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Why do Abbey want more info?

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nh
nh Posts: 567 Forumite
My partner applied for an Abbey card, got a 5k limit and when they sent us the form to sign we sent it back with the little slip filled in asking for a balance transfer of the whole £5k to Egg.

They sent us a letter yesterday saying they 'needed more information' before they could do the BT.

We are hoping to stooze this money, we have a £0 balance at Egg. Surely Abbey can't know this and are ringing us up to query it?

What else could they want to know?
I'm married now! Yippee!

Comments

  • dthyer
    dthyer Posts: 65 Forumite
    I suspect it is because you asked for the whole credit limit. I had a similar situation with Virgin (also run by MBNA) where I asked for my entire credit limit less £100, which came to more than 98%. I've heard mention of limits of both 95% and 98% of the credit limit being available for a balance transfer. Once I spoke to them it was ok, and they did the amount I'd asked for. They might suggest you BT slightly less, e.g. £4900, or they might offer to increase your credit limit!

    I hope this helps,

    DT
  • nh
    nh Posts: 567 Forumite
    Increasing the credit limit sounds a nice idea! I'll get him to ask for that when he rings. Thanks so much - you've put my mind at ease.
    I'm married now! Yippee!
  • There's also the possibility that they may try to sell you payment protection insurance or Sentinel Credit Card Protection, neither of which you don't want, because

    i) the card's going in a drawer as soon as the BT's done
    ii) the card's going in a drawer as soon as the BT's done

    ;)
    Mortgage Feb 2001 - £129,000
    Mortgage July 2007 - £0
    Original Mortgage Termination Date - Nov 2018
    Mortgage Interest saved - £63790.60
    ISA Profit since Jan 1st 2015 - 98.2% (updated 1 Dec 2020)
  • Woby_Tide
    Woby_Tide Posts: 5,344 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I got exactly the same letter on an MBNA PLatinum application. they were very apologetic and said I could only BT 95% of limit and would that be OK and sorry for inconvenience
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