Has anyone had their credit limit reduced below their current usage?
Eg, your statement is £3k, and you get a letter saying credit limit reduced to £250...
Not yet. I am waiting though. The thing is my big spends on credit cards are on hotels and flights. And, of course, I haven't been doing either because of lockdown. I only use them really for the reward points and the S75 CCA protection. I have no idea what my credit score is like.
It's worth getting a free report. I get mine for free and it updates regularly using credit karma.
Gives really good tips on how to improve your credit score as well, and you already have an idea of what things you can apply for.
Thank you. I'm not sure I need a credit score but I suppose someone somewhere will know about me as a result of buying an interest-free sofa from DFS some years ago. I'll give it a whirl.
I do however have my own rating system for banks (and other financial institutions) which helps me decide whether or not to give them my custom. Simply, it involves looking at their previous on the FCA register. So for example, in the last 12 years Barclays have been fined 8 times by the FCA. These fines totalled £516mn.
To paraphrase the Judge during the opening to Porridge Barclays is an habitual offender, which accepts fines as an occupational hazard....
And they have the nerve to credit test their customers? I wouldn't touch them with a bargepole frankly.
I suppose the advantage of seeing your credit report is you get to see what they are looking at!
Every adult in the UK will have a credit score that financial institutions use all the time. It's great to know what they see.
I did one of those free credit rating tests on moneysupermarket. Biggest issue was.thst I didn't have much of a credit history due to not having any debts, no loans etc. Only rarely use credit cards for holidays, and they only for the S75 and if I do I pay them off without interest. No doubt credit companies consider me the lowest of the low
Having received the letter earlier this week, today I received a follow up text message. “ We've sent you a letter about your Barclaycard. Please read it carefully, it includes important information about your credit limit. Your Barclaycard team”. No Dear Sir or Kind regards etc.
I read the letter again and the reason my limit will be slashed from £4K to £250, is because they’ve reviewed the information they have on me. My salary and credit rating haven’t changed since I took the card out. It’s purely based on the fact that they don’t get any interest out of me. I won’t be sending payslips or bank statements, as they requested, so I’ll just take my custom elsewhere.
They make no money from you whilst using up capital marking a limit against you. Taking your limit to £250 probably tells you already about how sad they will be to lose your custom I am afraid.
Has anyone had their credit limit reduced below their current usage?
Eg, your statement is £3k, and you get a letter saying credit limit reduced to £250...
Not yet. I am waiting though. The thing is my big spends on credit cards are on hotels and flights. And, of course, I haven't been doing either because of lockdown. I only use them really for the reward points and the S75 CCA protection. I have no idea what my credit score is like.
It's worth getting a free report. I get mine for free and it updates regularly using credit karma.
Gives really good tips on how to improve your credit score as well, and you already have an idea of what things you can apply for.
Thank you. I'm not sure I need a credit score but I suppose someone somewhere will know about me as a result of buying an interest-free sofa from DFS some years ago. I'll give it a whirl.
I do however have my own rating system for banks (and other financial institutions) which helps me decide whether or not to give them my custom. Simply, it involves looking at their previous on the FCA register. So for example, in the last 12 years Barclays have been fined 8 times by the FCA. These fines totalled £516mn.
To paraphrase the Judge during the opening to Porridge Barclays is an habitual offender, which accepts fines as an occupational hazard....
And they have the nerve to credit test their customers? I wouldn't touch them with a bargepole frankly.
I suppose the advantage of seeing your credit report is you get to see what they are looking at!
Every adult in the UK will have a credit score that financial institutions use all the time. It's great to know what they see.
Financial institutions do not use your credit score - they use their own far more sophisticated risk analysis processes based on a host of factors - maybe even your shoe size! They do not look at some made up score!
Experian, Equifax and the like sell their services (Experian's Credit Expert) or give it away (Equifax's Clearscore) and con you into thinking you're doing great by increasing this mickey mouse three digit number. What they really are is affiliate marketing operations, selling to you (with a kick back) the financial services of banks, loan companies, car finance and credit cards.
I put everything on my credit card. Have done since I was 18. I got one purely to boost my credit rating and I've never once paid a penny interest.
It's great for cashflow too. Effectively enables you to borrow a month's wages interest free.
I tend to use charge cards rather than credit cards - they act like credit cards in terms of 'holds' for hotels, car hire etc... rather than debit cards which take 2 weeks to clear the hold meaning you need twice the amount in your current account. I use my bank debit card for everyday expenses - rarely cash these days. Credit cards when S75 is needed and the merchant doesn't take Amex - paid a deposit on a new heating system yesterday using a credit card in case they go pop! I've been burnt before paying big deposits using a debit card!
Like you, I never pay a penny interest - direct debits for the full amount (no option on a charge card of course).
