Credit Crunch (again)

[JoJoGabor]

When I got back from travelling in April, I hadn't worked int he UK for 3 years, hadn't had a job for 6 months at all, applied for an Amex, said on the form I was unemployed but put annual income at £65k. No problems got a card with a £7k limit!!

Tried to apply for a 0% balancet ransfer deal last week and got declined straight away, even though I'm employed now!

THings change fast!

[TheBigYinJames]

It's crazy! My Virgin Credit card [which hasnt been used MUHAHAHAHA!] has a 12,000 limit on it! I mean I only asked for 2,000 when I got it!. Worse thing is, is that they put it to 12,000 in the last 8 weeks!

When the credit crunches, lenders want more business from their high-credit-scorer customers. It's in their interest to move their books from high-risk to low-risk, which is why if you have a good credit score you will be getting loads of junk mail at the moment from your banks, building societies and credit cards, offering more money than you really need. Abbey just offered me a loan up to the value of my existing mortgage with them.

But it's the way it used to be in the old days - they are only offering it to those who have plenty, and don't need the loans.

[Moscow Mule]

Amex charge cards don't have any limits - but they need to be paid off at the end of the month. The platinum has a yearly fee of c£350 but it more than pays for itself with family travel insurance and other benefits. The only trouble I've had using it is when authorising more than £15k in one go. Quick call to them soon sorts.

Never had an Amex credit card.

Virgin Credit cards have a ridiculous limit.

[expat]

I'm not willy waving but Amex are bonkers, I didn't even get asked what limit I wanted, they just gave me £25,000 limit. It is a fee paying card which might change things I suppose but I was very surprised when it came.

That's my tax investigation insurance covered then.

Amex ad:
Age 21, buy suit.
Age 31, buy hand-made suit.
Age 51, burn suit.

Me:
Age 21, apply for Amex card.
Age 31, apply for Amex Gold Card.
Age 51, cut up card.

[expat]

I had one of my card issuers phone me to ask if I'd mind if they reduced my credit limit by £100 !

They also noted that I seem to have a lot of cards with high balances and suggested this might affect my credit rating.

I think they're getting nervous

"What's your credit limit?" is one common security question. Maybe they think that someone got hold of existing details, so they want to change them slightly.

[London75]

I'm not willy waving but Amex are bonkers, I didn't even get asked what limit I wanted, they just gave me £25,000 limit. It is a fee paying card which might change things I suppose but I was very surprised when it came.

That's my tax investigation insurance covered then.

[Platypus]

I had one of my card issuers phone me to ask if I'd mind if they reduced my credit limit by £100 !

They also noted that I seem to have a lot of cards with high balances and suggested this might affect my credit rating.

I think they're getting nervous

[Liability]

It's biting folks. Have just got a new credit card having fallen out with my previous credit card provider and this one is blue (not some aggresive combination of black and platinum) and comes with a poxy £6000 limit.

I'm offended. I think I'll send it back!

It's crazy! My Virgin Credit card [which hasnt been used MUHAHAHAHA!] has a 12,000 limit on it! I mean I only asked for 2,000 when I got it!. Worse thing is, is that they put it to 12,000 in the last 8 weeks!

[oracleslave]

It's biting folks. Have just got a new credit card having fallen out with my previous credit card provider and this one is blue (not some aggresive combination of black and platinum) and comes with a poxy £6000 limit.

I'm offended. I think I'll send it back!

Get an Amex card. Limits (if any) on those tend to be bigger I think.

[Alf W]

It's biting folks. Have just got a new credit card having fallen out with my previous credit card provider and this one is blue (not some aggresive combination of black and platinum) and comes with a poxy £6000 limit.

I'm offended. I think I'll send it back!