Ive just had a letter from Barclays telling me that theyre 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 isnt great, but Ive never missed a payment or been late and have banked with Barclays for the entire time Ive held a bank account. I dont 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 Ive had around 6 years and is clear which I was just keeping open so Ive had at least one of my accounts a long time.
What do you guys think?