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  • FIRST POST
    • jnrwrighty
    • By jnrwrighty 11th Jul 18, 8:29 AM
    • 3Posts
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    jnrwrighty
    Reducing Credit limit advise
    • #1
    • 11th Jul 18, 8:29 AM
    Reducing Credit limit advise 11th Jul 18 at 8:29 AM
    Morning All,

    Just looking for some guidance on this issue please. i have recently racked up a lot of credit card debit (around 3200) and most of it is due to gambling. i have stopped gambling now but as everyone who has went heavy on gambling knows if you have any way of getting a bet on you will do it (including using the credit cards)

    so my question is, i want to start paying these debts off and at the same time reduce the credit card limit each time. would this affect my credit score? personally i would like to take the hit on the credit score for the next few years and make sure i have not way of getting another bet on with money on actually have.

    I'm looking at paying the minimum payment plus 100 a month and asking them to reduce limit by 100 every time. my credit card company allow me to do this via live chat so major hassle for me really.

    thanks for you advice
Page 1
    • zx81
    • By zx81 11th Jul 18, 8:41 AM
    • 17,637 Posts
    • 18,780 Thanks
    zx81
    • #2
    • 11th Jul 18, 8:41 AM
    • #2
    • 11th Jul 18, 8:41 AM
    You don't have a credit score, just credit history.

    The downside of reducing your limits is that you will look as if you're spending all the credit you can get and that lenders don't trust you.

    However, if it's a choice between that and getting further into debt, reduce them.
    • jnrwrighty
    • By jnrwrighty 11th Jul 18, 9:29 AM
    • 3 Posts
    • 0 Thanks
    jnrwrighty
    • #3
    • 11th Jul 18, 9:29 AM
    • #3
    • 11th Jul 18, 9:29 AM
    i've been at my limit for over a year now so i doubt lenders trust me now anyway,

    i was hoping to reduce them down to 1000 and then manage that more sensibly.

    Thanks for the advice anyway
    Credit cards - 8300 (Currently 3250), Loans - 21000 (Currently 15000), Other - 1300 (Currently 1000)
    Savings: Saving Account - 0 , Investment - 0 , ISA - 0
    • stevenhp1987
    • By stevenhp1987 11th Jul 18, 9:29 AM
    • 669 Posts
    • 532 Thanks
    stevenhp1987
    • #4
    • 11th Jul 18, 9:29 AM
    • #4
    • 11th Jul 18, 9:29 AM
    First of all register here: https://www.gamstop.co.uk/

    It is the new National Self-Exclusion scheme meaning if you attempt to open an account, it will be automatically blocked.

    Getting your gambling under control by preventing yourself from doing so is the first step towards financial freedom. If you keep the door open, no matter how far you go, the temptation will always be there.
    • jnrwrighty
    • By jnrwrighty 11th Jul 18, 10:39 AM
    • 3 Posts
    • 0 Thanks
    jnrwrighty
    • #5
    • 11th Jul 18, 10:39 AM
    • #5
    • 11th Jul 18, 10:39 AM
    I've already signed up to that website last month but now want to use the energy i had for gambling to start saving
    Credit cards - 8300 (Currently 3250), Loans - 21000 (Currently 15000), Other - 1300 (Currently 1000)
    Savings: Saving Account - 0 , Investment - 0 , ISA - 0
    • DanielBarton
    • By DanielBarton 11th Jul 18, 10:57 AM
    • 9 Posts
    • 44 Thanks
    DanielBarton
    • #6
    • 11th Jul 18, 10:57 AM
    • #6
    • 11th Jul 18, 10:57 AM
    To be perfectly honest i wouldn't be too concerned about your credit score when doing this. You simply want to focus on getting your debts down in whatever way works best for you. From there you can start to rebuild your credit score, which if you put the right time and energy in to doing so, wont take that long.
    • Gary_Dexter
    • By Gary_Dexter 11th Jul 18, 11:44 AM
    • 1,464 Posts
    • 837 Thanks
    Gary_Dexter
    • #7
    • 11th Jul 18, 11:44 AM
    • #7
    • 11th Jul 18, 11:44 AM
    [QUOTE=DanielBarton;74515160 From there you can start to rebuild your credit score, which if you put the right time and energy in to doing so, wont take that long.[/QUOTE]

    Correction - rebuild your credit history.

    Not the made up score
    • zx81
    • By zx81 11th Jul 18, 11:51 AM
    • 17,637 Posts
    • 18,780 Thanks
    zx81
    • #8
    • 11th Jul 18, 11:51 AM
    • #8
    • 11th Jul 18, 11:51 AM
    misguided Yankee gibberish
    Originally posted by markwillims1
    Thank you for your contribution!
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