-
Incan share that I have an Amex with a five figure credit limit and a Tymit/Halifax cards not far off. I was accepted with a limit in line with my Amex card so was very surprised as I read people with multiple cards had more trouble.
@op if you don’t mind me asking, could you give a ballpark of your credit line with other lenders? I fear I may be on the same boat, but have yet to apply…
I have about 67k of existing credit, although I recently closed an old card with 12k limit that won’t yet be reflected on my report. So I’m hoping by the end of November my application will be more successful.
The rejection did say I need to wait 6 months but I think I read some reports that this isn’t actually enforced.
@op if you don’t mind me asking, could you give a ballpark of your credit line with other lenders? I fear I may be on the same boat, but have yet to apply…
I have about 67k of existing credit, although I recently closed an old card with 12k limit that won’t yet be reflected on my report. So I’m hoping by the end of November my application will be more successful.
The rejection did say I need to wait 6 months but I think I read some reports that this isn’t actually enforced.
Instinctively, £67k of unsecured lending open or even the £55k you have reduced it to is exceptionally high even for a very big earner. The absolute amount does matter as well as relative to income. Unless you actually need these large lines, it is pointless having them and as you are now discovering, may work against you. I think some erroneously think having high card limits is a sign of financial strength, but some providers see it as financial strain/weakness. The issue is that when economic times get tough or people encounter problems, credit experience shows that these huge lines can get swallowed up quite quickly and give rise to bad debts.
@op – Instinctively, £67k of unsecured lending open or even the £55k you have reduced it to is exceptionally high even for a very big earner. The absolute amount does matter as well as relative to income. Unless you actually need these large lines, it is pointless having them and as you are now discovering, may work against you. I think some erroneously think having high card limits is a sign of financial strength, but some providers see it as financial strain/weakness. The issue is that when economic times get tough or people encounter problems, credit experience shows that these huge lines can get swallowed up quite quickly and give rise to bad debts.
@op – Instinctively, £67k of unsecured lending open or even the £55k you have reduced it to is exceptionally high even for a very big earner. The absolute amount does matter as well as relative to income. Unless you actually need these large lines, it is pointless having them and as you are now discovering, may work against you. I think some erroneously think having high card limits is a sign of financial strength, but some providers see it as financial strain/weakness. The issue is that when economic times get tough or people encounter problems, credit experience shows that these huge lines can get swallowed up quite quickly and give rise to bad debts.
Agreed. I’m going to close at least my unused 19k limit Amex as well and hope that processes in time.
I am losing the plot with Barclaycard:
I am a premier banking customer and have been for 19 months.
Signed up on Oct 4th for the barclaycard, lured by the 100k Avios offer. Got accepted with the default (useless) credit limit of £200.
The email then invited me to do that thing where they link to your bank to check your income so they can raise the credit limit. Should have been really simple both being Barclays, but alas I got an error message. No probs I thought, I’ll upload the two most recent bank statements that they ask for. Did this no bother and 24hrs later get an email to tell me that they can’t proceed as those aren’t the most recent! They were, I haven’t had Octobers yet! Ok, I shall not be thwarted I thought, I’ll take the payslip option. Sent off Aug and Sept as a scan (Octobers were not generated until today). 24hrs later I am rejected again as they are not in the right format….they were!. I did it again, this time as photographs. 24hrs later told they weren’t the most recent! They freaking well were!
After losing the will to live I drove 20 mins to Barclays on Tue at 9am and handed said payslips to staff there and told them by sorry tale. They checked them, scanned them off directly, said they’d heard of problems like this before and told me I should hear in a couple of days. I rang them on Wed and was told they’d received them and everything looked fine but I’d have to wait for a decision.
Still waiting today I contacted online chat and was flabbergasted to be told that on the 12th my application for a credit card increase was rejected (no one bothered to tell me) and I am not allowed to apply for another for four months and nothing could be done about this situation!
Incensed I rang them up and spent 45 mins of my work break talking to a lovely man who was doing his best to help, filed a complaint, said as far as he could tell there had been no decision made so far re my credit limit. Asked me to email him my payslips and he will chase it on Monday.
What a farce. They know what I earn, they are my bank! Never mind that I’ve proved it with several documents.If I have had a hard credit search done and gone through all this aggro for a £200 limit and no points I will implode. They make BA look competent.
- You must be logged in to reply to this topic.
