Effect of the credit crunch

YorkshireBoy

Yant1 wrote: »

I also applyed for a card being logged in to the internet banking. I didnt realise that they didnt do a search if your already with them.

I may have misled you. The card was simply an 'offer' to be applied for online. I chose to ring them, rather than apply (because I knew if I was externally credit searched I would be refused...which, I suppose, is good in my game because it means I'm maxed out!). It was only when I rang that they told me I was a "preferential" customer and as such my card was guaranteed. All they had to do was select which card I wanted (choice of two) and press a button.

But I suppose your situation may be better then mine in terms of what their system values as important, perhaps like insurance postcode etc might count

No, I think it's simply based on 'thoughput'. My stoozing activities have also meant I've had to ask them to remove an unsolicited £6K overdraft facility from my account. I even have a reserved £13K loan available...if I wanted it. I must simply 'tick all their boxes', but the only thing I do is route money through the account.

Although I guess unlike you I dont have any halifax saving accounts at teh moment, maybe this is important to.

I don't have any 'Halifax' savings accounts per se. I have a Sainsbury's savings account, and although Sainsbury's bank is 50/50 owned with BoS it has a different FSA licence number, so I'm not sure they're allowed to share details of balances etc.

Bismarck

"I chose to ring them, rather than apply (because I knew if I was externally credit searched I would be refused...which, I suppose, is good in my game because it means I'm maxed out!)."

Hi, interesting posts....when you ring them up, what information do they have to look at if you're anexisting customer? Can they see all your account balances elsewhere (without the names or not?) and your available limits...do they (or the "computer") use this to see if you're a good prospect or not for an offer? Either to squeeze you or compete for your debt?

It's like a dark art all this....

udydudy

carguy wrote: »

It's a hard time to get credit.... even credit cards. People are defaulting on their CCs like never before and the CC companies are getting a little picky about who they accept.
My tip... work on paying them off as fast as you can

I thought the same, especially when I was rejected for the goldfish cc. But voila!! Got 2 mails form abbey and barclays both giving gauranteed ccs!!!!!.

Lets see what the limits are?... though I shredded the barclays offer with glee..as 5 months back they reduced my limit from 9000 to 900 and cited my credit report when I protested!!. Their loss...unless they guarantee a £9000 limit wth 15 months balance transfer they DO NOT GET MY CUSTOM EVER!!!

Zebedee69

udydudy wrote: »

months back they reduced my limit from 9000 to 900 and cited my credit report when I protested!!. Their loss...unless they guarantee a £9000 limit wth 15 months balance transfer they DO NOT GET MY CUSTOM EVER!!!

Holy crap, a limit under a grand is an insult realy, who do they think they are? Vanquis?.....:rotfl:

You bang on to go elsewhere:D

bargains83

udydudy wrote: »

I thought the same, especially when I was rejected for the goldfish cc. But voila!! Got 2 mails form abbey and barclays both giving gauranteed ccs!!!!!.

Lets see what the limits are?... though I shredded the barclays offer with glee..as 5 months back they reduced my limit from 9000 to 900 and cited my credit report when I protested!!. Their loss...unless they guarantee a £9000 limit wth 15 months balance transfer they DO NOT GET MY CUSTOM EVER!!!

I got a guaranteed credit card letter from abbey at the end of december and its the first time i've ever had one from any bank, I was quite surprised. All I had to do was sign the form and the account would be open, no requests for employer/income details or other information or that they would need to phone me to discuss it further. I hold my current account with abbey and have a substantial amount of savings and an overdraft allowance with them which I've managed flawlessly so my betting is that they've just done an internal credit score to offer these guaranteed cards.

Quick turnaround too, 5 days after posting the form they've sent me the PIN and completed my 0% balance transfer. Not sure what the credit limit is yet but i'll find that out when the card comes the balance transfer was for £2300 so im guessing a limit of at least £3k.

Every 0% card i've applied for in the past 12 months i've been declined on the grounds that im 'overcommited' but I'm not, my savings are over 5x my credit limits which are not maxed out and my income significantly covers further than just the minimum payments

I've also started closing poor limit/interest rate cards. I've just recently closed a capital one card with £800 limit and 30%+ APR and a littlewoods (barclays) VISA £500 limit and 28.9% APR. These are cards I got when I was a student and they've never increased limits or gave me any incentive to keep them.

Zebedee69

Its funny, I applied and got a new Lloyds Card and 3 days later they offered a loan.......... Needless to say I didnt take it!

danthemoneysavingman

Yant1 wrote: »

Thanks dan, ill give it a crack and hopefully theyll raise it to cover my stooze

how did this go?

bargains83

bargains83 wrote: »

I got a guaranteed credit card letter from abbey at the end of december and its the first time i've ever had one from any bank, I was quite surprised. All I had to do was sign the form and the account would be open, no requests for employer/income details or other information or that they would need to phone me to discuss it further. I hold my current account with abbey and have a substantial amount of savings and an overdraft allowance with them which I've managed flawlessly so my betting is that they've just done an internal credit score to offer these guaranteed cards.

To add to this, just checked my credit report and there hasn't been a credit reference search regarding the abbey credit card so they must have just scored it based on internal behaviour.

danthemoneysavingman

bargains83 wrote: »

To add to this, just checked my credit report and there hasn't been a credit reference search regarding the abbey credit card so they must have just scored it based on internal behaviour.

Worth noting, a bank can't perform a new bureau search without your express consent.

Such 'guaranteed offers' are based purely on internal data, and this will often include your latest bureau score (for customer management as opposed to for new business) without them having to re-search. Some banks get monthly feeds from the bureaux so your profile is constantly updated for them anyway.

bargains83

danthemoneysavingman wrote: »

Worth noting, a bank can't perform a new bureau search without your express consent.

Such 'guaranteed offers' are based purely on internal data, and this will often include your latest bureau score (for customer management as opposed to for new business) without them having to re-search. Some banks get monthly feeds from the bureaux so your profile is constantly updated for them anyway.

It stated in the terms of the credit agreement I signed that thy reserved the right to consult a credit reference agency to further assess the application such as to set a credit limit and would supply data of the ongoing account to the agencys. So I did agree to this but nethertheless they didn't do any form of fresh search anyway.

My understanding of the monthly feeds supplied from the agencies is that they are not as detailed as a full blown credit search initially provides. I.E they will only get basic data on accounts which I hold with other institutions.