Bank slashed credit limit

[Velvetee]

I had a credit limit on my creditcard of �11500 and an outstanding balance of �5000. I noticed today, the bank seem to have slashed my credit limit to �5300. Can they do this, they haven't even informed me?

[kempie]

The Credit Card provider can set your credit limit to whatever they like based on their assessment of the risk in lending to you (the Agreement you signed up to should have a clause to this effect) however they should inform you ahead of time (e.g. 30 days) of any such change which would disadvantage you.

[Ice.Maiden]

Barclays once did this to me, for no apparent reason. I'd never missed a payment, but all of a sudden, my good credit limit fell quite dramatically. I paid them off in one go, and've never bothered with them since.

[Velvetee]

No they didn't inform me, just did it apparently because I was late by 3 days with my payment.

[kujawski]

i had the same from rbs, what a bunch of C****

[Velvetee]

Apparently they are doing it to thousands of people, worried they'll never recoup their money. You'd think they'd wait until after Christmas.

No amount of pleading with them, telling them I'd not be able to buy pressies for my five fictional children worked, they were just like Scrooge.

[Lakitu]

I'd be concerned for myself if I bought �5k worth of Christmas gifts LOL!