Barclaycard surprise - how?

Foxywarrior

To give a bit of background I am a recovering compulsive gambler (not had a bet for over 2 years now) and got into a fair bit of financial trouble. With the help of Gamblers Anonymous I sorted out my financial mess with a debt management plan that I completed just over a year ago (previously I had an IVA -now completed and no longer on my credit file).
I still have the defaults showing on my file although over the past year have cleared down a lot of accounts and not missed a single payment on anything. According to Experian I am still in the Poor category with a score of 620 (I know it can mean diddly squat).

I applied online yesterday for a Barclaycard Platinum with interest free transfers from other cards of 33 months and an interest rate on purchases of 17.9% as the pre-checker suggested I had a very good chance of acceptance.
I have a vanquis card with nearly a 3k balance and a ridiculous interest rate of over 45% so thought it was worth a shot, expecting to be declined.

To my utter surprise I was accepted but what shocked me the most was my credit limit. I was expecting 1k max but instead have 8.1k :eek: So I can transfer and get rid of my Vanquis card and have a further 5k left over.

I don't intend to ever use that limit as I am comfortable with my income and expenditure but how the hell has Barclaycard decided I am worth a Platinum card with an £8,000 limit?
Not complaining, just curious.

reclusive46

From what others have posted. Barclaycard doesn't seem to mind a bad past too much as long as your credit history from the last year or two is good. Unlike some lenders they aren't too fussed about what happened 4 or 5 years ago.

I don't know what your income is but an 8K credit limit isn't all that high, I know many people including myself with credit limits over 10 or 20k.

chattychappy

Foxywarrior wrote: »

how the hell has Barclaycard decided I am worth a Platinum card with an £8,000 limit?
Not complaining, just curious.

Perhaps they're gambling on your paying it back?

Sorry couldn't resist...:D

Foxywarrior

reclusive46 wrote: »

From what others have posted. Barclaycard doesn't seem to mind a bad past too much as long as your credit history from the last year or two is good. Unlike some lenders they aren't too fussed about what happened 4 or 5 years ago.

I don't know what your income is but an 8K credit limit isn't all that high, I know many people including myself with credit limits over 10 or 20k.

Thanks, I earn a lot (I am close to and creep over the 40% tax bracket) but 8K on a card is a lot for me!!
Guess I can look forward to limit increases every now and again, even if I don't intend to use it

Foxywarrior

chattychappy wrote: »

Perhaps they're gambling on your paying it back?

Sorry couldn't resist...:D

Haha, no more of that from me!!

Nasqueron

Foxy,

I was on about 16.5k when I applied for a Nectar Amex through Sainsbury's - I already had 8850 limit on my bank's issue CC (was rarely used much - about 500-600 quid on average - I live inside my means - just whacked everything on the CC for the cashback!) - Amex gave me 13.7k - I do have a "perfect" credit record but even so, that limit was utter nonsense - sometimes they just seem to want you to run up massive debts and pay the minimum each month!

redpete

Well done for dealing with the gambling - but if I were in your position I would ask Barclaycard to reduce the limit on the CC to the amount you need to cover the transfer and (if it allows spend without messing up the repayments and 0%) what you *need* for regular spending. That way it removes the temptation of using it.

bengal-stripe

Foxywarrior wrote: »

To my utter surprise I was accepted but what shocked me the most was my credit limit. I was expecting 1k max but instead have 8.1k........

Don't count your Barclay chicken before they're hatched.

There have been numerous postings here on the forum where people got accepted for an account, had even received card and PIN and out of the blue, Barclaycard said: We don't want you as a customer and have closed your account."

moshoodo1

Well said @bengal-stripe, Barclays are known for closing the account shortly after approval, I think they have 2 verification stages. alot of stories about them.

even someone on here spent on the card already before receiving the closing letter. please dont get me wrong as am not saying this will happen in your situation, just to make you aware.