We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
"We're processing your application" - Halifax on a 'pre-approved' balance trf card
Comments
-
I will guess £250?johnsmith1890 wrote: »Anyone like to hazard a guess at what credit limit they offered him?0 -
-
At least he got the card although obviously the credit limit was useless for all practical purposes and disproportionate to the credit limit on his other cards.0
-
At least he got the card although obviously the credit limit was useless for all practical purposes and disproportionate to the credit limit on his other cards.
No, he didn't get it. He was notified of the credit limit in a letter prior to the card arriving, so when he rang up and they wouldn't budge he told them to stuff it. He's now got a hard search. No big deal, but being ultra cautious he won't apply for anything now for six months.
I can't understand it, myself. If they didn't want his business then just reject the application, but to offer an unusable credit limit (he already told them about the proposed balance transfer) is not far short of taking the 'you know what'. There's another thread around here somewhere about how bad Sainsbury's Bank is. To me, this sort of thing just confirms it. It's almost as if they're trying to run down the operation and turn customers away.
Anyway, apologies for the digression from the topic of the thread.0 -
Anyone could “propose a balance transfer” amount in order to try and jinx the system into giving you a larger limit.
Unfortunately that’s not the way it works0 -
Anyone could “propose a balance transfer” amount in order to try and jinx the system into giving you a larger limit.
Unfortunately that’s not the way it works
As far as I remember, and correct me if I'm wrong, but they normally ask you on the application form about any balance transfers you'd like to perform; amount and destination credit card/bank account. Then they proceed to carry out the transfer(s) without further confirmation.0 -
Interesting to see this thread.
Whilst Ben8282's point re: pre-approved is completely true (although incredibly misleading IMO - if they are soft searching and returning pre-approve, they should honour it unless they find something substantially different on full app - bad conduct internally etc they may not have picked up initially), I have to say I've had a similar experience.
Lloyds 'offered' me the Classic Card after credit scoring means I wasn't allowed the Platinum (fair enough, I never actually expected the platinum, but it was 50% so I whacked it through).
Showed me a £2k limit.... please enter your BT into.
Entered BT Info... then the message as per post 1, then declined the next day.
Currently going to FOS, as they're trying to say they didn't credit search me before offering the lower card - despite the screen clearly showing I couldn't have the good card because of my credit score/history!! But "we can offer you" Lloyds Bank Classic.
Will let you know what they come back with!
Whilst I appreciate credit isn't a right (I work in credit risk, and declining is an unfortunate part of the job), I believe every company should be clear and transparent.
When they have messed up, they should admit it. It's actually not important to me anymore (got what I wanted elsewhere), I just strongly feel these companies shouldn't be allowed to get away with messing people about. The more people that complain, the sooner they'll pack it in (we can hope....)0 -
johnsmith1890 wrote: »As far as I remember, and correct me if I'm wrong, but they normally ask you on the application form about any balance transfers you'd like to perform; amount and destination credit card/bank account. Then they proceed to carry out the transfer(s) without further confirmation.
The BT is carried out provided you get accepted with a high enough limit.
Otherwise it means anyone could write £50,000 to BT in in the hopes of getting a card with a £50,000 limit then not making the transfer.
I also believe the BT isn’t a binding part of the application process and if you don’t make the transfer or cancel it then the card cancels. That’s not the case.0 -
Somerset_La_La_La wrote: »Interesting to see this thread.
Whilst Ben8282's point re: pre-approved is completely true (although incredibly misleading IMO - if they are soft searching and returning pre-approve, they should honour it unless they find something substantially different on full app - bad conduct internally etc they may not have picked up initially), I have to say I've had a similar experience.
Lloyds 'offered' me the Classic Card after credit scoring means I wasn't allowed the Platinum (fair enough, I never actually expected the platinum, but it was 50% so I whacked it through).
Showed me a £2k limit.... please enter your BT into.
Entered BT Info... then the message as per post 1, then declined the next day.
Currently going to FOS, as they're trying to say they didn't credit search me before offering the lower card - despite the screen clearly showing I couldn't have the good card because of my credit score/history!! But "we can offer you" Lloyds Bank Classic.
Will let you know what they come back with!
Whilst I appreciate credit isn't a right (I work in credit risk, and declining is an unfortunate part of the job), I believe every company should be clear and transparent.
When they have messed up, they should admit it. It's actually not important to me anymore (got what I wanted elsewhere), I just strongly feel these companies shouldn't be allowed to get away with messing people about. The more people that complain, the sooner they'll pack it in (we can hope....)
The point in question here is that the “pre-approval” was for the rate and length. Not pre-approval for getting accepted for the application.
In your case you were probably soft searched - though I’m still unsure as to why you’re going to the FOS about it.
This seems to propose that everyone that gets declined for a card (pre-approved or not) should run to the FOS whenever they’re declined.0 -
I'd imagine I was hard searched, as I submitted a full app. 50% likely was the soft search, then full app submitted would be hard search for accept (Platinum), refer, offer different product (Classic) or decline.
Lloyds have recently came back and said they hadn't credit searched at all when they offered the lower card (which completely contradicts their previous message that I couldn't have the platinum card due to my credit score!!!).
Luckily I kept printscreens and have sent them in so am awaiting an "internal review". But yes, I do think running to the FOS is the right choice when lenders aren't being fair with customers....
For anyone that's seen it, Skybet's "Hasta La Vista Asterisk" adverts come to mind when I think of "pre-approval"!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.9K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.3K Work, Benefits & Business
- 616.4K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards