Egg - refused credit limit increase

Tondella

I've just requested a credit limit increase on my Egg credit card ahead of my anniversary date in March. I want to use the anniversary offer to SBT my outstanding loan with Lloyds, and so gain some more flexibility with repayments.

I requested the increase by private messaging because the online facitility wasn't working and got this puzzling reply this morning ... any clues why they won't increase my limit? I have an excellent credit record and have been a customer for years.

At this time, your account doesn't meet the required criteria for a credit limit increase. You'll be able to re-apply for this increase at any time if you feel that your circumstances have changed. Simply select 'Egg Card' under the option 'Maintenance' to the left of the page you're now on and then follow the instructions. You'll be pleased to hear that your credit limit comes under review every six months, and if approved, it will be automatically updated to meet your spending needs. Thanks for your message.

The_Boss

I would suggest that the answer is in your signature

Tondella

The debt is shared between my partner and I, and so isn't sat on my credit rating, however I take your point, I earn £26k a year and have about £10k of the debt on my cards at the moment.

dennyboy

Why not request again through the online facility (if its working). It may have just been someone in the office who couldn't be bothered getting off their seat! nothing to loose, don't think they do a credit check for this. They can only say no again, just play dumb and say u never got the e-mail. Did you get the reply from your secure account or by private e-mail which you sent the question?

SixStar_2

Give them a call, I worked there (about 2 years back) and discuss it with someone - ask for the Credit department - they won't want to put you through but be persistent (it's policy for the call centre not to transfer you through!).
Basically your limit is automatically review every 6 months and any requests within 6 months of each other are automatically declined... hope this makes sense?

YorkshireBoy

dennyboy wrote:

...don't think they do a credit check for this.

According to Egg, they 'can' search you for each and every request you make...

http://new.egg.com/visitor/0,2388,3_11084--View_152-bID_ECActivatingCardFAQ-dva_1,00.html#ifiaskyoutoconsideranincreasetomycreditlimit,howdoyouassessmyrequest?

Tondella

Thanks guys. hmm, I don't want repeated credit searches coming up on my record if the answer is still going to be no. My OH has a life of balance offer with Amex and some of my balances are coming to the end of their offer period so I can see what the effect of shifting these over to him will be and then maybe try again. I guess if the amount of credit I currently have is the problem then they must have done a search on my records?

If none of the above works then what can I do re: SBT. OH has £6k on a loan that we can overpay and not get penalised. Can I do repeat SBT's during my anniversary period (i.e £1.5k (current Egg credit limit) then transfer to a life of balance card and SBT another £1.5k over until the loan is gone?)

dennyboy

YorkshireBoy wrote:

According to Egg, they 'can' search you for each and every request you make...

http://new.egg.com/visitor/0,2388,3_11084--View_152-bID_ECActivatingCardFAQ-dva_1,00.html#ifiaskyoutoconsideranincreasetomycreditlimit,howdoyouassessmyrequest?

I increased mine about 2 weeks ago with Egg to 15K, no check for this was put on my Experian file!, checked this yesterday, so not sure here what happens, but can safely say I had no search done, Automatically increased my limit as soon as requested it to.

The_Boss

Yeah, Egg do credit search you for an increase so its almost better to just apply for another card.

On the other hand, if they voluntarily increase your limit, then no search is done. So you could sit pretty and hope for the best. Chances are, they will wait till after the anniversary period has expired though.

Tondella

Chances are indeed. I'll wait to see whether they are more specific about the reasons for my refusal by email and then I'll have a crack at phoning them up and seeing if they'll do it for me. I'd just blithely assumed that all would be ok. Nuts!

[Deleted User]

Tondella wrote:

Thanks guys. hmm, I don't want repeated credit searches coming up on my record if the answer is still going to be no. My OH has a life of balance offer with Amex and some of my balances are coming to the end of their offer period so I can see what the effect of shifting these over to him will be and then maybe try again. I guess if the amount of credit I currently have is the problem then they must have done a search on my records?

If none of the above works then what can I do re: SBT. OH has £6k on a loan that we can overpay and not get penalised. Can I do repeat SBT's during my anniversary period (i.e £1.5k (current Egg credit limit) then transfer to a life of balance card and SBT another £1.5k over until the loan is gone?)

Can't you just transfer 4.5k from LOB card to egg and then SBT 6k out to your current/loan account? The egg card would be 4.5k in credit when you did the transfer.
O I think egg restrict BTs to 95% of limit so would need 4600 from LOB card and would leave you 1400 in the red on egg.