Can I find out my limit before I sign?

chattychappy

No they are not legally bound to tell you in advance. The terms of their offer are that they will give you a limit which can be altered from time-to-time. You can accept or reject that - it's not really unfair or, IMHO, falls into any of the other categories where the law might intervene. In fact you have a cancellation right too - so in a sense they do offer you a limit which you can reject.

I might think a bit differently if they took a non-returnable fee for acceptance only to give a ridiculously low limit. But the only "cost" is a slight detriment to your file through an extra search - and that has already happened.

samwsmith1

dizzyblonde82 wrote: »

Creation number is: 0871 200 0348 and they are open until 10pm

Sorry, just had to say:
http://www.saynoto0870.com/search.php

callum9999

Deleted_User wrote: »

Hi,

Signed up to a new Asda CC and been accepted and want to b/t as much of either £4300 or £3100 as possible in order to save appx 6% APR and go interest free for 12 months, but there's no detail in the agreement about my credit limit and they won't reveal it until I actually sign the agreement.
Is this right? I see it as signing up to something but not knowing the entirety of what I'm actually getting. Sort of like someone offering me a bag of oranges where they're telling me there's definitely at least 2 in there but maybe more and I need 6.
Are they legally bound to tell me what my offered limit is before I sign the agreement?
I haven't signed the agreement yet because I don't want to get it plastered onto my credit report for 7 years if they're only offering me something silly like 500 quid, which would be useless for my needs.
Anyone have any ideas or help?

Thanks!

They've already searched your credit report so it makes no difference whether you sign or not - its already on there.

And where does 7 years come from? Pretty sure mine come off after 1 year, and I think how many searches you have in the last 6 months is the most important indicator.

Curt.

izools wrote: »

A friend of mind found himself in a similar situation with regard to Halifax not so long ago.

They passed him through a specialist team who advised what his "provisional" credit limit was but couldn't grantee this is what he'd get should he sign and return the agreement. It was, however, exactly what he got when he signed and returned the agreement.

Yeah Halifax are awesome like that, they did the same for me before i signed and my limit is now 8 times what it was when i got it. The limit indication helped sway me to go for it all the more (plus the 9 month introductory offer) and have been very glad to have been with them ever since. Genuinly one of the good deeds done by a CC company or lender, makes sense and is executed well.

Same for my wife, they gave her an idea of what they were looking to lend, then gave her something pretty close to that, 100 more when the agreement was signed.

More lenders should do this imo.

YorkshireBoy

callum9999 wrote: »

And where does 7 years come from?

OP is referring (inaccurately because it's 6 years) to the time the account will be on their credit file if they sign the agreement.

Even if OP cancels within the 14 day period (by signing the cancellation section on their copy of the agreement), there's a good chance the account will still be registered as opened and closed within a very short period.

chexum

chattychappy wrote: »

I might think a bit differently if they took a non-returnable fee for acceptance only to give a ridiculously low limit. But the only "cost" is a slight detriment to your file through an extra search - and that has already happened.

What the OP seems to be concerned if they sign the CCA, they will create and start to report the account status to the CRAs. If they subsequently close the account, it will stay there as settled for 6 years. The searches fall off after a year, but if you have one settled account for £150 from two years ago, it may or may not affect lenders' deciding your credit limit...

I know that some specialty lenders won't start to report until after 90 days, and that Sygma for one may start it even before you receive the card...

So the real questions - what if you cancel the account in the usual 14 days - if they started reporting, will they remove the account from the CRAs?

If not, will a settled account's limit influence future credit limits offered by others?

izools

VTG - Have you called creation to find out your limit? Did you enter the balance transfer details in the online application?

savagej

I applied for an ASDA CC on-line and it got declined, the credit search say "Santander Cards, my name, address, date of birth, type credit card, limit £500", on my Experian Credit Report which I accessed the following day using Credit Expert.