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Applied today for 2 cards, one gives £750 other £4800 ??? How do they work
mrmarsupial
Posts: 18 Forumite
in Credit cards
Hello
I wish we could find out how different organisations scored you because obviously it is not just based on your credit rating.
This morning I applied for an egg card because I have a balance I will be wanting to transfer soon (£3000). They didnt ask me about my balance transfer and I got approved for the card for £750. Obviously this limit isnt of much use to me. An egg card was the first ever form of credit I had taken out 5 years ago. I had it for 2 years and cancelled it.
So after that I went and applied for an alliance & leicester card they asked me how much I wanted to transfer so I told them. I got approved for a card with them limit £4800 highest I have ever been given. I currently bank with alliance and leicester but I cant imagine they rate me that highly as 11 months ago I opened the account and I have been interest free in there overdraft of £2500 and not really repaid a penny.
Lenders should really give have to give some indiciation of what they looking for so we dont waste a credit search on them. If before hand we knew that we arnt their intended market we could save a credit search. Because lets face it credit rating is prob only a small factor of their decision.
How do you choose who your gonna apply with? Is it just luck or can you can an insight into their internal scoring process somehow?
I wish we could find out how different organisations scored you because obviously it is not just based on your credit rating.
This morning I applied for an egg card because I have a balance I will be wanting to transfer soon (£3000). They didnt ask me about my balance transfer and I got approved for the card for £750. Obviously this limit isnt of much use to me. An egg card was the first ever form of credit I had taken out 5 years ago. I had it for 2 years and cancelled it.
So after that I went and applied for an alliance & leicester card they asked me how much I wanted to transfer so I told them. I got approved for a card with them limit £4800 highest I have ever been given. I currently bank with alliance and leicester but I cant imagine they rate me that highly as 11 months ago I opened the account and I have been interest free in there overdraft of £2500 and not really repaid a penny.
Lenders should really give have to give some indiciation of what they looking for so we dont waste a credit search on them. If before hand we knew that we arnt their intended market we could save a credit search. Because lets face it credit rating is prob only a small factor of their decision.
How do you choose who your gonna apply with? Is it just luck or can you can an insight into their internal scoring process somehow?
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Comments
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I can't imagine your A&L conduct had anything to do with the decision to give you a £4.8K credit limit, because the A&L card is purely underwritten by MBNA...who are known to give some of the highest limits.mrmarsupial wrote: »So after that I went and applied for an alliance & leicester card they asked me how much I wanted to transfer so I told them. I got approved for a card with them limit £4800 highest I have ever been given. I currently bank with alliance and leicester but I cant imagine they rate me that highly as 11 months ago I opened the account and I have been interest free in there overdraft of £2500 and not really repaid a penny.0
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