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The decision to reduce your credit limit has been made based on your current level of borrowing and allows for any short term essential spending you may have used your credit card for whilst you adjust to your new credit limit.
We need to make sure your credit limit is at a level that you're able to repay. We also consider how you're using your account.
To determine your credit limit we regularly look at how you use your account. We also receive updates from Experian (a Credit Reference Agency), about how you manage other accounts outside Virgin Money.
This information helps us decide what credit limit is best for you. We consider a range of factors including:
• Late and/or missed payments
• Changes to your credit score
• Changes to your spending habits
If there is additional information you feel we should have considered when changing your credit limit, please call us on 0345 608 0286 to discuss.
This should include reasons why you think you can keep up repayments with a higher credit limit. We will also need to see that any payments you've missed have been made to bring your account up to date. We'll review your request and will be back in touch with a decision within a month.