banking gone crazy.

compo59

I Have just recieved a letter from Halifax saying they are going to increase my apr from 15.9% to 20% i rang them and asked why and they said its because more people want to lend me money or increase my card balances that makes me a greater risk to them even though i have a 100% credit score so be warned if you are asked by a credit card company to increase your limit think twice about it as aparently it effects your credit score, i dont know but is it just me that thinks this is plain crazy ?:mad:

opinions4u

And breathe.

Is your full stop keyboard button broken?

thegoodman

It make sense, the more credit you have in compare to your income, the greathet risk you are

mynameistallulah

opinions4u wrote: »

And breathe.

Is your full stop keyboard button broken?

It's crazy!

staffie1

I actually think it's responsible lending rather than the banks going crazy.

BugsyBrowne

compo59 wrote: »

I Have just recieved a letter from Halifax saying they are going to increase my apr from 15.9% to 20% i rang them and asked why and they said its because more people want to lend me money or increase my card balances that makes me a greater risk to them even though i have a 100% credit score so be warned if you are asked by a credit card company to increase your limit think twice about it as aparently it effects your credit score, i dont know but is it just me that thinks this is plain crazy ?:mad:

No idea what a 100% credit score is.

meer53

compo59 wrote: »

I Have just recieved a letter from Halifax saying they are going to increase my apr from 15.9% to 20% i rang them and asked why and they said its because more people want to lend me money or increase my card balances that makes me a greater risk to them even though i have a 100% credit score so be warned if you are asked by a credit card company to increase your limit think twice about it as aparently it effects your credit score, i dont know but is it just me that thinks this is plain crazy ?:mad:

You could always decline the increase couldn't you ? And no-one has a 100% credit score.

Gordon_Hose

If you don't want the increase just decline and transfer the balance out to a 0% deal.

Gromitt

Well, of course it does. The more credit you have access to, the less likely someone else is going to give you credit.

If you don't want the 20% APR, you can refuse it and stay at 15.9% (but of course the card will be closed to new transactions), or just transfer to someone else.

CLAPTON

Gromitt wrote: »

Well, of course it does. The more credit you have access to, the less likely someone else is going to give you credit.

If you don't want the 20% APR, you can refuse it and stay at 15.9% (but of course the card will be closed to new transactions), or just transfer to someone else.

maybe maybe not

so some-one who has difficulty in getting accepted for credit cards etc gets a lower APR than some-one who everyone else wants to lend to?

bizarre

meer53

CLAPTON wrote: »

maybe maybe not

so some-one who has difficulty in getting accepted for credit cards etc gets a lower APR than some-one who everyone else wants to lend to?

bizarre

Yes you do get to keep the lower rate of interest. BUT, the card cannot be used for any further spending, it will be blocked and remain blocked until the full amount owed is repaid.

All the card issuers are doing this now.