Why when I paid off nearly £3000 on a credit card, was my credit limit immediately reduced to £300?

Answer 1

It sounds like something bad has happened to your credit. It may have been with this account, such as late payments or going over your limit, or it may have been related to something else entirely. Credit card companies do monitor credit, and if they see something bad happening on another account, they may take precautions to safeguard themselves and reduce your line.

What may be happening if you are unaware of anything bad that you have done with the credit is someone may be fraudulently getting credit in your name. You may want to check into looking at your credit report to see if there is anything mistaken on it. Having this corrected should get your credit limit reinstated.

Answer 2

This sort of thing happened to me once. I think it was because I was late on a few payments and the late fees put me over the limit. Have you been late or over your limit?