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So after 10 months of having a Barclays Ring card I decide to use it for a balance transfer $1956.03 on a $6600 limit. Transfer is approved all seems well. I login today and notice my available credit is now 443.97 they reduced my credit line by $4200 because I decided to use their product. I have send a secure message inquiring. I am tempted to just pay it off and close the account if that is how they decide to treat customers.
Anyone have any success getting their limit reinstating when they decide to do something like this?
Thanks,
Sam
@AverageJoesCredit wrote:
Wow, simply ridiculous!. Why cant they just contact their customer and inform them that using their product and offers is a no no and that they are going to reduce the available credit so one doesnt have to go to maxed out , smh
Yeah I mean the purpose of a card like the Ring would be either balance transfer or a large purchase that you plan to pay off over time generally. It makes no sense. I will wait for their response but will like either pay it off or use one of my many other options and sock drawer the card until it gets closed or something.
Im at about the same utilization no new negatives and less inquiries than when I applied for it. I do have a balance transfer with Capital One as it made sense to take it and pay off my Lending Club loan as the APR was decently less.
@Ragelog wrote:So after 10 months of having a Barclays Ring card I decide to use it for a balance transfer $1956.03 on a $6600 limit. Transfer is approved all seems well. I login today and notice my available credit is now 443.97 they reduced my credit line by $4200 because I decided to use their product. I have send a secure message inquiring. I am tempted to just pay it off and close the account if that is how they decide to treat customers.
I think that's the best route. These stories are pretty frequent if you read MyFico. My guess here is that it's not the balance transfer that triggered the CLD but your relative lack of general use of the card. Barclays saw the relative non-use followed by a large balance transfer as a potential credit risk because even though you BT'ed to take advantage of their rates, they may have viewed it as a customer starting to have money trouble.