Egg credit card limit

sarah1980

What amazes me about Egg is that, despite their recent culling of cardholders, I applied for an Egg card yesterday (for BT reasons) and within LITERALLY 1 min I had been approved for a card with a limit of £11,600!!!!

I am self employed, and could have easily plucked the figures I entered out of thin air (I didn't, by the way).

Why would they get rid of "tried and tested" customers but then take on an entirely new risk and give me such a huge limit? I don't even have any other credit cards (the BT is being done from a card of my husband's).

Also, do you think I should get the limit reduced because I don't intend to spend on this card and the BT is only for £6k. I'm thinking it'll leave me less open to fraudsters (and also my own temptation!!). Or would this go against me?

lisyloo

Hi Sarah,

It could be that since they have been taken over that part of the business has been reviewed but they have not got round to reviewing the "new" business side yet.
It could also be that they got rid of less profitable customers, but it's really speculation.

You should be able to reduce your credit limit.
It will probably be a positive move as far as your credit rating goes.

Jsut be aware that many cards give limits based on what other companies were willing to lend you, so it could also stop you getting a high liit elsewhere, but generally it's a good move.

sarah1980

Thanks for this - my aim is to clear the credit card and never have another ever again!! So hopefully I will have no need for a high limit elsewhere ;-)

Mutton_Geoff

my aim is to clear the credit card and never have another ever again!!

Or how about clearing it then getting your own back by stoozing? Credit card companies are now paying me almost £4,000 a year ;-) (A big thank you to Martin for the section on stoozing).