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  • #1

    Reduced credit limit update



    I want to start by saying i don't think i've spotted this documented on AAD, but if it is then i will have to take a smack on the chin!

    I have two cards which have a limit (£1500 and £1000) which is much more than i realistically need. I do use these cards as a sort of extended cash flow and pay them off each month.
    I want to trim up my file in the hope of getting another 0% card to pay a mastercard off. I will be following Niddys advice and applying for another Creation card (third time lucky on the second application!)

    So, if i call them both and ask them to drop the limits to £500;

    1) Will this be updated on the next monthly feed to the CRA?
    2) Does it give a reason, or indeed keep the historic, previously value. Just want it to come across as a positive and not thats its been reduced by the lender?
    3) Is the £1500 reduction in credit going to be a positive enough impact and hopefully increase my chances of another card (i,e is it fecking worth doing!)?

    Cheers
    SA
    Last edited by SA Gold; 21 March 2014, 09:44.
    When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.
    Tags: accounts, advice, balances, bank, barclaycard, calls, cards, cash, cra, credit, creditor, debtors, defaults, excessive, fee, firms, gold, increase, lenders, limits, mas, mastercard, monthly, niddy, pay, scheme, small, update, £50
  • #2
    Re: Reduced credit limit update

    No need to do this mate, if the balances are at zero anyway then the unused credit element would tally up. Tbh not many firms give £5k limits or more to ex debtors unless they've been with the bank a while so tbh I'd not worry, the limits you have aren't overly excessive.
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    • #3
      Re: Reduced credit limit update

      Originally posted by SA Gold View Post
      I have two cards which have a limit (£1500 and £1000) which is much more than i realistically need.. . . . if i call them both and ask them to drop the limits to £500;

      1) Will this be updated on the next monthly feed to the CRA?
      2) Does it give a reason, or indeed keep the historic, previously value. Just want it to come across as a positive and not thats its been reduced by the lender?
      3) Is the £1500 reduction in credit going to be a positive enough impact and hopefully increase my chances of another card (i,e is it fecking worth doing!)?
      I agree with Niddy that these limits are not high in the grand scheme of things. Lenders do look at overall available credit even if you're not using it because they know you can use it at any time. But these are small sums.

      I would worry that if the limit gets lowered at your request there's no way anyone checking your file would know that. The assumption could be made that the creditor lowered it which could send out a negative signal. My file shows all the credit limit changes since the accounts were opened years ago. I've never known why that was there but there must be a reason

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      • #4
        Re: Reduced credit limit update

        Excellent, thanks both - that's two less calls to make

        Nid - hope you weren't repeating yourself mate?
        When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment

        • #5
          Re: Reduced credit limit update

          I am not sure what your circumstances are but Creation declined me twice so I applied for a Barclaycard. I was accepted with a £3k limit and you can 0% balance transfer for 12 months for a 1% fee. I have 2 defaults neither of which are satisfied but both are over 5 years old.

          Just thought I would mention it in case it was of any use to you.

          Comment

          • #6
            Re: Reduced credit limit update

            Originally posted by Beefy1976 View Post
            I am not sure what your circumstances are but Creation declined me twice so I applied for a Barclaycard. I was accepted with a £3k limit and you can 0% balance transfer for 12 months for a 1% fee. I have 2 defaults neither of which are satisfied but both are over 5 years old.

            Just thought I would mention it in case it was of any use to you.

            Hi Beefy,

            Sorry for slow reply mate - just catching up on some threads.

            I've got loads of defaults; the newest being 3 years in July so will probably wait until then and apply for one with the bank.

            Cheers
            SA
            When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

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