'100% guaranteed acceptance' from Lloyds TSB

The_Boss

I have just received a letter from Lloyds TSB saying that since I am a valued customer (I opened a current account in January that I have about a tenner in), they will give me one of their classic cards with a guranteed acceptance and minimum credit limit of £1000.

They dont want to know work details (apart from salary) which is odd. I was thinking of applying to take advantage of the balance transfer offer for a year (spending £100 on it straight away and then paying it off, then doing the transfer). But will they do a credit check before processing this? Presumably, since they said they will guaranteed accept me, they have already done some sort of check.

OCDOCD

These 'guarantees' usually have their own "assuming you meet certain criteria" smallprint. They won't pre-check everyone as this would be a costly and time consuming exercise, they *will* check you upon application and say whether or not you meet the criteria for them to guarantee you a card. Just silly word play on their part.

The_Boss

It says on it many times in bold that it is a guaranteed acceptance and when my application is received, they will send me the card. The smallprint confirms this.

I just dont want an extra credit search on file for the sake of it.

The_Boss

OCDOCD wrote: »

These 'guarantees' usually have their own "assuming you meet certain criteria" smallprint. They won't pre-check everyone as this would be a costly and time consuming exercise, they *will* check you upon application and say whether or not you meet the criteria for them to guarantee you a card. Just silly word play on their part.

And, yes I know the type of applications you are referring to, but the wording on this one is totally different to those ones.

taless

Hi,

I applied for the LTSB Classic CC in May (on my request), and was accepted. I do hold a LTSB Current Account with LTSB. When I got my free Creditexpert & Equifax Credit Report this month, I was very surprised to see no credit searches being done in May. Of course I'm not sure does this apply to all cases, but you might want to take this into account?

I was surprised I was searched for taking up an overdraft with LTSB though!

Also you mentioned about Balance Transfer - are u sure it's 0%? When I apply for my card I remember it was about 6.9% which makes it not worthwhile for a BT at all.

Hope this helps!

udydudy

Lloyds TSB has been doing this for a while. I was offered 5000 limit with gauranteed card. when I called them the guy said because of my account with them (current acct & 2yr regular saver @8%) the bank values my custom and are gauranteeing the credit card. I got it immediately. my OH has been now offered a gaunranteed card but they have not informed aout the credit limit.

Barclays once told me that they check credit files every now and them and these checks do not show up on the credit files as it is an ongoing check after the first one they did when I applied for the card. seemed odd to me though!

The_Boss

udydudy wrote: »

Lloyds TSB has been doing this for a while. I was offered 5000 limit with gauranteed card. when I called them the guy said because of my account with them (current acct & 2yr regular saver @8%) the bank values my custom and are gauranteeing the credit card. I got it immediately. my OH has been now offered a gaunranteed card but they have not informed aout the credit limit.

Barclays once told me that they check credit files every now and them and these checks do not show up on the credit files as it is an ongoing check after the first one they did when I applied for the card. seemed odd to me though!

Looks like you are five times as credit worthy as me then . I am going to apply in due course.

The offer is 4.9% for 12 months as long as you spend £100, so I'm not going to spend the £100 on Christmas presents, pay it off and make the transfer.

YorkshireBoy

udydudy wrote: »

Barclays once told me that they check credit files every now and them and these checks do not show up on the credit files as it is an ongoing check after the first one they did when I applied for the card. seemed odd to me though!

I suspect that's about to change. My Virgin T&C's are changing in January 2008, and these ongoing 'ad-hoc' searches will lose their 'unrecorded enquiry' status meaning they will now be seen by other lenders when searching your file.

The_Boss

YorkshireBoy wrote: »

I suspect that's about to change. My Virgin T&C's are changing in January 2008, and these ongoing 'ad-hoc' searches will lose their 'unrecorded enquiry' status meaning they will now be seen by other lenders when searching your file.

Great, so that means chances are all MBNA cards will be doing that. Could well be time to move on.......

Moggles_2

The RBS Group may be at it as well. Ulster Bank wrote to me this week about a similar change in its Ts & Cs. I haven't heard from Mint ... yet.

red_flump

The offer is 4.9% for 12 months as long as you spend £100 yments.

The £100 is trapped at 19.9% APR whilst you pay off the BT at 4.9% -which also attracts a 3% BT fee

Wonderful offer!

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