Banks Illegally increasing credit card limits

henrik1971

thenudeone wrote: »

Don't agree at all.

Available credit as a proportion of income is one of the factors used in scoring credit applicants

If you have lots of cards with large free credit available, it will make it more difficult to get more credit.

Don't agree with this at all.

I have combined credit limits at around 200% of my annual income, and companies are continuing to offer me high limits on new cards. Opened a NatWest MC a couple of months ago, they gave me a 10,500 limit. Last week Barclaycard Platinum offered to increase my limit from 3000 to 10,000.
I'm currently utilising about 15% of my available credit.

Degenerate

Deleted_User wrote: »

If the torture he's received so far is not meeting his expectations and he paid for it on his card, he should be able to claim this back under section 75.

However, torturers are often deliberately vague over the precise kind of torture you'll be enjoying, so he will need to prove he was mis-sold.

Don't forget that the torture must have cost over £100 to be eligible.

Tixy

Whormsley wrote: »

Don't agree with what?

Asking to lower your credit limit CAN have a negative impact. Nothing to disagree with there, it's fact.

It also CAN have a positive impact.
It all depends on an individual's financial position and credit file, sometimes lowering a limit will help a person obtain new credit. Its also possible that an increase in a limit can help a person obtain new credit.

meer53

Lenders do look at how much available credit a person has if they are requesting any further lending. If they have a large amount of unused credit, why are they asking for more would be one of my first questions. Plus if i do agree to any more lending, whats to stop them going off and using all the other available credit they have ? Leaving them up to their limits on everything ? Nothing.

thenudeone

Whormsley wrote: »

Don't agree with what?

Asking to lower your credit limit CAN have a negative impact. Nothing to disagree with there, it's fact.

It's not fact. In some circumstances it can work for you; in other circumstances it can work against you.

I know from conversations I have had with with card companies that I have been declined for credit in certain cases because I have too much available credit. I have a perfect payment record but my available credit is over 100% of income, even though the balance owing is only about 40% of income.

So the answer to whether or not it is better to have more free credit depends on the lenders' own view as well as what other credit you have, but I will stick with my statement that having large amounts of unused credit can have a negative impact.