Lloyds hestitant about increasing my credit limit

purplebanna

I got my first credit card with Lloyds just over a year ago (Air miles duo) with a £2k limit, and have since spent about £14k on it and have always paid it off in full by direct debit. Like many of you, I got this for the rewards, and to build my credit rating.

I've recently had a few large purchases to make (holiday, £2000 camera, few bits for the car alongside the normal £1k a month outgoings I seem to have) so I thought I'd get my credit limit inreased and cash in on the air miles rewards.

I went into the branch and their system said I have an internal score of 1 (the best) and was entitled to a £5,500 limit, but due to new policies they'd have to get it authorised by the credit card department.

The chap at the bank called them on my behalf and put me on the phone, they asked why I wanted my limit increasing which is fair enough, but they wasn't satisifed my with answer (the same as I've just given you). The woman was hestitant as to why anyone needs a £5,500 credit limit in this economic climate and put me on hold while she debated it with a colleague.

After some more messing around I said I'd leave it as they obviously weren't happy. So, why when the computer says yes, their staff say no?

redpete

purplebanna wrote: »

So, why when the computer says yes, their staff say no?

Because relying on just the computer y/n left some customers frustrated when they were told No and left the bank with some defaulting customers after their Computer said Yes - so they refer more borderline decisions to humans who can take a more 'fuzzy' approach and on balance be more satisfactory to them and customers.

bigkev68

British people kick up a massive fuss when banks lend irresponsibly and do the same when they get declined for credit.
the banks are damned if they do, damned if they don't.

opinions4u

purplebanna wrote: »

I got my first credit card with Lloyds just over a year ago (Air miles duo) with a £2k limit, and have since spent about £14k on it and have always paid it off in full by direct debit. Like many of you, I got this for the rewards, and to build my credit rating.

I've recently had a few large purchases to make (holiday, £2000 camera, few bits for the car alongside the normal £1k a month outgoings I seem to have) so I thought I'd get my credit limit inreased and cash in on the air miles rewards.

I went into the branch and their system said I have an internal score of 1 (the best) and was entitled to a £5,500 limit, but due to new policies they'd have to get it authorised by the credit card department.

The chap at the bank called them on my behalf and put me on the phone, they asked why I wanted my limit increasing which is fair enough, but they wasn't satisifed my with answer (the same as I've just given you). The woman was hestitant as to why anyone needs a £5,500 credit limit in this economic climate and put me on hold while she debated it with a colleague.

After some more messing around I said I'd leave it as they obviously weren't happy. So, why when the computer says yes, their staff say no?

They no longer rely on the computerised decision - the merely use it as a guide.

As you appear to be spending more than you're earning, it looks like a sensible intervention.

coolesticeking

Add me to your account please - I would love an internal score of 1 but i'm working on it!

purplebanna

opinions4u wrote: »

They no longer rely on the computerised decision - the merely use it as a guide.

As you appear to be spending more than you're earning, it looks like a sensible intervention.

How did you come to that conclusion?