Because I pay it off in full every month. Because I have quite a lot of money in my savings account [Yes, I know I'm lucky] and pay all my bills on time, in cash, don't have a cheque book or a debit card or direct debits etc., Barclaycard have decided that I'm not a good risk! My card with them is the only card I have, I only use it to buy things off the internet really and pay it off in full when the statement comes through. Surely they should have me down as a good risk? Anyone else had these prats saying their credit is no good just because you pay on time and you're NOT in debt to anyone? Maybe if I ran up debtts all over would I then be considered a good risk?
2006-11-07 20:52:28 · 22 answers · asked by PATRICIA L 3 in Business & Finance ➔ Credit
just cancel it and get a card somewhere else
2006-11-07 20:55:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you're that bothered about it then why not just get a new credit card with a different company? It's not like Barclaycard are the only credit card company out there.
Just a thought, if you don't have a debit card or cheque book then does that mean that you don't have a current account? If so then this may have been a factor in their decision?
2006-11-10 02:11:19 · answer #2 · answered by Little Bo Peep 3 · 0⤊ 0⤋
They have done it to me also, although unlike you I have nt used my card for about a year. It was almost at it s maximum a year ago so I dedided not to use it until I had paid it off now that is almost there (and if I had wanted to I could have paid it off six months ago but decided to build up some cash in my bank account) I have received a letter downgrading my limit to nearly the basic.
I think it may be something to do with the recent report that the population of Britain is all in debt and credit card companies should act responsibley. So who would they target to put on a show so they can say they are doing something, it will be the people that affect their profits the least. People like you and me!
2006-11-07 21:00:51 · answer #3 · answered by philipscottbrooks 5 · 1⤊ 0⤋
Barclaycard sucks donkey balls anyway. If you want a card that will give you a nice high credit limit and not worry about whether or not you use it, go and get one from Egg (www.egg.com). I've had one of those for about three years with a 15,000 quid limit, which has not reduced even though the balance has never gone above 2000 quid and it all gets paid off fairly soon.
(NB I do not work for Egg; this is a personal recommendation only)
2006-11-07 21:13:26 · answer #4 · answered by Chasiufan 4 · 0⤊ 0⤋
I am SO glad that I am not the only one. Barclay Card have done this to me too. I've been a customer for 6 years or so, only had the Platinum card for a couple of years and last week I get this letter saying they've dropped my credit right down so that actually only have 70 quid left to use! I thought it was because I'm a bit naughty and some times forget to pay the bill and also because I rarely use the card. Now I don't feel picked on because it's happened to a couple of other people. As soon as I've paid it off I'm going to tell them to stick it and use my other credit card which I have through my Bank who know I can afford to pay it off!
I hope you get yours sorted to your satisfaction and thanks for asking this question - I feel better now knowing I'm not the only one!
2006-11-07 21:38:03 · answer #5 · answered by Andy M Thompson 5 · 0⤊ 0⤋
I only have a Barclaycard too. I have had for years and years and, like you, I pay it up in full each month and only use it when I want a bit of time to pay and when it is convenient. I have never not paid it in full each month but, as yet, they have not reduced my limit. Maybe the limit has been reduced because you don't use that limit? I don't use my limit either. Maybe it's a new policy and I will be receiving a letter shortly!!!!
2006-11-07 21:00:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I find this very odd. I don't carry a Barclay card, but I do carry 5 other credit cards, and it is rare that they ever carry a balance, and my bank account is in the black, I do have several direct debits, but hardly ever go into my ODP. The card companies keep anking me if I want an increase. I keep declining, because I thnk 75 thousand pounds in plastic is more than I will or should ever need. I would call them and see why they dropped your limit, or get a credit statement and see if you have had something happen that you are not aware of.
2006-11-07 21:19:06 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Sorry that is the way the world works i know it is sh*t but the more debt you have the more you get given the less you have the less you are given, but that is how these companys make their money with people missing payments and going over their limit, then charging them!!!!! It aint fair i know but hey........ You could phone them to cancel the card and they may ask you why and you could explain and they may increase your limit........... it won't look great on your credit score that it has been reduced!!!! I have a Virgin Credit Card and must admit they are great!!!! If you cancel that card i would recommend going to Virgin!!! I used to be like you, but then went to buy a house and it aint easy if you have no credit background!!! Good Luck xx
2006-11-08 03:30:14 · answer #8 · answered by Very Sexy Vixen 3 · 0⤊ 0⤋
its all to do with credit scoring system...as in the name its to with credit since you pay everything of you will not be on the scoring system....i know its stupid but its just the way the system works.for a month or two leave a small balance on your card making sure the interest payments are not too high and you will appear on the credit scoring system and your limit on your card should rise or just apply for a new card
2006-11-08 08:13:23 · answer #9 · answered by jeff c 3 · 0⤊ 0⤋
This is the first I have heard of such a thing being done by Barclay card. I do hope it is a mistake, and they do not do the same to me. I am in very much the same position as yourself,so I shall be very annoyed if they reduce my credit. Thanks for the tip off. I will get in touch with them later. I cannot do it now, because our telephone line has been down for two days.
2006-11-07 21:00:35 · answer #10 · answered by Social Science Lady 7 · 0⤊ 1⤋
I think it is time to take a breath.
The reason they probably lowered your credit limit, was to help you out.
Id you don't use the whole of your limit, it will make your credit search worse if you wanted to apply for more credit, because you would have a higher exposure level back then, than now after they have reduce your limit
2006-11-07 21:46:15 · answer #11 · answered by Vicky M 2 · 0⤊ 0⤋