Refused Limit Increase But Won't Say Why
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Are you retired? At 60 if you are retired your income could be considered low for an £8k limit. Just a guess as you have not said.
Savings do not count for much if the decision is credit based.
The bank will likely use a credit reference agency as part of the decision so will already know that part.
Perhaps they have a policy of maximum limits for certain types of customer.0 -
Such are the consequences of everything being done online and the decline of the 'bank manager' who once could actually decide such things but is nowadays little more than a glorified salesperson.
Interestingly, under the forthcoming GDPR regulations, if you are declined using an automated process, you will have the right to request that a manual decision is made... But that doesn't mean that the decision will change, and it doesn't mean that they will give a reason for the decline or disclose their confidential policies etc.0 -
They need to give you the opportunity to opt of automated decision making - but they don't need to manually assess.
In most cases, they won't, due to the high costs of manual intervention.0 -
Another thread that essentially boils down to ‘don’t they know who I am?’0
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Interestingly, under the forthcoming GDPR regulations, if you are declined using an automated process, you will have the right to request that a manual decision is made... But that doesn't mean that the decision will change, and it doesn't mean that they will give a reason for the decline or disclose their confidential policies etc.
What's your source for this?0 -
Clearly they don't :rotfl:
Well as long as you feel important then thats all that matters..sadly the Bank live in the real world.
You Sir remind me of oh whats his name..thats chubby bloke used to be on TV and then kinda drifted away,he thought he was important comic,funnily enough cant rember the old duffers name.
Take Care
Nationwide.:rotfl:0 -
Of course they can choose, I have no problem with that. I just think it's fair for them to explain their decision, that's all.
As for encouraging fraud, I could understand that if the applicant had no history with the lender but in my case they have 40 years of history with me and they know I've never mis-managed my finances in all that time - or they should know, but of course it's more a case of 'computer says no' and no one in their company really knows or cares why.
Such are the consequences of everything being done online and the decline of the 'bank manager' who once could actually decide such things but is nowadays little more than a glorified salesperson.
In fairness, I don't think bank branch managers have ever made credit card decisions.
And default levels dropped when they stopped making personal lending decisions where I worked.0 -
My husband owns his own business and I am a maths teacher and work on a contract basis. We earn a really good salary but don!!!8217;t tick all boxes either and I miss out big time. Actually I have never ticked your average box. If you do not mind me saying this is quite a minor hiccup for you in the grand scheme of things. You know you are a safe bet but they do not.0
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Yes, I've been retired for 11 years and have had no income all that time (only started drawing one of my pensions last year). In all that time I've spent around £20k per year on my credit cards, always paying off the balance in full every month by direct debit. How do they think I managed to do that if I'm not a good credit risk? LOL
I seem to have fallen into limbo-land. I was retired for 10 years without drawing a pension, I'm not working but am not unemployed and have never signed on for any benefits, I've been living off my savings but no lenders seem to recognise such a thing.
Unfortunate. These days you need to show that your income matches your outgoings. Spending your savings is unsustainable you see (computer not recgonising that when savings run out, sensible people start work again/ get an income or stop spending).
Funnily enough they wont cancel what your already have, but won’t allow an increase. That is my bet.
Think of the mortgage kafuffle recently. People paying 4% apply for 2% remortgage are refused because their stressed income cant afford repayments. Go figure. Theyre already paying 4%.0 -
Probably not, but my point was in the good old 'Mr Mainwaring' days, a bank manager had considerably more status than today, knew their customers better and had more influence on banking decisions. These days, it's all done by software and people hardly ever go into a bank in the first place.
Times change I guess.
They most certainly did. I had my first bank with Lloyds in 1984 and I wanted an overdraft. However the managers sub said the bank manager did not like me and therefore the request was declined.
Thank goodness we now have a fairer system in credit scoring. However in your case this is debatable.0
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