Halifax Gave me a CC

cruzier

I just wanted to mention that last year I experienced a major drop in my wages which caused me to default on most of my loans as I am on arrangements with them, and I was faced with applying for credit cards with Vanquis, Barclays and Capital all who offered me cards at

Vanquis - 54%
Barclays - 29.9%
Capital One - 34.9%

However, I recently wanted to close these cards so I decided to apply for a Halifax ONE Credit Card (even though I knew it was hopeless), however, a few days later I got a letter saying I had been approved with an initial limit of £6,100 and 19.9% which was pretty good and they've given me 9months interest free on balance transfers

I have now been able to cancel my three other credit cards and also pay off some smaller arrangements off.

My concern is, did they approve me correctly? I am worried they will change their mind and demand all the money back. I bought my credit report and they are on there, but so it my other 6 defaults :-(.

Will they change their mind and any insight into why they may have approved me?

Chris

cruzier

Also £6,100 is the highest I have ever been offered eve when I had a perfect credit record. Am I missing something?

cruzier

Any ideas? thoughts?

ontheup_3

Do you bank with Halifax ??? If you do and run you account in a good manner they might have approved you because of that !!

As for taking it off you , yes they can as they can with any card no matter what your credit saying that if you make sure you keep up all repayments etc then i think you should be ok , try to clear the balance off within the 9 months so you don't get interest , if nothing else it will show your able to manage you CC

cruzier

See this is the thing, I have never banked with Halifax before.

I was just really desperate to get a credit card with 0% to get off of the high interest ones I was one so just crossed my fingers and felt that if I were to be declined would appeal and hopefully get one.

But literally 2 days later (the letter was even dated the day I applied) I got a letter saying I had been approved and to sign the agreement and send it back.

So I rang the number and asked them if it was correct and they said yes I had been approved for a Halifax ONE card with an initial limit of £6,100.

So I sent it back and got my card two weeks later.

Does anyone know how card companies base their credit limits on? £6,100 is the most I've ever had, beating my Egg card of £6k.

Im not moaning that I have got it I am thrilled and have been able to close my other credit cards down for good, but I was just worried they had made a huge mistake and how I was approved.

1882

Unless you told lies or made an error on the Halifax application form I wouldn't worry about it!

As far as I know there's no way (possibly legally but never morally in the view of the press) they could demand the money before the interest free period is up, assuming you pay at least the minimum required.

They could (and it does happen occasionally) reduce your credit limit - that would only affect future spending on the card not the current balance.

cruzier

Hey, no, made no errors, I've checked my credit record and they are already on their with september as 'ok'.

Its okay I was just worrying, but they've helped me out big time and got rid of those nasty high interest credit cards.

I spoke to a man yesterday and he even said that on 20th February 2008, they will be able to reduce my initial APR to a lower one and increase my limit as long as I have maintained my account.

Just curious is £6,100 a high limit? What do they base it on?

CopperPlate_2

You sound like you're a bit concerned with a limit of that amount? If it's an issue for you, you can always call up and ask them to reduce it to a less 'intimidating' amount?

cruzier

CopperPlate wrote: »

You sound like you're a bit concerned with a limit of that amount? If it's an issue for you, you can always call up and ask them to reduce it to a less 'intimidating' amount?

But will that give me a worse reputation with them? It is quite high and I do worry about it, as I am recovering from experiencing financial hardship.

inmypocketnottheirs

cruzier wrote: »

But will that give me a worse reputation with them? It is quite high and I do worry about it, as I am recovering from experiencing financial hardship.

There is no problem associated with calling and asking them to lower your credit limit, but probably be a good idea to have a figure in mind first.

YorkshireBoy

inmypocketnottheirs wrote: »

There is no problem associated with...asking them to lower your credit limit...

Be aware though, that should you change your mind later, Halifax will then not consider raising it again for 6/9/12 months - even if you ask for the original limit reinstating (as has been reported many times on this board).