Anyone noticed the tightening of credit?

Dandytf

I'm shocked at mid new rules concerns, Aqua re offering o% B.T.+M.T. 6months.

mcpitman

Nope, never had more offers for 0% BT and MT's.
MBNA & Barclaycard included within the above.

Marcio45

Amazon credit card, run by NewDay, had a 0% BT deal for a year. Not bad, considering most cards have withdrawn deals.
Barclaycard have had no offers for over a year now.

quackers82

Barclays have become very tight with me, even being a Premier customer, before the lockdown it was trying to chuck £25,000 loans at me, the overdraft screen was offering an increase from current £6200 to £7800 and my Barclaycard had offers. 

Now no Barclaycard offers, overdraft increase offers removed, and loan is £5000 instead. Yet MBNA doubled my limit from £4500 to £9000 last month, and Amazon New Day card doubled from £900 to £1800 and i've not used those cards for almost 2 years as i try to use Amex for everything. Feels like certain lenders are trying to limit exposure. 

IrishSean

I cleared the last £400 off my wife's N'wide card: no BT or MT offers. She earns £45k per annum with a perfect credit score.

I've no BT or MT transfer offers on Virgin with a sub 50% utilised.

Both of us have perfect credit history; i've a good score 901, dipped as i'd a higher balance from last year. DW's is perfect 999 with zero debt so yeah, def tighten up. Even the obligatory MBNA letter of 0% no longer arrive, she's a CL of about £4900 on it, balance £0 for 2 years+

dr_adidas01

IrishSean said:

I cleared the last £400 off my wife's N'wide card: no BT or MT offers. She earns £45k per annum with a perfect credit score.

I've no BT or MT transfer offers on Virgin with a sub 50% utilised.

Both of us have perfect credit history; i've a good score 901, dipped as i'd a higher balance from last year. DW's is perfect 999 with zero debt so yeah, def tighten up. Even the obligatory MBNA letter of 0% no longer arrive, she's a CL of about £4900 on it, balance £0 for 2 years+

Love that you're quoting the score numbers as they mean zilch lenders don't use them, bankrupts can have a score of 999 so what does that tell you?  What matters is your account conduct, how long you have had them and whether you pay them in full or pay the minimum.

Yes with what's currently happening lenders are being more cautious, as threads on here are proving as many have said they have noticed they aren't getting any offers or being declined for new products.

IrishSean

Oh, OK

Was only quoting scores in the context of the question; ☝ read like a slap-down, maybe it wasn't meant to.

If it helps: 20+ credit accounts held on 2 files over 21 years, sub 50% credit utilised on 1 acct (balance of 2450), zero on the other, defaults in 21 years: 0. Mortgage: 0 as cleared April2019

MT & BT offers on either file: 0

This has only occured since April.

Grumpy_chap

I have certainly seen a reduction in credit card offers and those that are available are not such good deals.

My credit score has also dropped, but my payment and use of the credit card is unchanged.

I never understand how the credit score bounced around.

pecuniam_hominem

dr_adidas01 said:

Love that you're quoting the score numbers as they mean zilch lenders don't use them, bankrupts can have a score of 999 so what does that tell you?  What matters is your account conduct, how long you have had them and whether you pay them in full or pay the minimum.

Please stop parroting this cr*p. Sure, lenders don't have an arbitrary score they use.  However your credit score gives you an indication on how good your conduct is. e.g if you start missing payments or having late payments your credit score will do down.

Credit scores still have value.

dr_adidas01

pecuniam_hominem said:

dr_adidas01 said:

Love that you're quoting the score numbers as they mean zilch lenders don't use them, bankrupts can have a score of 999 so what does that tell you?  What matters is your account conduct, how long you have had them and whether you pay them in full or pay the minimum.

Please stop parroting this cr*p. Sure, lenders don't have an arbitrary score they use.  However your credit score gives you an indication on how good your conduct is. e.g if you start missing payments or having late payments your credit score will do down.

Credit scores still have value.

Credit scores only have value to you if you believe in them, the scores you are given by a credit reference agency's means jack sh@t as no lender ever uses it.  Each lender has its own internal scoring method which they use to asses whether to lend to you or not.  Yes credit history plays it part and yes if you start missing payments and defaults you will notice that fictitious number drop.

As another poster has said there fictitious number has dropped and they have continued paying there bills and credit accounts the same as they have always done, so it can't be relied upon to mean anything.

What you should be more concerned about is that your credit reports are accurate and that there are no mistakes on it.