Barclaycard credit limit problems...

kingnyc

>:(

Havin read various articles and consulted this site, I decided to aply for a Barclaycard with 12 months 0% on balance transfers. I am the first to admit I am a 'card tart', with about 6 cards, all of which have been aplied for purely for the purpose of obtaining an interest free period. So.... about 4 weeks after applying I am told I have been accepted, and need only sign the credit agreement. At the time of applying I supplied full details of the sum I wished transferred (about 2500) inc the card number. Signed the agreement and sent it off....

About a week later I recieve the card throught the post. Great I think, until I open the envelope to find I have a credit limit o £500 and no sum had been transferred. So I called Barclaycard who told me that as I already had access to credit from other lenders (my average credit limit is about £5-6000, they were unwilling to offer me more than £500.

I told the rep I thought this was ridiculous, as if she checked she would see I owed nothing on all but one of these. I also made the point that this smacked of double standards as they appear to not want to tempt me into more debt but will still not knock back the business! I would have understood had I been called or written to explaining this. Needless to say I immediately instructed her to close the account.

Cue long angry leter to customer services.... ???can anyone advise me who to write to to raise these points?

Please bear this in mind if applying for a Barclaycard.

hopefulfooluk

There's no law to say they've got to give you a big limit, mate.

Save yourself the bother - if they'd have rejected you on this, I doubt you'd have written an angry letter to customer services - count your lucky stars they've offered you anything at all.

Chris

smartsaver

There's no law to say they've got to give you a big limit, mate.

Abosultely right and the credit check is done now so... take the money and run.. no guarentees in this business. I was offered a LloydsTSB adv card of £15.000  ;D with a salary of £12.000 while hubby who earns a LOT more was turned down  >:( (until he canx his Accucard  :) ) Still waiting to see his limit. Maybe canx some unused cards?

Galstonian

You also don't mention whether you have checked your credit files or what the total of available credit as opposed to your salary looks like. Maybe they are right to decide you are a poor risk, who can say?

If I were you I'd write a letter, one to explain that you are closing down the other cards and deserve to get a decent limit. A letter asking (certainly not demanding) for them to review their decision could achieve more than an angry one which is surely just for you to vent your spleen?

Rafter

So you were about to fleece Barclaycard for a year with no intention of staying with them after the promotional period was over?

And they turned you down or offered you a small limit?

I have drafted a letter for you to save you the bother:



Dear Sir or Madam

I have recently applied for a Barclaycard with the intention of manipulating your introductory offer to make me a tidy profit. I have no intention of staying with you after this period.

Unfortunately the limit you have offered me is so small that it is hardly worth me bothering as I won't make enough profit.

This hardly seems fair. I was hoping to make you a big loss and force you to have to charge existing customers more to fund my gaming activity.

Am I confused, I thought you were a charity now rather than a commercial organisation with shareholders?

If you offer me a limit of say £5000, I can lose your company £250 in the next 12 months rather than the £25 you currently offer.

I beg you to reconsider...

Yours faithfully

kingnyc

See how you get on with that?

deemy2004

I got £1500 on mine, still it will make me approx £70 on a 1400 transfer, so can't complain

When I apply I hope for 5-6k limit, most times I'm disasspointed, sometimes I am surprised. Its the name of the game to keep at it, and keep existing cards (don't cancel), that way you can up the limit, and see if they offer you a 0% offer for staying with them

Smitty

I like the letter Rafter

Don't get too down hearted Kingnyc, Barclaycard are notorious for being stingy with their limits, there are other threads with people moaning about them.

smartsaver

keep existing cards (don't cancel), that way you can up the limit, and see if they offer you a 0% offer for staying with them

Not always.

You can up ur credit rating by cancelling. Some cards rarely offer new deals, some do all the time. If you find ur being turned down for cards cancel a few, wait for a month or so for the info to filter through then apply for a different card.

kingnyc

Cheers for replies. Couple of things, firstly mortgage aside I have no other debts than the 2500 balance I wished transferred. I earn 30K a year which I told them and have copies of my credit file and score which are fine.

I was not interested in making a profit, as Rafter states in the letter, but merely wished to move my existing balance over and continue to use the card for purchases, obviously at the standard rate of interest. Quite how I can make any profit from that I do not know. I also have no intention of 'fleecing' anyone, as I am one of millions who are simply trying to save money. I'm sorry Rafter if my denying Barclaycard some profit offends you so deeply but I thought the purpose of this site was to save money. Why not start[up 'Moneywastingexpert.com' in direct competition?

Perhaps if Barclaycard were not so aggressive in trying to 'recruit' me as a customer (twice in shopping centre, 2 letters and a phone call all advertising this 'fantastic rate', all unsolicited too!, I would not have considered. All of these type of offers are to attract customers wishing to transfer a balance.

My gripe is the fact I did not recieve the courtesy of a letter or phone call advising me of the fact my balance transfer was not going through due to a low credit limit, and that as such I was not getting the 'fantastic' rate.. Surely a simple act which would have gone a long way.

deemy2004

Not always.

You can up ur credit rating by cancelling. Some cards rarely offer new deals, some do all the time. If you find ur being turned down for cards cancel a few, wait for a month or so for the info to filter through then apply for a different card.

Credit scoring takes into account the length of your credit & payment history, so if you have an unused card for several years that would be a positive on your credit report.

Smitty

Credit scoring takes into account the length of your credit & payment history, so if you have an unused card for several years that would be a positive on your credit report.

I agree with this statement, but its a case of swings and roundabouts. Having a lot of available credit can count against you too.