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Tigthened credit?
manub
Posts: 139 Forumite
in Credit cards
I've applied for a 0% financing over a £2400 purchase over 24 months, which was rejected. I've kept an eye on my credit rating which has been quite good with multiple agencies (0 missed payments) - I used to hold 4 credit cards but I paid them all off last month and now I have only a Platinum AmEx (which I have to pay in full every month anyway) and I took a 15k loan 4 months ago for some house improvements. Today, Virgin just sent me an email saying they suspended further spending on my card (balance was at £0, and I wasn't planning to use the card anymore, so not a big deal) - but it seems that credit is really tightening up. Anybody else experienced the same issue? I'm going to call Virgin to ask for an explanation though (and cancel the card as I don't need it anymore) - just checking if anybody else has been in the same situation. My mortgage renewal is not due until the end of the year so hopefully few months of no credit application will put this back on track but I'm not sure whether lenders see me as a worse lender or it's just because of the COVID situation.
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Lenders are viewing everyone with trepidation. Don't worry about it. It is all about COVID-19 at the moment.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Thought so - rang them up and of course customer service wouldn't give me any extra info. Just closed the account - guess I will use my non-emergency saving pot to make that purchase.0
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I'm only guessing, but surely if lenders aren't allowed to report any negative markers to the CRAs during the current crisis, then lenders will assume that any prospective borrower is affected.0
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I'm thinking that the whole COVID-19 is making the banks a bit twitchy at the moment and they're looking to tighten up their lending criteria over the board.Willing2Learn said:Lenders are viewing everyone with trepidation. Don't worry about it. It is all about COVID-19 at the moment.
We have numerous CC's which fulfil different functions and I'm considering closing some of the odds and sods (which offer us minimum benefit) and generally streamlining the whole thing.A cunning plan, Baldrick? Whatever it was, it's got to be better than pretending to be mad; after all, who'd notice another mad person around here?.......Edmund Blackadder.0
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