Egg Policy Change ?

allaboard_2

Trollfever wrote: »

Credit Cruuuuuunch.

Cruuuuuuunnch!

http://uk.finance.yahoo.com/q/bc?s=C&t=1y&l=on&z=m&q=l&c=

Abu Dhabi lifeline for Citigroup
http://news.bbc.co.uk/1/hi/business/7114388.stm

All the kings horses

Desperate Citigroup looks East for cash
http://www.moneyweek.com/file/38701/desperate-citigroup-looks-east-for-cash.html

chicken_legz

It does not affect your credit file at all........

People need to realise that, your credit file cannot state that an account was terminated due to the T&C's. As long as you remain up to date it has no effect.

500Triumph650

DifferentFromTheNorm wrote: »

I'm not trying to argue, but what says they should explain their decision making process?

The ordinary principles of customer relations, that any good company should apply, says they should.

br1zer

chicken_legz wrote: »

It does not affect your credit file at all........

People need to realise that, your credit file cannot state that an account was terminated due to the T&C's. As long as you remain up to date it has no affect.

Really? it shows as an account closed on your credit report and therefore may mean that a borrower is less likely to lend to you if you have no active accounts.this has happened to one of my pals.

MABLE

How many times do we read on this site about customers telling credit card companys where to SHOVE their credit card but when they do it to us we dont like it. I suppose it works both ways.

500Triumph650

I haven't read this whole thread but if you are in the 'robbing Peter to pay Paul' situation, the removal of one card can bring the whole house down. If you lose one 'Peter' to rob, you may not be able to pay 'Paul'.

If other card companies follow suit they might find themselves in an avalanche of defaults. This could so easily backfire badly and hasten the coming recession.

DifferentFromTheNorm

br1zer wrote: »

Really? it shows as an account closed on your credit report and therefore may mean that a borrower is less likely to lend to you if you have no active accounts.this has happened to one of my pals.

Have a look at the press reports and more specifically the quotes from Experian.

The account won't show as 'settled' until the balance has been paid off in full. What will happen in the mean time is Egg will just stop any further spending on the account, so it means the only thing that can be done is to make payments to it.

When the account is 'settled' it reduces the amount of available credit to that person. It's down to each individual lender, but generally if there's less credit available to a person all ready then it will have a positive affect on any application.

In the meantime of course Egg will still continue to register payments on the credit file until the account is fully settled - meaning the credit history will still continue to build up for that person.

I'm not defending Egg at all, but if someone who didn't know much about credit files read your post they would think this is going to be the end of the world and will have a detremental affect on the credit worthyness. Whereas if anything it's likely to have the opposite affect.

MABLE

Halloway wrote: »

You have some proof of this do you? No, I didn't think so.

I dont have to but the credit card company must have.

500Triumph650

MABLE wrote: »

How many times do we read on this site about customers telling credit card companys where to SHOVE their credit card but when they do it to us we dont like it. I suppose it works both ways.

The only good thing about going bust was being able to stick it to the banks :cool: .

br1zer

Seems that I'm being hassled by some bankers. I'm outta here