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Paid off large Barclaycard balance - now reduced limit


crashcrackers
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I've just paid off 2500 of a 4000 on a Barclaycard. today they messaged to say they're reducing my limit down to 2000. 

I paid of the balance to get my 'credit used' to below 50% as suggested on my latest credit report. 

 

Now its back up to more than 50%.


Is it normal for Barclaycard to do this?

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They are entitled to yes

why are you so worried about a credit score

M uch of the advice on cra sites is worthless twaddle

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Credit card providers went through a period of increasing credit limits before Covid and are now going through process of reducing credit available probably due to Covid damaged economy.

 

I had not used my credit card for awhile and my provider wrote to me saying that they would cancel it if I were not using it. I have had the same Bank providing the card over 30 years !  I had to start using it and to pay it off each month, just to keep the card. 

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  • dx100uk changed the title to Paid off large Barclaycard balance - now reduced limit
7 hours ago, unclebulgaria67 said:

Credit card providers went through a period of increasing credit limits before Covid and are now going through process of reducing credit available probably due to Covid damaged economy.

 

I had not used my credit card for awhile and my provider wrote to me saying that they would cancel it if I were not using it. I have had the same Bank providing the card over 30 years !  I had to start using it and to pay it off each month, just to keep the card. 

That's interesting.

 

A credit card company that I have card for that I haven't been using for some time either (limit set way before the pandemic) sent me a letter to say they want to reduce my limit by about 40% if I didn't say anything. I asked if I wanted to increase it again if they did - would they give me the same limit - all they said was that I would have to wait 6 months before I could ask! Hmm... I doubt very much if they would agree to the same limit that took me a long time to get in the first place!

 

So I said, No Thanks!

Edited by ssett
Change for limit set date information
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Hi Cashcrackers,

 

Concentrate on looking after yourself, just like CCard Co's do !

 

They were exposed to you having £4K on credit which you've reduced to £1.5K so they've reset your limit to £2K to limit their ongoing exposure.

 

Nothing unusual in the present climate and this may reflect other aspects of you credit profile, or just be a precaution on the part of BC.

We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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