Credit limit reduced from 5000 to 260?

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Hi guys.

I’ve just had a letter from Barclays telling me that they’re reducing my credit limit, from £5,000 to £260!!! I did a balance transfer to a new card a month or so ago, and had a balance of around £3500, which I ideally would like to get paid off. The Barclaycard is now clear. The new card has a credit limit of £4,600.

My credit score isn’t great, but I’ve never missed a payment or been late and have banked with Barclays for the entire time I’ve held a bank account. I don’t have a lot of debt, the £3,500, £6000 on a pcp which finishes in October and my mortgage?

Is my credit going to take a hit because of this now? The account has only been open around a year, should I just close it? I have another Nationwide card that I’ve had around 6 years and is clear which I was just keeping open so I’ve had at least one of my accounts a long time.

What do you guys think?

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