A bit of a rant about Argos Store Card!

JodieUK

I was just wondering if this had happened to anyone else....it doesnt apply to just argos store card, but was something I was (perhaps niavely) unaware of.

I have had an argos store card for about 7 years....never a missed payment, never a problem, last month without asking they even increased my limit to over 2k...

my credit rating has somewhat decreased due to arrears with a loan i have (i only owe them £200 but to me that's a lot of money and excess i just dont have from my pay each month, so bit by bit Ive got it down to this)

anyway argos, this month "reviewed" my account without telling me or me having a clue - i went to buy my brother a washing machine online and it wouldnt work, after an hour on the phone and talking to numerous people I was told that in fact, my whole credit facility had been taken from me. why, when my account is run perfect...because now I fall short of there criteria for a card? but ive had it for so long, maintained a good history with them, and even last month they increased my limit - surely they take external factors in to consideration when deciding that - and if not is this not irresponsible lending???

anyway, anybody had this happen and can I appeal? or is it just done now - Ive always bene careful not to close accounts (have just a little bit on this card - but am well aware that my rating would not get me any new credit - but thought i was safe with what was existing???) :mad:

ILW

Your too skint to keep up payments on a loan, yet you try and buy your brother a washing machine?

JodieUK

yes, on buy now pay 6months later with my brother having a standing order to pay it off, kind gesture i thought. My payments on my loan were due to being made redundant last year until then my credit rating was flawless. i am not skint, in fact i have just had a very big promotion, however due to other comittments I have yet to have the extra £200 to pay these final arrears.

LeeSouthEast

Quite normal. Your overall credit profile is used to determine your suitability for other (unrelated) credit products. You need to manage your entire credit life well to keep everything open to you.

Sorry to be the bearer of bad news

JodieUK

ah well, i mean in all fairness the card was just there for unforseen circumstances, or if my brother needed a washing machine to stop washing his smalls in the sink ;-) i dont want or need the card really, its the principle, a letter would have been nice... or during the 1 hour telephone conversation if someone told me. still a letter of complaint for bad customer service will be going there way, with a call to refund the price of the unproductive phone call.

nickmack

JodieUK wrote: »

anyway, anybody had this happen and can I appeal? or is it just done now - Ive always bene careful not to close accounts (have just a little bit on this card - but am well aware that my rating would not get me any new credit - but thought i was safe with what was existing???) :mad:

Credit is reviewed on a regular basis and in the current climate, even more so. The provider may have reviewed your account and deemed you at high risk of defaulting on payments, especially if they know of your loan arrears.

It seems a bit strange they increase your limit one month and then withdraw the facility completely the next, so there's a small chance it could be an error. Might be worth asking them to explain.

JodieUK

Thanks nickmack, I did explain this, they couldnt give me a straight answer - they said that as my card expires at the end of this month they had reviewed it before sending out a new one, decided not to....i still just assumed that when increasing my limit they would look at CRA to see if i was high risk, i mean it is irresponsible lending if im a high risk - i could have in that one month of having 2k available to me just bought myself a REALLY big telly or something then not paid it back. wish i had, the swines!

Bosie

Hello Jodie
As you say you have been a customer for 7 years,seems abit off to just remove the facility. If I were you I would check your credit files with Experian and Equifax, you could take up the offer these credit reference agencies have of a free trial?
Have a look if Argos have been searching your files unknown to you.
Good Luck with it.

Bo x

stephane_2

Creditors have been reviewing lending to all their clients and instead of reducing your credit limit they have cancelled your account so to that effect I would not be surprised they would have checked your file (with Argos probably Equifax) and thought that you were a high risk to them. If you have been with them for that long and managed your account well then it might be worth trying to appeal.

td_007

In this instance if the OP was not informed about the change in credit limit (ie taken away completely) then it is a cause for complaint. T&Cs usually provide for 14-30 day notice. Check your t&c and make a complaint if you have grounds.

HBOS4ME

Its been reduced because youre simply not credit worthy and dont fit the required customer profile :-)