Closing credit cards/reducing credit limits - an opposite view

The_Boss

Ok, bit of news

Checked my Experian to see if my new credit limits were recorded, and they all were.

So I applied for a M&S credit card, who had previously declined me almost two years ago, and I was accepted.

My first acceptance in almost two years. After my credit limits were increased from what they had been.

My advice is simple - dont cripple your ability to get credit by reducing limits and closing several cards at once. It really isnt worth it. Now I have proof of the cause, I hope others can learn from this too.

wayoflife

The_Boss wrote: »

So based on internal systems, these guys are more than happy. But when it comes to credit searches, something is clearly wrong and I still cant work it out. Recent Equifax and Experian reports show nothing negative, only positive

This is right, I think the whole thing is a mindfield!

I appreciate the argument that credit is not a right, it is a priveledge. Ok fine... but we, as consumers should have the right to understand correctly exactly how credit scoring works, and exactly why you are turned down, there should be much tighter regulations put on this.

At the end of the day if no one spent any money on the credit cards then the credit cards wouldn't have any money, so I dont think people should accept "computer says no" and demand an adequate response.

Even when you talk to the advisers in Experian they do not advise you except for very generalised, "well you could do that that will probably work" This is not right and I think that there should be something started up to fight this...

The other thing I think is wrong is the fact that they suggest to you that you should get a credit report which (ok you can get them for free sometimes) you have to pay for and there is something wrong, that was not your fault (I have found this myself) You have to spend money on photocopies, letters, phonecalls and your time to sort something out that is not your fault!

I feel so strongly about this I will start this in a new thread!! What do you think?

The_Boss

wayoflife wrote: »

I feel so strongly about this I will start this in a new thread!! What do you think?

Go for it!

Chrysalis

what gets me hacked off is when I get told to pay for a credit report only to find the thing has nothing on it. So its clear they use something else but seems procedure to just tell the customer to get a credit report. I do wonder if commisions is paid for reffering people to buy credit reports.

mojo_jojo

I just got rid of my MINT card as I haven't used it in a long time. Had £7500 credit limit on it. Replaced it with a new Capital One cashback card.

My question is, Is it best to wait a couple of months before getting rid of my Morgan Stanley card? It has a £10k limit.

SarahNeedle1872

Hi The Boss,

I've just read ur thread from start to finish, and I think ur situation is ludacris (sp?).... U say u have an excellent credit file, yet u have been declined so many times! That just goes to prove that the whole thing is a complete minefield!!! Surely there must be some kind of 'industry standard' for how the 3 CRA run the files?
I'm glad u finally got accepted for something, maybe ur file has fixed itself now? (I know, stupid statement!!!)
I've closed down two of my CC (MS and Sains Bank) a couple of weeks ago, taking £7300 off may available credit - I'm a bit worried now after ur experience that I've had an adverse affect on my credit rating, as I may need a 0% deal in the future
Anyways, best of luck for the future....
Sarah x

wayoflife

SarahNeedle1872 wrote: »

Hi The Boss,

That just goes to prove that the whole thing is a complete minefield!!! Surely there must be some kind of 'industry standard' for how the 3 CRA run the files?

I totally agree with this Sarah, The answer is there isn't, and if you have problems on your credit file not due to yourself, you will have to pay to fix this. please see my thread, SAY NO TO COMPUTER SAYS NO.


I'm glad u finally got accepted for something, maybe ur file has fixed itself now? (I know, stupid statement!!!)

You should work for the credit card companies!!! hehe only joking!


I've closed down two of my CC (MS and Sains Bank) a couple of weeks ago, taking £7300 off may available credit - I'm a bit worried now after ur experience that I've had an adverse affect on my credit rating, as I may need a 0% deal in the future

What kind of averse credit is it? if you need any help sorting this out then ask, I have had to sort my file and my g/f's which wasnt an easy task!!! there are a number of things you can do which will help...please ask if you have any worries

Anyways, best of luck for the future....
Sarah x

The Boss- I think you have highlighted a major floor in the whole credit industry, it may be a freakish co-incidence that you have been declined at the same time as you reduced your credit and cancelled it...but I dont think so....Thanks for your support in my thread mate and Im glad you have finally come to some resolve...

Cheers

The_Boss

Yep, onwards and upwards for me now hopefully.

The_Boss

On Friday I applied for another credit card (Goldfish).

I was also accepted for this.

The proof is now pretty much irrefutable now.

jay78

Anyone else had a similar experience to this?