downsize cc limit?

N

nesbitt

Registered User
Messages
185
I am clearing my cc balance by middle of next month. It has taken some time to get to this point, and some blood, sweat and tears...

I have a limit of 12k which is totally out of line now with my present circumstances.

I telephoned AIB before Christmas to reduce the limit to 2.5k (this is probably even too high really) but as yet they have not reduced my limit. I notice also that there is no facility on my 24 hour bank to reduce the limit only increase it...

I guess I will have to telephone again, confirm where to notify them by letter of my request to have my CC limit reduced.

However I could do with some advice on what limit to set, is there a ratio to disposable income I should use?

I have considered canceling the CC all together as I do not want to go on the unhappy journey again of running up a bill and having to clear it. However I feel this could prove more hassle in the long run for me so I think it is best just to really squeeze the limit down as much as possible to prevent any future hiccups.

Any advice on calculating a limit?

Thanks.
 
I'd guess 1K - 2K would be what most "normal" people's card it limited at.

You might be better to actually call into the back for that, similar to cancelling an overdraft - they make it as hard as possible.
 
I had the same problem several years ago and I rang AIB to lower my limit to 2k which they did. I only noticed the other day that they have now increased it to 8.5k. It is very annoying as they obviously just ignored my instructions and just started increasing it again.

I have been meaning to ring them for the last week but have been putting it off as I just too angry at present.
 
Scotsgirl said:
I had the same problem several years ago and I rang AIB to lower my limit to 2k which they did. I only noticed the other day that they have now increased it to 8.5k. It is very annoying as they obviously just ignored my instructions and just started increasing it again.

I have been meaning to ring them for the last week but have been putting it off as I just too angry at present.
Click to expand...

Thanks, yes I am thinking of a limit of no more than 2k myself. I will write by end of this week, having checked at the Visa Centre for the correct address. I will watch the statement and if they increase it again on the sly so to speak I will write again and state that I would appreciate if they did not increase the limit etc.
 
Call them again and insist on a lower limit. If you want to eventually rid yourself of the card, why not go under the 1k mark and have it set for €500, for emergencies only, etc.
 
Write to them-this is more 'official' than a phone call-call them if you wish, but follow up with a letter.

Note that under the Financial Regulator's Consumer Protection Code, card providers can not increase your limit unless you ask them to-so increasing it 'on the sly' would warrant an official complaint.
 
CCOVICH said:
Write to them-this is more 'official' than a phone call-call them if you wish, but follow up with a letter.

Note that under the Financial Regulator's Consumer Protection Code, card providers can not increase your limit unless you ask them to-so increasing it 'on the sly' would warrant an official complaint.
Click to expand...

Yes I'll definitely put my request for lowering my limit substantially in writing. However, I have never requested that my limit be increased at any time, the bank just did at intervals over several years.

So I guess if I also note in the letter that I do not want to have further increases made to the limit without my prior consent etc.

Hopefully that will suffice.

Thanks all.
 
I have mine reduced to €1200, If you set it too low it will hinder booking items such as flights & hotels etc. I recently used mind to book such items for 4 people, so it can be handy.

I had to contact manager at Bank Of Ireland to ask if they would stop pushing up my credit without asking me, (but those days are over now I suppose).
 
~2k should suffice - you don't have to use it to the limit...
 
First of all congratulations on getting your balance down, I image it wasn't easy. My own philosopy is to keep my limit set at the maximum which I can afford to pay back to allow me to clear it within the interest free period. I have had a credit card for over 20 years and rarely pay interest (only when I occasionally have a major expense or make a late payment on the card!!).
 
You must log in or register to reply here.
Back
Top