Online application so-called 'instant decision'

Milky_Mocha

Watson wrote:

Incidentally, I wondered about whether or not to fill in the request forms for credit transfers at the application stage, or leave arranging the transfers till later.

Watson

I've often wondered about this myself. Usually I leave it blank and always receive credit limits ranging from £3900 to £6000. This time, because I want to consolidate all my credit cards (3 in total) I filled in the BT section of the application seeking a credit limit of at least £13000. I don't know what they will make of this. Remember the card I'm applying for is an RBS Platinum visa. Previously I've never gone for platinum but I hope this will make some difference.

Also as an update I got a letter from RBS requesting my last 3 months' payslips and bank statements. Although I have an RBS current account I don't receive my salary through it and use it as a side account to pay in low value cheques so maybe that's why I didn't get an instant decision online. I want the higher credit limit so badly that I upgraded my little-used RBS current account to a fee-paying Royalties Gold account to 'up' my profile. I hope it makes a difference. After I get the limit I want (hopefully) I will downgrade it back to a standard current account. (The reason I cited my RBS current account details during the application was simply to take advantage of the 'no BT charge for RBS account holders'.

Hopefully my tactic pays off (unless the credit assessor reads this post and susses me out! I've done nothing against the rules anyway).

I'll let you know what happens.

Watson

Thanks for the reply. I suppose that putting a figure for an intended bank transfer is tantamout to specifying your own credit limit, or at least a lower limit for it. Good luck with the application, and thanks for offering to post an update; I'll be interested to see how it works out.

Watson

carl310166

carl310166 wrote:

After taking advice from the forum,i cancelled all my wifes credit cards earlier in the year,i also closed all mine,except my Tesco (for the points) card,i now have my Egg 8k limit zero balance (waiting for my anni in Jan) and Virgin 10k waiting to transfer,although i did apply a little too early as the 0% comes to an end in Jan,but i am a flapper,so i wanted to move it to a new card without sweating about it.

I wanted to be able to use my wife's 30k salary to be able to get some cards without problems,so i could transfer the Virgin to it (then cancel).

So she has no cards,plus with her salary,i was hopeing to get a good limit,but i didn't want to get one from the MBNA stable(incase they refused the Virgin transfer),so fingers crossed,the credit limit is at least 10k,as i requested that size balance transfer with the online application.

I will let you all know what happens either way.

I letter arrived today,saying she had a 6K credit limit........so the 10k transfer is off then!

carl310166

carl310166 wrote:

I letter arrived today,saying she had a 6K credit limit........so the 10k transfer is off then!

Update.......

The card arrived today,and seperately,a letter to ask me (my wife actually) to ring them to complete the balance transfer,aparently,i had left some information out when requesting the BT.

So,will they give me the 10k transfer,or stick to their 6k limit.............

Milky_Mocha

I've been accepted (via post) for the credit card but decided that before signing the credit agreement i would telephone to find out the credit limit. The lady replied £475 !!!!!!!!!!!!!!!!!!!!

I was in shock. I never knew credit limits could be that low. My credit rating is just shy of 100%, I've never been rejected for credit and have plenty of credit history. I've also always made overpayments even on 0% interest cards and have a salary over 40k so this decision is clearly flawed. Plus I had made balance transfer requests in excess of 12k so I was hoping for a limit of at least 10k.

I repeatedly asked the agent whether she was sure it was not a typo or she was not misreading. Then I asked that they please withdraw my application. In fact I was not prepared to even negotiate a higher amount as they had taken so long to process the application and one of my 0% rates has run out. I'd be better off using savings to clear the balance instead of transferring it.

Tut tut, RBS. In fact this is a wake up call for me. I'll close my RBS current and 90-day notice savings account. Those are practically useless anyway. I'll stick to the A&L accounts.

M_Thomson

Milky_Mocha wrote:

My credit rating is just shy of 100%, I've never been rejected for credit and have plenty of credit history. I've also always made overpayments even on 0% interest cards and have a salary over 40k so this decision is clearly flawed.

You are confusing your credit rating and your credit score with RBS. You may have a good rating i.e. no late payments etc. You may just have a low credit score with RBS. From what you said in your previous post, you don't pay your salary in to your RBS current account. It may just be that along with you not paying your salary in and the other credit cards and credit limits they have decided that you will not be a profitable customer for them. Each bank scores differently.

Milky_Mocha

M_Thomson wrote:

You are confusing your credit rating and your credit score with RBS. You may have a good rating i.e. no late payments etc. You may just have a low credit score with RBS. From what you said in your previous post, you don't pay your salary in to your RBS current account. It may just be that along with you not paying your salary in and the other credit cards and credit limits they have decided that you will not be a profitable customer for them. Each bank scores differently.

Initially that's what I thought but then this is not an o/d application and surely they give higher limits to many people who do not even have RBS accounts at all. Also they did request last three months' bank statements and payslips for which I sent them details of my account that receives my salary (A&L).

Milky_Mocha

Just thought I'd post an update to this. After I withdrew my application due to low credit limit I got a letter from RBS stating that the limit was automatically generated and they are willing to reconsider my application if I send in last three months' bank statements (AGAIN!) showing my savings/investments held.

I'm not going to bother. They've wasted enough of my time and I've already cleared half the balances anyway.

fishboy_2

Egg gave me an instant decision, and largest credit limit I'd ever received by £5K

I was so surpirised that e-mailed for confirmation, which I have since received!

:j

Milky_Mocha

Update: I have since been accepted for a cc from A&L with a higher credit limit than I'd initially requested from RBS. Shame I'd used my savings for half the amount already. This wasn't applied for online though. I marched into a branch and relaxed in a comfy seat while the CS officer filled the form for me - old fashioned style.