished into thin air, which is my money to survive on for the next 3 months. I have always paid more than my monthly minimum payments and an advisor I spoke to 4 weeks ago said that my account was looking good and it was being managed really well. As I'm a student, I pay off my balance in full every 3 months when my loan comes through the live on that, always paying my minimum payments off.
    My credit score hasn't changed, there is no reason why they would do this. I now have been left 100 pounds to last me 3 months. They have passed it into complaints and say it can take up to 8 weeks to get back to me. Can they do this? The guy on the phone said they may be able to compensate me if it's left me in financial hadrship, which it has. I'm really worried about this now, and worrying that I will have to drop out of uni. They have me no warning that they had any concerns with my account, they just did it today.
    Has this happened to anyone and what happened when they reviewed it?
  • [Deleted User][Deleted User]
    0 posts
    MoneySaving Newbie
    SidsWife wrote: »
    Yes it was. If I had known they were going to do that I wouldn’t have paid the full amount off and left it in my account. Anyway, I’m not posting anymore. This isn’t helpful.

    No, it wasn’t.

    I think you need to do some research into how credit cards work before applying for any more in the future.

    What would not paying the balance off achieve?

    Other than a defaulted account and a potential CCJ against your name for 6 years?

    I would suggest posting back once you’ve done your research and understand the bare minimum basics of credit lending.
  • A4445A4445 Forumite
    1.1K posts
    My credit score is 999 I applied for a NewDay card recently it was referred and it was turned down. I don’t owe on any cards. Perhaps they knew they wouldn’t make anything from me.

    They didn’t even bother to send me a decision I had to call them after 3 weeks. Agent wanted to give me the details to appeal. My reply I can’t be bothered to do that lol 😂 I just moved on and was accepted for a card with someone else :rotfl:
  • New Day's pretty awful to be honest, I wasn't kidding when I said I wouldn't touch them with a barge pole. I did a law degree as a single mum working around nursery and working part time. It was a juggle, but I wanted to make a better life for myself and my kid (then a toddler). It is what it is and you just do your best. It's not always easy to get a job after graduating by the way, I wouldn't put all of my eggs into one basket, if you know what I mean.
  • edited 19 September 2019 at 12:25PM
    sleepyjonessleepyjones Forumite
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    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
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    edited 19 September 2019 at 12:25PM
    SidsWife wrote: »
    Yes it was. If I had known they were going to do that I wouldn’t have paid the full amount off and left it in my account. Anyway, I’m not posting anymore. This isn’t helpful.

    That's unfortunate, I think a lot of the replies have been helpful.
    With no offence meant, at all, I think you came on here expecting / hoping someone would agree with you or back up your argument, but the unfortunate thing is that although it was a crappy thing to do the provider has every right to reduce your limit at their discretion.

    Go do the Credit Card eligibility checker, even if you only get a card with a £500 limit, it will tide you over until the Uni hardship fund thing opens / you get the response you want from your current provider.

    I hope you get it sorted out and best of luck with your studies.
    *Good Luck * Be Lucky * Stay Lucky*
  • edited 19 September 2019 at 4:28PM
    18cc18cc Forumite
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    edited 19 September 2019 at 4:28PM
    I understand exactly what the op means when she says she has 'lost £2k'..she paid off her card to zero using her money in the expectation she could use the card to live on in the following weeks - a perfectly reasonable expectation in my mind.

    Suddenly she can't. So no food for her and her children...
  • eskbankereskbanker Forumite
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    It's largely semantics but the fact remains that she had an expectation (not unreasonably) that she was going to have access to £2K, but that was always someone else's money that she was going to borrow and later repay, so it was never actually hers as such, despite her stubborn insistence that it was....
  • 18cc18cc Forumite
    2.1K posts
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    I suppose she was thinking that she had been lent £2k, and as such it was hers to use - yes she would have to pay it back as and when of course, but she 'had' £2k. Semantics I suppose. Anyway she is a bit stuck now.

    Something about the way these institutions work makes me a bit uneasy, although I am prob. in a minority on here.
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