Bank has reduced my credit card balance WHY?
Discussion
Credit card companies are s
te at the best of times. I've got 3 that each have a specific use - one is large purchases, one is internet shopping and one is expenses / stuff that'll get clawed back.
The one for internet shopping I set an artificially low balance - just a few hundred quid - as I trust the internet as far as I could throw it. For the last 5 years I've had to repeatedly ask them to lower the limit as they kept putting it up. Last week I tried to use the card and it was rejected, a quick call and I'm told that I don't use it enough so they've knocked £100 of the limit - to get it put back up I have to spend something on it every week or so for the next 6 months!!!
te at the best of times. I've got 3 that each have a specific use - one is large purchases, one is internet shopping and one is expenses / stuff that'll get clawed back.The one for internet shopping I set an artificially low balance - just a few hundred quid - as I trust the internet as far as I could throw it. For the last 5 years I've had to repeatedly ask them to lower the limit as they kept putting it up. Last week I tried to use the card and it was rejected, a quick call and I'm told that I don't use it enough so they've knocked £100 of the limit - to get it put back up I have to spend something on it every week or so for the next 6 months!!!
I had this on one of my cards recently, also after fraudulent activity. Someone tried to buy a car in canada using my card details, which the credit card co. obviously declined. Limit was dropped by 2k to 10k. Can't say I'm that bothered, I rarely use credit anyway.
anonymous said:
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AB said:
Which is all very sad, but which part of your kids having ASD has led to your poor money management?
I dont have poor money management............i just use my credit card sometimes.
I have never except for this card been owing to anyone. i guess i got lazy and thought i pay a bit off when it gets to a certain level. I was asking the views of others as to why the bank reduced the limit. is it something that all banks are doing recently or is it because my card was used fraudulently.
either way i will be paying it off and moving my business elsewhere.
rsstman said:
HereBeMonsters said:
Jesus, I thought spending a grand on a credit card was a bit reckless, even though I paid it off within two months.
Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
you only live once, go on a benderIs having £10k plus credit the norm? If so I'm buying my bloody car on one...
HereBeMonsters said:
Jesus, I thought spending a grand on a credit card was a bit reckless, even though I paid it off within two months.
Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
Depends on what you capital assets are i guess. if you have £15.00 in the bank then 1k is huge. if you have 150K then 1k is not so huge.. Its all relative. If you get my meaning. Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
jessica said:
HereBeMonsters said:
Jesus, I thought spending a grand on a credit card was a bit reckless, even though I paid it off within two months.
Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
Depends on what you capital assets are i guess. if you have £15.00 in the bank then 1k is huge. if you have 150K then 1k is not so huge.. Its all relative. If you get my meaning. Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
But why would you put loads on a credit card if you had the cash already? You'll just be paying interest for no reason.
HereBeMonsters said:
jessica said:
HereBeMonsters said:
Jesus, I thought spending a grand on a credit card was a bit reckless, even though I paid it off within two months.
Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
Depends on what you capital assets are i guess. if you have £15.00 in the bank then 1k is huge. if you have 150K then 1k is not so huge.. Its all relative. If you get my meaning. Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
But why would you put loads on a credit card if you had the cash already? You'll just be paying interest for no reason.
and i wouldnt want to really use my real card for internet stuff etc.
jessica said:
HereBeMonsters said:
jessica said:
HereBeMonsters said:
Jesus, I thought spending a grand on a credit card was a bit reckless, even though I paid it off within two months.
Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
Depends on what you capital assets are i guess. if you have £15.00 in the bank then 1k is huge. if you have 150K then 1k is not so huge.. Its all relative. If you get my meaning. Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
But why would you put loads on a credit card if you had the cash already? You'll just be paying interest for no reason.
and i wouldnt want to really use my real card for internet stuff etc.
HereBeMonsters said:
jessica said:
HereBeMonsters said:
jessica said:
HereBeMonsters said:
Jesus, I thought spending a grand on a credit card was a bit reckless, even though I paid it off within two months.
Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
Depends on what you capital assets are i guess. if you have £15.00 in the bank then 1k is huge. if you have 150K then 1k is not so huge.. Its all relative. If you get my meaning. Is having £10k plus credit the norm? If so I'm buying my bloody car on one...
But why would you put loads on a credit card if you had the cash already? You'll just be paying interest for no reason.
and i wouldnt want to really use my real card for internet stuff etc.
liquid assets capital assets and then a little bit of credit. never did anyone any harm
The reason your credit limit has been lowered is the card company has only seen you pay the minimum balance off each month and as such don't feel inclined to extend you any further. You will probably see the limit lowered again and the ability to draw cash from it suspended as well. As it is you'll still be paying it off for over ten years on min payments so they don't care as they will have milked you good and proper by then.
wolf1 said:
The reason your credit limit has been lowered is the card company has only seen you pay the minimum balance off each month and as such don't feel inclined to extend you any further. You will probably see the limit lowered again and the ability to draw cash from it suspended as well. As it is you'll still be paying it off for over ten years on min payments so they don't care as they will have milked you good and proper by then.
Absolutely. Giving people a credit limit costs banks Capital. At times like these, they need all the Capital they can get.wolf1 said:
The reason your credit limit has been lowered is the card company has only seen you pay the minimum balance off each month and as such don't feel inclined to extend you any further. You will probably see the limit lowered again and the ability to draw cash from it suspended as well. As it is you'll still be paying it off for over ten years on min payments so they don't care as they will have milked you good and proper by then.
No....... i will be paying it off next week and moving ALL my dosh to another bank....No fear i speak with my feet. I will walk. They just lost a very good customer........
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