Leeds credit card - pointless credit limit!

angel.cake_2

I applied for a Leeds credit card with a 5.9% rate for the life of a balance transfer. I stated that I wanted to do a £3k transfer on the application. I have just received my card today with a £500 credit limit! Completely pointless, especially since I had already said what I wanted to transfer.

My salary is £30k and my debts amount to about £7k (of which I wanted to move £3k to the Leeds card). My mortgage is paid on time and has never been in arrears. I have always paid well above the minimum rate every month.

I just called them to say I didn't want to keep the card as the credit limit was pointless for what I wanted. They have just tried, unsuccessfully, to keep me as a customer by saying they will review it in six months when I have built a "relationship" with them, or I could use the card now for purchases and get "added protection" from using a card. Great, a card on my credit record that I don't even want to use for purchases!

Also rather cheeky to say I must do the balance transfer within 60 days when it is going to take them 6 months to increase my limt, then they may decide to offer me a £750 limit.

I wonder how much you have to earn to get a £1k credit limit from Leeds.......

sharpy2010

angel.cake wrote: »

I applied for a Leeds credit card with a 5.9% rate for the life of a balance transfer. I stated that I wanted to do a £3k transfer on the application. I have just received my card today with a £500 credit limit! Completely pointless, especially since I had already said what I wanted to transfer.

My salary is £30k and my debts amount to about £7k (of which I wanted to move £3k to the Leeds card). My mortgage is paid on time and has never been in arrears. I have always paid well above the minimum rate every month.

I just called them to say I didn't want to keep the card as the credit limit was pointless for what I wanted. They have just tried, unsuccessfully, to keep me as a customer by saying they will review it in six months when I have built a "relationship" with them, or I could use the card now for purchases and get "added protection" from using a card. Great, a card on my credit record that I don't even want to use for purchases!

Also rather cheeky to say I must do the balance transfer within 60 days when it is going to take them 6 months to increase my limt, then they may decide to offer me a £750 limit.

I wonder how much you have to earn to get a £1k credit limit from Leeds.......

Finished??

izools

It might be worth applying for another card sharpish before this one appears on your credit file (takes upto two months from account opening to appear on your file)

angel.cake_2

sharpy2010 wrote: »

Finished??

Problem???

angel.cake_2

izools wrote: »

It might be worth applying for another card sharpish before this one appears on your credit file (takes upto two months from account opening to appear on your file)

I am hoping it won't show up as I have cancelled within the 7 days.....

Cash_Flow

angel.cake wrote: »

Problem???

You should of applied for a credit card from a bigger player in the market.

angel.cake_2

Cash_Flow wrote: »

You should of applied for a credit card from a bigger player in the market.

Yes, I did think that when I saw the credit limit! It was only because they were doing a good balance transfer rate but obviously that is not the thing to go for, I will look at the larger banks.
:idea:

savagej

I notice it is issued by Barclaycard.

I have an inital card that is not yet 6 months old and I beleive it is an auto-reject for the other two barclaycards you can hold the breathe and simplicity if you apply before 6 months.

Does anyone know if this also applies to cards they issue on behalf of other organisations?

I would call and ask Barclaycard applications line, but I have a feeling they wont have clue what I mean.

Cash_Flow

angel.cake wrote: »

Yes, I did think that when I saw the credit limit! It was only because they were doing a good balance transfer rate but obviously that is not the thing to go for, I will look at the larger banks.
:idea:

Do you have any other credit cards?

If the answer is yes who are they with?

Welcome to the forums by the way:grouphug:

Cash_Flow

savagej wrote: »

I notice it is issued by Barclaycard.

I have an inital card that is not yet 6 months old and I beleive it is an auto-reject for the other two barclaycards you can hold the breathe and simplicity if you apply before 6 months.

Does anyone know if this also applies to cards they issue on behalf of other organisations?

I would call and ask Barclaycard applications line, but I have a feeling they wont have clue what I mean.

Well spotted:D

izools

What do the total limits on your cards add up to? If you have exposure to a large amount of credit (even if it is not being used) then new lenders would be weary extending you further lines of credit.

As a rough guide, creditors don't like to see applications "exposed" to more than half their salary in terms of credit, so if you earn £30K, and already have £15K or more total credit limits you may get a low limit wherever you apply