Anyone noticed the tightening of credit?

pecuniam_hominem

Quite interesting. I didn't have much in the way of credit in the 2008 crash, so this is the first time I have seen credit tighten up.  For example, all of my balance transfer offers have now gone. Even my Barclaycard platinum transfer offer, which is always available. Thankfully I don't need them, but it's interesting to see nonetheless

Anyone else seen similar?

molerat

Nope.  Still getting the usual BT/MT offers with no difference in the (pretty crap) rates. Had a few e-mails this month and just checked my Virgin, MBNA, Halifax, Tesco and TSB accounts and they are still there.

crumpet_man

Applied for Sainsbury's no fee BT card today and was successful.
So, no.

Thrugelmir

Given the broad financial problems that the lockdown will create. Banks are quite correctly lowering their risk exposure.  A very different scenario to the GFC. Where it was the financial institutions themselves that had the problems. 

older_wiser

tesco increased my CC limit by 1k without me asking for it letter dated 10 of april and aqua have increased my cashback card by 500 from quite a low limit compared to my other cards i haven't payed interest for quite some time on any CC so this may help. 
The extra money the government has pumped into banks by QE should enable them to supply more credit but they will still be reluctant to do this.

cymruchris

So far seen no evidence - just received a new virgin credit card with a 0% balance transfer offer if I need it - which I don’t. 

Highland76

pecuniam_hominem said:

Quite interesting. I didn't have much in the way of credit in the 2008 crash, so this is the first time I have seen credit tighten up.  For example, all of my balance transfer offers have now gone. Even my Barclaycard platinum transfer offer, which is always available. Thankfully I don't need them, but it's interesting to see nonetheless

Anyone else seen similar?

No.

pecuniam_hominem

Strange. Pretty sure it isn't me, nothing in my financial status has recently changed.

I did recently get a big credit limit increase from MBNA (about a month back) from 4k to 8k. So it isn't everything. Just transfer options seem to be limited.

scholesfan88

Barclaycard withdrew all of my long standing balance and money transfer offers a couple of weeks ago too.

Sharon87

Most of my cards are still offering around their usual balance transfer rates. Barclaycard haven't offered me anything in a while, but this was before the pandemic. I think it's because I'm using around 70% of my credit card balance. I'm hoping when the balance goes down they'll offer more.

I've done some recent balance transfers that have gone through.

PixelPound

pecuniam_hominem said:

Strange. Pretty sure it isn't me, nothing in my financial status has recently changed.

I did recently get a big credit limit increase from MBNA (about a month back) from 4k to 8k. So it isn't everything. Just transfer options seem to be limited.

I have a card that will get it's limit doubled to 9K next month unless I opt out. Quite much appreciated as still got 12 months of it's introductory 0% purchases on it. Very nicely timed and much appreciated.

I'm not sure we will see a tightening of offers - after all over last couple of years you get articles on here saying that the long 0% offers won't last long. They are still available.