Lloyds Pre Approved Credit Card

Cash_Flow

ICan'tStandIt wrote: »

It's the Lloyds TSB Premier account that is £25 per month, but either way these accounts don't provide good value for money. And as for "qualifying" for the account, you just need a regular wage.

Fair enough, credit cards have their uses regardless of a person's bank balance, but I still think it is rather vulgar to be so specific about how much someone has. It's not a jealous reaction.

I know for a fact that you are wrong with regards to criteria for premier account, I hold a platinum account and I am unable to upgrade to premier;)

Moggles_2

Voyager2002 wrote: »

I was once in a similar position to the OP. Egg declined my application for a credit card: I then opened a savings account with them and put plenty of money into it. Then I telephoned and got to speak with one of their decision-makers (an underwriter I think) and told her how much I had on deposit with them. I got the card pretty quickly.

This could be coincidence, couldn't it?

Credit card providers don't have access to savings account balances (due data protection regs) unless you send them documentary evidence of course.

OTOH, lenders would know if your current account(s), overdrafts, loans etc were poorly managed, as negative data involving credit facilities is normally reported to at least one of the CRAs.

Innocent_Guy

Moggles wrote: »

This could be coincidence, couldn't it?

Credit card providers don't have access to savings account balances (due data protection regs) unless you send them documentary evidence of course.

OTOH, lenders would know if your current account(s), overdrafts, loans etc were poorly managed, as negative data involving credit facilities is normally reported to at least one of the CRAs.

If you were to be declined you would just sent the underwriters a copy of your savings account statement

never-in-doubt

Moggles wrote: »

Credit card providers don't have access to savings account balances (due data protection regs) unless you send them documentary evidence of course.

.

They do when it is part of the same group of companies, such as RBS savings or RBS cards / likewise HSBC savings and HSBC Cards.....

thus i'd assume that Egg have the same principles.....

never-in-doubt

Innocent_Guy wrote: »

If you were to be declined you would just sent the underwriters a copy of your savings account statement

exacterly mondeo :beer:

Innocent_Guy

I have an old account with Llyods that I have meant to close but I may see if they pre-approve anything. If not I'll run the account for a few months

Moggles_2

never-in-doubt wrote: »

They do when it is part of the same group of companies, such as RBS savings or RBS cards / likewise HSBC savings and HSBC Cards.....

This came as surprise to me too. Like you, I assumed they had access to this data, but this is not the case (unless the customer volunteers the information of course). As I said, they will certainly find out about any nasties involving credit facilities though, as these are normally reported to at least one of the CRAs.

If somebody with a default on file (like the OP), could get accepted for a credit card by paying lots of money into a savings account, those who could afford it, would be doing it. Unfortunately, it doesn't work.

never-in-doubt

Moggles wrote: »

This came as surprise to me too. Like you, I assumed they had access to this data, but this is not the case (unless the customer volunteers the information of course). As I said, they will certainly find out about any nasties involving credit facilities though, as these are normally reported to at least one of the CRAs.

If somebody with a default on file (like the OP), could get accepted for a credit card by paying lots of money into a savings account, those who could afford it, would be doing it. Unfortunately, it doesn't work.

I see, it makes sense but I just assumed they'd share the data - maybe then, this is why when you apply to places like natwest they offer you a credit card and loan and savings all at the same time so they can probably get away with it then.....

Also, assuming you use online banking - surely the lender (assume tesco PF) would be able to see your credit card, isa and e-savings account all in there? wouldn't they?

LOL - now i'm confused - so much so i'll ring hsbc plus now and ask em! BRB (lets see what they do, at least that will help even if a little) but I agree, the DPA should restrict the sharing of data but worth knowing factually I guess.... brb

Innocent_Guy

never-in-doubt wrote: »

I see, it makes sense but I just assumed they'd share the data - maybe then, this is why when you apply to places like natwest they offer you a credit card and loan and savings all at the same time so they can probably get away with it then.....

Also, assuming you use online banking - surely the lender (assume tesco PF) would be able to see your credit card, isa and e-savings account all in there? wouldn't they?

LOL - now i'm confused - so much so i'll ring hsbc plus now and ask em! BRB (lets see what they do, at least that will help even if a little) but I agree, the DPA should restrict the sharing of data but worth knowing factually I guess.... brb

Be interesting what they have to say

never-in-doubt

HSBC said that their card services team cannot view savings accounts but in case of query they would ring through to the account holding branch for verification if they used this as part of any assessment.

I guess that she means that if they declined me a CC then I said I have 50 grand in the bank that they'd reconsider as the branch would confirm it was true. She then went on to say if that was the case then she'd recommend applying in the branch as they'd 'force it through'.....