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Egg Policy Change ?
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Well, it seems that barclays is following Egg unless the post from another member on this board is just a one off.
Can someone post the exact wording of the letter on here so we can all have a read on the words used. I know its a lot to ask for but does someone have 10 min to do this?0 -
I thing Everyone is being a little nieve here, can you not see what egg are trying to do...
first of they arn't closing your account cause your a bad customer or cause you are a full payer not making money from them. they still make money from you if you are...
so what are they upto then???
There is a lot of bad debt in the world right at this minute. egg loose Millions of £££ because of this which in turn doesn't allow responsible borrowers to get the best deals...
what egg know is that there is a trend in the way the actual bad borrowers use there credit card and it is probably like using a credit card as a current account spending small amounts in shops and paying off the balance and making alot of cash advances and please dont do it on a credit card...
so yes responsible borrowers have also been targeted unfortunatley and their is no way egg can check 161,000 individual accounts...
what will happen next???
as egg have already said this will NOT have a bad score on your credit profile you will be able to re apply in 12 months or 12 months after the balance is paid off. egg will then be able to offer customers some amazing deals and once again be the king of credit cards.
so yes this may be an anoyance to some people but will allow in the long run to be a great move for them...
please post this on other forums if you agree or even if you dont, if you have any questions just ask i can see it from the banks point of view
Rock on Egg.0 -
Yep The Chicken...my financial position is soooo much better than when I orginally took out the card...but in the illustration it just can not cannot reduce the effects of ageing. What I mean by that is that I have always had an excellent credit rating / history even when I first took out the card. Over time my financial position has improved dramatically but you can't improve on excellent...but the clock and its negative impacts ticks on!
I would have thought though that a person in their 20s was more 'risky' than a person in their 30s, all other things being equal? Anyway, going a bit off topic here so I'll cluck up on that one.
Anyone else think if Egg had just said to us and the media and their customers that they were closing down high risk AND low profit accounts it would have saved a lot of grief for customers and themselves?
I was genuinely panicked a bit when I got my mail, wondering if I'd been the victim of identity fraud or something, and my wife nearly had kittens thinking that there was some debt hidden somewhere!
If I had a letter saying something along the lines of "You're not using your account, so we're closing it" I'd have thought nothing of it, would not have gone onto Experian in a panic and not be on here posting now!0 -
as egg have already said this will NOT have a bad score on your credit profile you will be able to re apply in 12 months or 12 months after the balance is paid off.
Why on earth would you WANT to reapply with them after being treated in this manner? I was a loyal Egg customer who always looked there first for savings account deals, although they never quite got my money, but now I'd sooner trust my money with the Floorboards and Pillowcase Bank than Egg.0 -
Crack the EGG
We are not naive. Its EGG who is and they should have been "honest and open" and big enough to say why they do it. Not paint all with the same brush. They are scaring good customers, creating a rush to the credit ref agencies (their profit) and a loss to some to pay for a quick look at their files. Time and money wasted on the customers part. That is the issue!!!!!
Claim back the cost of checking your credit file!0 -
Clariman - if you do try starting another poll, perhaps whether people use Money Manager or access their online account regularly could be one of the measures?
I don't use MM but do access my account regularly. I have both Egg (Visa) card (unused for years now) and Egg Money (£1k/month and DD for full payment). I've not received the letter, yet.0 -
To those saying it won't affect the credit record, are you sure?
Surely, the card will now have a £0 limit - so it may say balance £975, limit £0 which is obviously a bad sign.
Or will they do it by just maintaining your limit with the CRA's?0 -
To those saying it won't affect the credit record, are you sure?
Surely, the card will now have a £0 limit - so it may say balance £975, limit £0 which is obviously a bad sign.
Or will they do it by just maintaining your limit with the CRA's?
They will probably track your limit down as you pay off the amount. I look at a lot of credit reports and have seen both done without a negative consequence. The main thing is that the payments are on time, and no defaults.0 -
What is the point of claiming back the cost of looking at your credit file? The chances are that people who have access to it pay monthly as a sub not a one off charge.
Its even still free for 30 days to look at your credit report online if you are not signed up! So saying that is totally pointless.Keep positive!!!!
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eggrule - you have an interesting definition of a good bank...one thats has consistently lost millions now taken over by one who has lost billions! Whose first action is so incompetantly handled that it creates a hailstorm of bad publicity and senior MP's requesting investigation by the Financial Services Authority and Office of Fair Trading!
Yep they're the bank to trust
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