eligibility checkers

martinbainbridge1975

Volcane said:

This just goes to show more consistency as I understand Virgin are generally known to be one of the more generous organisations in regards to credit limits ( in fact they give me my second highest limit of the cards I do have). I do appreciate every case is different though.

I had a card off them a number of years ago, the limit was far higher than offered yesterday yet my current financial circumstances are far better now, so what they offered does not make sense.  Cant get much with a 500 quid limit which is what they offered, so I called them last night and told them not to bother sending the card and to close the account.

CliveOfIndia

martinbainbridge1975 said:

Volcane said:

This just goes to show more consistency as I understand Virgin are generally known to be one of the more generous organisations in regards to credit limits ( in fact they give me my second highest limit of the cards I do have). I do appreciate every case is different though.

I had a card off them a number of years ago, the limit was far higher than offered yesterday yet my current financial circumstances are far better now, so what they offered does not make sense.

There will be a number of factors at play.  Firstly, the financial market in general has become more jittery of late, so lenders in general are tightening up on how much credit they are willing to offer, and to who.

Additionally, I wouldn't be surprised if Virgin (or indeed any lender) have changed their business goals over the years - a different risk appetite, a different target customer-base, different product offerings, etc.  So from that point of view it's probably nothing against you personally, more a case of you just don't fit their preferred profile as well as you did years ago - coupled with the general reduction in available credit across the board.

As to your personal financial circumstances, it depends on what you mean by "far better" - your view may be different to a lender's view.  For instance, if you have a substantial amount of savings squirrelled away that's great from your point of view - but will make absolutely no difference to how a lender sees you, as savings are not taken into account when assessing credit applications.  That's just one example, there may be many reasons why one particular lender views you less favourably than another - not least because they will each have different lending criteria.

MorningcoffeeIV

martinbainbridge1975 said:

Volcane said:

This just goes to show more consistency as I understand Virgin are generally known to be one of the more generous organisations in regards to credit limits ( in fact they give me my second highest limit of the cards I do have). I do appreciate every case is different though.

I had a card off them a number of years ago, the limit was far higher than offered yesterday yet my current financial circumstances are far better now, so what they offered does not make sense.  

It only doesn't make sense if you believe that external factors never change.

That everything costs the same as it always did, that the economy never becomes stronger or weaker, that there is no change in default rates, or even that a business will flex their risk appetite over time.

There is a school of thought that says some of these factors change from time to time.

martinbainbridge1975

CliveOfIndia said:

martinbainbridge1975 said:

Volcane said:

This just goes to show more consistency as I understand Virgin are generally known to be one of the more generous organisations in regards to credit limits ( in fact they give me my second highest limit of the cards I do have). I do appreciate every case is different though.

I had a card off them a number of years ago, the limit was far higher than offered yesterday yet my current financial circumstances are far better now, so what they offered does not make sense.

There will be a number of factors at play.  Firstly, the financial market in general has become more jittery of late, so lenders in general are tightening up on how much credit they are willing to offer, and to who.

Additionally, I wouldn't be surprised if Virgin (or indeed any lender) have changed their business goals over the years - a different risk appetite, a different target customer-base, different product offerings, etc.  So from that point of view it's probably nothing against you personally, more a case of you just don't fit their preferred profile as well as you did years ago - coupled with the general reduction in available credit across the board.

As to your personal financial circumstances, it depends on what you mean by "far better" - your view may be different to a lender's view.  For instance, if you have a substantial amount of savings squirrelled away that's great from your point of view - but will make absolutely no difference to how a lender sees you, as savings are not taken into account when assessing credit applications.  That's just one example, there may be many reasons why one particular lender views you less favourably than another - not least because they will each have different lending criteria.

fully understand and agree regarding risk appetite, there is a definite shift in that with all lenders which is shown by the reduced 0 per cent periods and reduced 0% purchase deals.

I have asked the question as to how they came up with what they did, waiting for a response.

CliveOfIndia

martinbainbridge1975 said:

CliveOfIndia said:

martinbainbridge1975 said:

Volcane said:

This just goes to show more consistency as I understand Virgin are generally known to be one of the more generous organisations in regards to credit limits ( in fact they give me my second highest limit of the cards I do have). I do appreciate every case is different though.

I had a card off them a number of years ago, the limit was far higher than offered yesterday yet my current financial circumstances are far better now, so what they offered does not make sense.

There will be a number of factors at play.  Firstly, the financial market in general has become more jittery of late, so lenders in general are tightening up on how much credit they are willing to offer, and to who.

Additionally, I wouldn't be surprised if Virgin (or indeed any lender) have changed their business goals over the years - a different risk appetite, a different target customer-base, different product offerings, etc.  So from that point of view it's probably nothing against you personally, more a case of you just don't fit their preferred profile as well as you did years ago - coupled with the general reduction in available credit across the board.

As to your personal financial circumstances, it depends on what you mean by "far better" - your view may be different to a lender's view.  For instance, if you have a substantial amount of savings squirrelled away that's great from your point of view - but will make absolutely no difference to how a lender sees you, as savings are not taken into account when assessing credit applications.  That's just one example, there may be many reasons why one particular lender views you less favourably than another - not least because they will each have different lending criteria.

