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  • FIRST POST
    • armyoftwo
    • By armyoftwo 10th Feb 18, 10:48 PM
    • 133Posts
    • 22Thanks
    armyoftwo
    Credit card decline
    • #1
    • 10th Feb 18, 10:48 PM
    Credit card decline 10th Feb 18 at 10:48 PM
    Evening all,

    Just wanting to know if you are declined or apply for several credit accounts over a short period, can it have an affect on your current credit accounts? I.e. can the current credit card providers see you've applied or been declined for several accounts.

    Thanks in advance

    Xxx
Page 1
    • seatbeltnoob
    • By seatbeltnoob 10th Feb 18, 11:04 PM
    • 348 Posts
    • 80 Thanks
    seatbeltnoob
    • #2
    • 10th Feb 18, 11:04 PM
    • #2
    • 10th Feb 18, 11:04 PM
    they generally dont review your credit once you have a card with them. You can see the companies that have done searches for you. On my report my existing cards have never done searches on me.

    They'll go by your past performance with them, unless you've defaulted and have valid reasons to investigate, such as wanting a higher limit.
    • PLYSU
    • By PLYSU 10th Feb 18, 11:50 PM
    • 128 Posts
    • 43 Thanks
    PLYSU
    • #3
    • 10th Feb 18, 11:50 PM
    • #3
    • 10th Feb 18, 11:50 PM
    Hi. My experience is that with my Halifax Clarity, I had a limit of £3000 and they wrote to me saying, they had reviewed this and changed my limit down to £500. The questions and answers on the insert said that they had taken into account information they "had" received from a credit reference bureau.

    I watch my credit reports like a hawk and there is 100% nothing that would have been reported back to Halifax that is obvious to me. (I used to work at Equifax plc)

    So not sure if that helps.
    • Nebulous2
    • By Nebulous2 11th Feb 18, 6:54 AM
    • 1,740 Posts
    • 1,063 Thanks
    Nebulous2
    • #4
    • 11th Feb 18, 6:54 AM
    • #4
    • 11th Feb 18, 6:54 AM
    I had a 0% interest TSB card with several k on it, repaying the minimum monthly. Flushed with this success I went on a rampage, taking almost £30k of money transfers to stooze. About 3 months later TSB reduced my limit to £50 above my current balance.

    Some companies review you on a regular basis. My son and I both took a Nationwide credit card at the same time. I had a bigger limit than him, but we've both had 3 increases, at the same time with the same %age increase.

    So if they think you are overstretched, they can certainly reduce limits or increase interest rates or both.
    • PROLIANT
    • By PROLIANT 11th Feb 18, 9:23 AM
    • 6,025 Posts
    • 5,578 Thanks
    PROLIANT
    • #5
    • 11th Feb 18, 9:23 AM
    • #5
    • 11th Feb 18, 9:23 AM
    Most companies have live feeds from Experian, Equifax is dying a death and has less data.
    This live feed of data will show your creditors how you are managing accounts and it also shows them credit searches so they can limit risk of you going on a bender and applying for everything, maxing out everything then going bust.
    Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
    • Superscrooge
    • By Superscrooge 11th Feb 18, 10:33 AM
    • 980 Posts
    • 695 Thanks
    Superscrooge
    • #6
    • 11th Feb 18, 10:33 AM
    • #6
    • 11th Feb 18, 10:33 AM
    I had a 0% interest TSB card with several k on it, repaying the minimum monthly. Flushed with this success I went on a rampage, taking almost £30k of money transfers to stooze. About 3 months later TSB reduced my limit to £50 above my current balance.

    Some companies review you on a regular basis. My son and I both took a Nationwide credit card at the same time. I had a bigger limit than him, but we've both had 3 increases, at the same time with the same %age increase.

    So if they think you are overstretched, they can certainly reduce limits or increase interest rates or both.
    Originally posted by Nebulous2
    I had a similar experience. I went on a stoozing binge with 0% cards and Bank of Scotland twice reduced my credit limit.

    The funny thing was that at the same time BOS were reducing my credit limit. Halifax which is part of the same banking group, increased the credit limit on my Halifax Clarity CC.
    • nic_c
    • By nic_c 11th Feb 18, 11:16 AM
    • 1,231 Posts
    • 688 Thanks
    nic_c
    • #7
    • 11th Feb 18, 11:16 AM
    • #7
    • 11th Feb 18, 11:16 AM
    If they didn't review your accounts and you got into difficulty, then surely they could be accused of irresponsible lending. The only time mine was reduced was when MBNA took in house other cards, my Virgin card became a second MBNA so they reduced my existing older MBNA.

    I wonder if it is total available credit that is of concern or level of debt, and if the ratio to your income is considered.
    • Nebulous2
    • By Nebulous2 11th Feb 18, 6:22 PM
    • 1,740 Posts
    • 1,063 Thanks
    Nebulous2
    • #8
    • 11th Feb 18, 6:22 PM
    • #8
    • 11th Feb 18, 6:22 PM

    I wonder if it is total available credit that is of concern or level of debt, and if the ratio to your income is considered.
    Originally posted by nic_c
    I've always been very relaxed about available credit. I'm not good at shutting down cards and have regularly had credit limits around twice my salary.

    With a good payment record and a strong positive history I think lenders are much more likely to be bothered about actual debt.
    • Anthorn
    • By Anthorn 11th Feb 18, 7:25 PM
    • 3,451 Posts
    • 894 Thanks
    Anthorn
    • #9
    • 11th Feb 18, 7:25 PM
    • #9
    • 11th Feb 18, 7:25 PM
    Evening all,

    Just wanting to know if you are declined or apply for several credit accounts over a short period, can it have an affect on your current credit accounts? I.e. can the current credit card providers see you've applied or been declined for several accounts.

    Thanks in advance

    Xxx
    Originally posted by armyoftwo
    The only way existing credit providers can see you've applied for credit is from the search record on your credit history. However some credit providers base their decision on your application and then search your credit history prior to acceptance. So you might not have a search record on your credit history.
    • Chrysalis
    • By Chrysalis 11th Feb 18, 7:28 PM
    • 2,182 Posts
    • 1,030 Thanks
    Chrysalis
    Barclaycard responded to my two MBNA applications by increasing my credit limit. (first application I didnt proceed as they offered me an inferior card, I applied again a month later and got the card I wanted).

    I have never had any credit limits reduced.
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