Barclaycard's mean credit limit ?

steveharvey2001

I recently applied for a Barclaycard which I intended to use to purchase a self assembly conservatory kit costing £3,800 so that I would have the purchase protection in case of bankrupcy of the supplier or other dispute over the product.

I have had Barclaycards in the past over a period of over 20 years from the late 1970s to the late 1990s, never missed a payment and had credit limits sometimes as high as 6 months salary (which I never used due to their high APR). I still have a perfect credit history with no missed payments of any credit cards, loans, mortgages etc.

Unfortunately, when the card arrived, the credit limit was only £3,000, which is less than 1 month's gross salary, and not enough to even purchase the kit.

I have tried to raise the limit to £4,000 using the online reqeust button and also via the telephone call centre, but each time it has been refused.

Is this typical of Barclaycard, and other issuers today ??

Little_Chicken

Not much help - but I have always found that Barclaycard give low limits, so don't use them anymore. Whereas other lenders usually give me between £7k-£10k. They once gave me a poxy £500!!!

TFD_2

So just to re-cap... is this currently your only credit card?

You say you have a "perfect credit history" - just because it shows no missed payments doesn't necessarily make it "perfect" in the eyes of the banks, if there is not much active credit showing on it.

If you do have other credit cards / loans / etc then Barclaycard will have factored in your existing debt when making a decision on your initial credit limit.

After 6 months or so, Barclaycard will often look to increase the credit limit, but I understand that's not much help.

bingy_burge

10k to 700 they must have seen to many searches or decided based on your profile you had to much credit avaiable/used.

They gave me a higher limit the cap1.

There are rate hikes and lower limits because of are crazy legal system..... You can rape an old lady get 12 years be back free as a bird within 6 years.

The same type of person can take out credit spend the money happily and then get advice on the net to wriggle out of any responsiblity of paying it back because of a slightly wrongly worded agreement. These people arent stealing from the banks they are stealing from you me as we get the cost of are borrowing put up. Its the same with shop lifting we pay for in increased prices.

Niether to me a the actions of someone with any morrals!!

steveharvey2001

This is my only active credit card and my wife has NO credit in her name. I have had other cards over the last few years, but all paid off now and have no other loans except a mortgage balance of 55K on a 250K+ property... and have recently finished paying for a £2500 36 month personal loan and a £1800 48 month furniture loan all paid via direct debit without missing a payment.

YorkshireBoy

steveharvey2001 wrote: »

I recently applied for a Barclaycard which I intended to use to purchase a self assembly conservatory kit costing £3,800 so that I would have the purchase protection in case of bankrupcy of the supplier or other dispute over the product.

It's not necessary to pay the whole amount by credit card to enjoy section 75 protection.

A small deposit (even £1 if they'll take it) buys you your 'insurance policy', so long as the total invoiced price is more than £100 and less than £30,000.

Problem solved.

TFD_2

Ok so you currently have no credit cards or loans. And the recent loan / HP you had were both very small.

This doesn't give a lot for Barclaycard to go off, hence a moderate credit limit.

The lack of late payments is good, but it doesn't make a perfect credit record. A lender would rather see some active, correctly managed facilities.

never-in-doubt

bingy_burge wrote: »

The same type of person can take out credit spend the money happily and then get advice on the net to wriggle out of any responsiblity of paying it back because of a slightly wrongly worded agreement. These people arent stealing from the banks they are stealing from you me as we get the cost of are borrowing put up. Its the same with shop lifting we pay for in increased prices.

Niether to me a the actions of someone with any morrals!!

Utter nonsense - you keep spouting rubbish like this yet have no idea of the actual facts at hand do you?

1. It is not wriggling out of anything, it is a legally binding contract pursuant to the Consumer Credit Act 1974 - if it does not conform then it can be unenforceable which means the debt cannot be pursued. Nothing whatsoever to do with wriggling out of anything!

2. These people are not stealing from anyone - learn the meaning of the word theft before you try and argue this point :mad:

3. The fact that debt is written off has no bearing on you or rates you pay - if you apply for a product and get a high quote (APR) then look in the mirror at your own credit status - don't blame others! The facts of the matter is that debt is written off against profits for the company - you are not charged anything extra!

4. Learn the facts before you preach your rubbish! :rolleyes:

LeeSouthEast

What YB said - you only need to pay a small amount on a credit card to get protected. The whole amount is unnecessary.

bingy_burge

never-in-doubt wrote: »

Utter nonsense - you keep spouting rubbish like this yet have no idea of the actual facts at hand do you?

1. It is not wriggling out of anything, it is a legally binding contract pursuant to the Consumer Credit Act 1974 - if it does not conform then it can be unenforceable which means the debt cannot be pursued. Nothing whatsoever to do with wriggling out of anything!

2. These people are not stealing from anyone - learn the meaning of the word theft before you try and argue this point :mad:

3. The fact that debt is written off has no bearing on you or rates you pay - if you apply for a product and get a high quote (APR) then look in the mirror at your own credit status - don't blame others! The facts of the matter is that debt is written off against profits for the company - you are not charged anything extra!

4. Learn the facts before you preach your rubbish! :rolleyes:

Yes losses like this have no bearing on rate rises!! Yes I am sure they never think we will offeset losses with increased cost of borrowing to other customers we will just take these bad debts on the chin...

How can you justify that ?

If you take credit and have goods and services in good faith then finding a error in a credit agreement as an excuse not to pay back a penny is theft as you have no intention of paying for what you have had. IE You have the cash from the lender and you don't pay back a penny you have intentionally deprived the lender of that cash so basically theft!

If you paid back what you borrowed with no interest as the agreement was uninforcable at least you would have paid for what you had.

I thinks its wrong to just not pay an penny over an error in contract. They lent you the cash in good faith.

never-in-doubt

All i'm saying is that in the eyes of the law, if the agreement is not binding then it becomes unenforceable. Morals (i.e. what you think) doesn't come into things and so the law remains.

Laws win in court - morals do not. If the banks cannot issue a legal document then why should you pay it when the law backs the fact that you may not be liable to pay it!