Marbles decreased credit limit
Comments
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The number does mean something, it's why I can't apply for an overdraft etc. From what the woman said on the phone, everything on my account looks good so I'm hoping with a bit of grovelling they may reinstate it and I can look into other options of managing my money better in the future.
It really doesn’t.
Bankrupts get 999 scores.
People with 999 scores get refused £20 per month phone contracts.
Yet people with 300 scores get £350k mortgages.
Go figure and tell me it’s all relative now.0 -
I dont have any savings. Next summer I will have a full time job over the summer to pay it all off. Then my final year will have been the student finance just to keep in my current account.
If you can work full time over the summer without any childcare issues why cant you work part time in the run up from now to Christmas? Plenty of students and single parents have to do that to subsidise the loan if they don't have parental help. How old is your child?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0 -
enthusiasticsaver wrote: »I would say your problem is lack of income and no paid employment and this is more likely to dissuade lenders. Do you have a mortgage?
OP. This 10 times!0 -
I can work next year over the summer because my mum will be retired. This year I can't do it. Thats why my credit card ran up a little higher than usual because I had to get through the summer. This was all explained to them though and they said that was fine.0
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Lenders can choose to increase and decrease limits as they feel the need to.
They don’t have to justify their reasons for doing so either.
You’ll need to source alternative funds to use or look to get a card elsewhere.
Though there’s no guarantee you’ll get a higher limit from a different lender.0 -
From what I've read online, this seems to be a common theme. They wait for you to pay off a large balance in full then they slash your limit by more than half.0
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From what I've read online, this seems to be a common theme. They wait for you to pay off a large balance in full then they slash your limit by more than half.
Which they’re perfectly entitled to do.
Your T’s and C’s will also state they can do this as well.
It’s not a common theme, conspiracy or otherwise.
Just look for a new provider if you’re that disheartened by it.0 -
Not a chance am I taking out another credit card if they can just do this on a whim. I've just lost 2 grand.0
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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.0
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