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Capital one increasing limit restrictions
Comments
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Not sure what point you're making, in the context of a thread about credit limit increases - are you perhaps implying that their lack of willingness to leave a dormant card open contradicts other posts about nobody being forced into debt?
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I'm making a broadly similar point to others, in a slightly different way - the size of a credit limit is not an obligation to use it as much as possible
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If you read the FOS decisions on credit card limits there are many rejected complaints as the FOS sees cards as revolving credit and that giving someone the facility, provided checks have been carried out and it's justifiable e.g. income, other credit available, past history, is acceptable, they usually reject complaints from people who chose to run up debt on cards
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Irresponsible lending complaint uphold rate is about 44% -v- the 33% for complaints in general, according to t'internet and naturally the ombudsman rates dont consider all the customers who's complaints were already upheld by the FS firm themselves so the true picture is higher than that.
Dont want to come across as a Trumpitte type anti-ESG person but I do struggle with the idea that the lender is the one at fault when a borrower requests more money than they can afford to repay irrespective of if its a loan or revolving credit facility.
I do wonder in the future those that advocate for personal responsibility will be viewed
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Irresponsible lending for credit cards specifically based on limit given or just in general? Can't see how you can filter irresponsible/unaffordable lending in the data on their site
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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