I have asked the question as to how they came up with what they did, waiting for a response.

I can take a good guess at what their answer will be - it'll be something along the lines of "It's due to your credit score".  By which they mean their own internal credit score that their computer spat out when they fed your credit data in, it's got nothing at all to do with the meaningless score you see on your CRA reports.

You're unlikely to receive anything more than a generic reply such as that, and I'd be mightily surprised if they gave any clue as to what specific criteria you "failed" on.  A lender's acceptance criteria are highly confidential, after all they don't want people "gaming" the system if the criteria were publicly available.

I hope this doesn't sound condescending, that's not my intention at all, just attempting to manage your expectations

martinbainbridge1975

CliveOfIndia said:

martinbainbridge1975 said:

CliveOfIndia said:

martinbainbridge1975 said:

Volcane said:

This just goes to show more consistency as I understand Virgin are generally known to be one of the more generous organisations in regards to credit limits ( in fact they give me my second highest limit of the cards I do have). I do appreciate every case is different though.

I had a card off them a number of years ago, the limit was far higher than offered yesterday yet my current financial circumstances are far better now, so what they offered does not make sense.

There will be a number of factors at play.  Firstly, the financial market in general has become more jittery of late, so lenders in general are tightening up on how much credit they are willing to offer, and to who.

Additionally, I wouldn't be surprised if Virgin (or indeed any lender) have changed their business goals over the years - a different risk appetite, a different target customer-base, different product offerings, etc.  So from that point of view it's probably nothing against you personally, more a case of you just don't fit their preferred profile as well as you did years ago - coupled with the general reduction in available credit across the board.

As to your personal financial circumstances, it depends on what you mean by "far better" - your view may be different to a lender's view.  For instance, if you have a substantial amount of savings squirrelled away that's great from your point of view - but will make absolutely no difference to how a lender sees you, as savings are not taken into account when assessing credit applications.  That's just one example, there may be many reasons why one particular lender views you less favourably than another - not least because they will each have different lending criteria.

I have asked the question as to how they came up with what they did, waiting for a response.

I can take a good guess at what their answer will be - it'll be something along the lines of "It's due to your credit score".  By which they mean their own internal credit score that their computer spat out when they fed your credit data in, it's got nothing at all to do with the meaningless score you see on your CRA reports.

You're unlikely to receive anything more than a generic reply such as that, and I'd be mightily surprised if they gave any clue as to what specific criteria you "failed" on.  A lender's acceptance criteria are highly confidential, after all they don't want people "gaming" the system if the criteria were publicly available.

I hope this doesn't sound condescending, that's not my intention at all, just attempting to manage your expectations

We will see, no offence taken at all, i'm quite a feisty character so I will challenge them.  Too much reliance on automated data these days

cymruchris

martinbainbridge1975 said:

CliveOfIndia said:

martinbainbridge1975 said:

CliveOfIndia said:

martinbainbridge1975 said:

Volcane said:

This just goes to show more consistency as I understand Virgin are generally known to be one of the more generous organisations in regards to credit limits ( in fact they give me my second highest limit of the cards I do have). I do appreciate every case is different though.

I had a card off them a number of years ago, the limit was far higher than offered yesterday yet my current financial circumstances are far better now, so what they offered does not make sense.

There will be a number of factors at play.  Firstly, the financial market in general has become more jittery of late, so lenders in general are tightening up on how much credit they are willing to offer, and to who.

Additionally, I wouldn't be surprised if Virgin (or indeed any lender) have changed their business goals over the years - a different risk appetite, a different target customer-base, different product offerings, etc.  So from that point of view it's probably nothing against you personally, more a case of you just don't fit their preferred profile as well as you did years ago - coupled with the general reduction in available credit across the board.

As to your personal financial circumstances, it depends on what you mean by "far better" - your view may be different to a lender's view.  For instance, if you have a substantial amount of savings squirrelled away that's great from your point of view - but will make absolutely no difference to how a lender sees you, as savings are not taken into account when assessing credit applications.  That's just one example, there may be many reasons why one particular lender views you less favourably than another - not least because they will each have different lending criteria.

I have asked the question as to how they came up with what they did, waiting for a response.

I can take a good guess at what their answer will be - it'll be something along the lines of "It's due to your credit score".  By which they mean their own internal credit score that their computer spat out when they fed your credit data in, it's got nothing at all to do with the meaningless score you see on your CRA reports.

You're unlikely to receive anything more than a generic reply such as that, and I'd be mightily surprised if they gave any clue as to what specific criteria you "failed" on.  A lender's acceptance criteria are highly confidential, after all they don't want people "gaming" the system if the criteria were publicly available.

I hope this doesn't sound condescending, that's not my intention at all, just attempting to manage your expectations

We will see, no offence taken at all, i'm quite a feisty character so I will challenge them.  Too much reliance on automated data these days

They won't tell you anything meaningful no matter how much you try and rattle the cage. It's all smoke and mirrors.