Egg Policy Change ?

Psiloman

Nancy...no further loans or debts added for me and my 'savings fountain' is really in rather good shape too

gekko21

That report is awful and so one-sided. I've emailed the BBC website to complain and suggest others do also:

http://news.bbc.co.uk/newswatch/ukfs/hi/newsid_3950000/newsid_3955200/3955223.stm

Paul_Herring

slowe wrote: »

Hmm - why don't they just say they are only keeping customers who make them money

Trying not to to be facetious here, but I would have thought that was a given - they'd hardly keep customers that are losing them money

DuWolf wrote: »

Credit cards are to be withdrawn from 161,000 Egg customers who the company believes to be increasingly risky.

Strange that my credit score hasnt changed since i started my account with them ... never missed a payment ... use few times a year .. balance always £0 before using again

Your score with Egg possible hasn't changed either (but see below.) They've just moved the limit up on which they're prepared to accept/keep customers.

And with YB's comment in mind - the CRA's 'scores' are not derived in the same way that the credit card companies do it. Specifically there is no such thing as a single 'credit score,' that is common between lenders.

The fact that the CRA's can't even agree on a common score for a given person is testament to this.

Another thing that might have happened is that Egg have changed the formula /they/ use to derive a score, and your score with them has moved down.

Psiloman

Paul - it is exactly the situation that they will not acknowledge that they ditching the non-profitable customers that is the issue for. From a business perspective I am one of those customers and I would totally accept that business decision.

Receiving a letter that stated ...we have been reviewing your account details and given the current financial constraints facing our company we are unable to continue to operate you accounts as it is not finacially viable for us to do so....therefore we are closing you account.

Not a problem with that at all BUT receiving a letter suggesting that I am a financial risk....when GODS HONEST TRUTH I am not...is totally unacceptable and offensive.

slowe

Paul_Herring wrote: »

Trying not to to be facetious here, but I would have thought that was a given - they'd hardly keep customers that are losing them money

LOL but if i was constantly paying late or going over my limit i would be making them money wouldn't I with the extra payment charges they would be slapping on me;)

HollyDolly

gekko21 wrote: »

That report is awful and so one-sided. I've emailed the BBC website to complain and suggest others do also:

http://news.bbc.co.uk/newswatch/ukfs/hi/newsid_3950000/newsid_3955200/3955223.stm

I have registered mine!

MrWolf_2

I got the letter today. over 5 years with a £4000+ balance, Cleared completely it back in Sept, then every month since. Every account costs to run. They are cutting costs, plain and simple. Since I cleared my account I make 500-£600 of purchases every month, then pay in full. If all 161 000 accounts that they are pulling do that, then egg are lending around £80 MILLION every month and getting nothing back...

In most cases this will have nothing to do with your credit rating.

http://news.bbc.co.uk/newswatch/ukfs...00/3955223.stm
I too have complained.

mumofjusttwo

My DH has received the same letter from EggVisa.
I think there is a bad egg around here. Sorry couldn't resist it.

I think that it is terrible. At the moment we even have a £10 credit on the account.

lisyloo

then egg are lending around £80 MILLION every month and getting nothing back...

No they don't get nothing back.
They charge retailers every time you use your card.
They charge you commission (hidden) if you use it abroad.

Psiloman

Retailer Commission - (Cash back + Account Management) = Non profitable account!!!!