The Sub Prime Credit Thread - Part IV

BugsyBrowne

izools wrote: »

Does anyone know if HFC bank still exist / whether they still offer any credit cards? They're another Equifax only...

EDIT: GM Card... but the apply link has gone from their website

I know they did,the only one as you say is the GM card which you have to apply on the phone..
For the GM card now comes under HSBC.http://www.gmcard.co.uk/gm_card_application.do

DizzleUK

Isn't it time for part 5 of this thread? Part 4 has already outlasted part 3 by a few hundred posts! :beer:

izools

Just got off the phone to Barclaycard to find out why they reduced my limit from £1,150 to £850 - they said that my credit file indicates high levels of borrowing elsewhere.

All I owe is listed in my signature. Is that a lot for someone on a net monthly income of £1,150? I don't think it is. I wonder why Barclaycard do... they game me the higher limit when I owed more than I do now. Confuzzled...

BugsyBrowne

izools wrote: »

Just got off the phone to Barclaycard to find out why they reduced my limit from £1,150 to £850 - they said that my credit file indicates high levels of borrowing elsewhere.

All I owe is listed in my signature. Is that a lot for someone on a net monthly income of £1,150? I don't think it is. I wonder why Barclaycard do... they game me the higher limit when I owed more than I do now. Confuzzled...

Its nothing to do with high level of borrowing as yours shows you haven't that much,they see you as a risk..
If i was you i would check your report

sutton111

star-fire wrote: »

Mate flybe have just increased mine,you do know that it is not a search as in credit search,they just look at your report with no trace of a search atall.

They perform a "soft" search in table 2. These can't be seen by an lender.

Well they performed that on me.

izools

star-fire wrote: »

Its nothing to do with high level of borrowing as yours shows you haven't that much,they see you as a risk..
If i was you i would check your report

I do. As did Sygma whey they increase my Silver card limit on Thursday!

They specifically stated "because you have high levels of borrowing elsewhere". I've called back since and they've confirmed it's for this reason and not adverse...

TFD_2

izools wrote: »

Just got off the phone to Barclaycard to find out why they reduced my limit from £1,150 to £850 - they said that my credit file indicates high levels of borrowing elsewhere.

All I owe is listed in my signature. Is that a lot for someone on a net monthly income of £1,150? I don't think it is. I wonder why Barclaycard do... they game me the higher limit when I owed more than I do now. Confuzzled...

But when you bear in mind you have a week credit history, they will have a different idea of what is an acceptable amount of debt/lending for you earning £1150, and somebody else earning £1150.

Also your usage of credit is quite high - you are using around 70% of your total limits, which would also be a concern I'm sure.

A few years ago, Barclaycard cut my limit down from £1250 to £750 when I was earning nearly £40K a year. Now I have 4 Barclaycards with a total CL of £10K, and my credit file is a lot healthier...

izools

TFD wrote: »

But when you bear in mind you have a week credit history, they will have a different idea of what is an acceptable amount of debt/lending for you earning £1150, and somebody else earning £1150.

Also your usage of credit is quite high - you are using around 70% of your total limits, which would also be a concern I'm sure.

A few years ago, Barclaycard cut my limit down from £1250 to £750 when I was earning nearly £40K a year. Now I have 4 Barclaycards with a total CL of £10K, and my credit file is a lot healthier...

So when they say "high levels of debt elsewhere" they're probably referring to the fact I've taken out two cards in the last six months rather than having high levels of debt.

That would ring true as I got the letter from Barclaycard about two weeks after my Silver card appeared on my credit file.

But like I say, I owed more when Barclaycard gave me the card in November. Doesn't make sense when you take that into consideration.

BugsyBrowne

Izools Barclaycard are obviously being a pain in the bum,if they have now downed your limit to £850 dont you owe £850 on that card already..

izools

£748 at the moment. I would imagine they're waiting to drop it again next time I clear a chunk... which will be soon. I think the sooner I can pay it off and close it the better. As then I can apply for a Barclaycard Gold or Flexi Rate sooner

I have a flat mate now (sharing the costs) so it should be all gone in a couple of months