Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Credit Limit

What is a Credit Limit?

A Credit Limit is the maximum amount of credit that a lender will extend to you, which varies depending on their risk appetite.

A Credit Limit is based on a variety of factors ranging from an individual’s ability to meet payments as they are due, an organisation’s cashflow and ability ultimately to repay the principal sum lent, to the credit standards employed by the lender. A Credit Limit is also in part based on the borrower’s recoverable assets in the event of Default.

Credit limits are most often seen by consumers on Credit Cards, as they dictate how much you can spend each month. In that instance, they are treated much like an Overdraft Limit. They are also used in the extension of Open Account credit terms from business to business. Other examples include home equity lines of credit, residential mortgages/owner-occupier home loans with redraw facilities, a commercial line of credit or a bank guarantee.

The credit limit imposed in most cases is fixed for the life of the product, except in the case of credit cards that may be raised or lowered at the card issuer’s discretion.

Q: Can a credit limit be reduced?

A: Yes, most card providers will retain the right to reduce your credit limit as a way of reducing their risk. This can happen as a result of missed payments or even because you rarely come close to reaching your credit limit.

If this happens it may affect your Creditworthiness as it will change your credit utilisation ratio.

Q: How does it work?

A: The credit limit you are initially offered is often a reflection of your credit rating; the better your repayment history, the more likely the lender will be to offer higher amounts of credit.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.