Has anyone had their credit limit reduced below their current usage?
Eg, your statement is £3k, and you get a letter saying credit limit reduced to £250...
Not yet. I am waiting though. The thing is my big spends on credit cards are on hotels and flights. And, of course, I haven't been doing either because of lockdown. I only use them really for the reward points and the S75 CCA protection. I have no idea what my credit score is like.
It's worth getting a free report. I get mine for free and it updates regularly using credit karma.
Gives really good tips on how to improve your credit score as well, and you already have an idea of what things you can apply for.
Thank you. I'm not sure I need a credit score but I suppose someone somewhere will know about me as a result of buying an interest-free sofa from DFS some years ago. I'll give it a whirl.
I do however have my own rating system for banks (and other financial institutions) which helps me decide whether or not to give them my custom. Simply, it involves looking at their previous on the FCA register. So for example, in the last 12 years Barclays have been fined 8 times by the FCA. These fines totalled £516mn.
To paraphrase the Judge during the opening to Porridge Barclays is an habitual offender, which accepts fines as an occupational hazard....
And they have the nerve to credit test their customers? I wouldn't touch them with a bargepole frankly.
I suppose the advantage of seeing your credit report is you get to see what they are looking at!
Every adult in the UK will have a credit score that financial institutions use all the time. It's great to know what they see.
Financial institutions do not use your credit score - they use their own far more sophisticated risk analysis processes based on a host of factors - maybe even your shoe size! They do not look at some made up score!
Experian, Equifax and the like sell their services (Experian's Credit Expert) or give it away (Equifax's Clearscore) and con you into thinking you're doing great by increasing this mickey mouse three digit number. What they really are is affiliate marketing operations, selling to you (with a kick back) the financial services of banks, loan companies, car finance and credit cards.
You mean... I don't really have a credit rating of 999 and am not really about to inherit £10 billion from a west African prince? Boooo
Has anyone had their credit limit reduced below their current usage?
Eg, your statement is £3k, and you get a letter saying credit limit reduced to £250...
Not yet. I am waiting though. The thing is my big spends on credit cards are on hotels and flights. And, of course, I haven't been doing either because of lockdown. I only use them really for the reward points and the S75 CCA protection. I have no idea what my credit score is like.
It's worth getting a free report. I get mine for free and it updates regularly using credit karma.
Gives really good tips on how to improve your credit score as well, and you already have an idea of what things you can apply for.
Thank you. I'm not sure I need a credit score but I suppose someone somewhere will know about me as a result of buying an interest-free sofa from DFS some years ago. I'll give it a whirl.
I do however have my own rating system for banks (and other financial institutions) which helps me decide whether or not to give them my custom. Simply, it involves looking at their previous on the FCA register. So for example, in the last 12 years Barclays have been fined 8 times by the FCA. These fines totalled £516mn.
To paraphrase the Judge during the opening to Porridge Barclays is an habitual offender, which accepts fines as an occupational hazard....
And they have the nerve to credit test their customers? I wouldn't touch them with a bargepole frankly.
I suppose the advantage of seeing your credit report is you get to see what they are looking at!
Every adult in the UK will have a credit score that financial institutions use all the time. It's great to know what they see.
Financial institutions do not use your credit score - they use their own far more sophisticated risk analysis processes based on a host of factors - maybe even your shoe size! They do not look at some made up score!
Experian, Equifax and the like sell their services (Experian's Credit Expert) or give it away (Equifax's Clearscore) and con you into thinking you're doing great by increasing this mickey mouse three digit number. What they really are is affiliate marketing operations, selling to you (with a kick back) the financial services of banks, loan companies, car finance and credit cards.
You mean... I don't really have a credit rating of 999 and am not really about to inherit £10 billion from a west African prince? Boooo
I’m sorry but no - I realise that this may come as a shock to you, but nowhere near as shocked as the west African prince will be!
So i got a letter from Barclaycard yesterday. From the outside i see the letter was a promotional one. I said to the wife are they taking the p!ss ive got a £250 limit. Opened the letter and my limit is still £11000. Has anyone else still got the same limit after being told thier limit will be reduced.?
I was heading down a dark road with the credit cards. Didn’t have much choice given the way things have been. I now have an opportunity to pay them all off in the next couple of months. I’ll start with Barclays. The satisfaction I’ll have in closing the account entirely is going to be amazing.
Comments
Every adult in the UK will have a credit score that financial institutions use all the time. It's great to know what they see.
It's great for cashflow too. Effectively enables you to borrow a month's wages interest free.
From the outside i see the letter was a promotional one.
I said to the wife are they taking the p!ss ive got a £250 limit.
Opened the letter and my limit is still £11000.
Has anyone else still got the same limit after being told thier limit will be reduced.?