Credit Crunch Credit Card Declines?

shelovestobuystuff

Never mind not getting new cards what about not even getting existing cards renewed?I have one which expires end this month and I had not had a new one in the post,I phoned them and was told I am not getting one?Boohoo

Volcane

Ulster Gold was an instant acceptance for me, advised immediately of the £3k limit.

nzseries1

shelovestobuystuff wrote: »

Never mind not getting new cards what about not even getting existing cards renewed?I have one which expires end this month and I had not had a new one in the post,I phoned them and was told I am not getting one?Boohoo

That's a bit sucky!! I figured it was just automatically done!

nzseries1

Volcane wrote: »

What sort of credit limits did you get on your acceptances?

I just got a call from MBNA saying that they would give me £10,000 to split between both my Virgin and my A+L cards. I could split it any way I want which I thought was great and very flexible of them. So I went for £9,000 on my Virgin card for stoozing and £1,000 on the A+L card for rewards. Finally I'm on the stoozing ladder!

I also got my decision for my Tesco card last night, and I was declined.

NickX

nzseries1 wrote: »

I just got a call from MBNA saying that they would give me £10,000 to split between both my Virgin and my A+L cards. I could split it any way I want which I thought was great and very flexible of them.

Well Done :beer:

I know that MBNA get a lot of critisizm on here, but this is one of the big plus points with them (aswell as allowing transfers direct to a Bank Account). They allow multiple cards as long as they are not identical accounts, and you can move Credit Limits across those cards.

This is an excellent facility to assist stoozing.

nzseries1

Thanks, NickX.

I have just one question about stoozing (I know I'm not on the stoozing board though )

What if I do an SBT, pay the 2.98% fee, and then in a few months time, MBNA decide to (let's say) halve my limit for some reason, and make me pay back instantly what I'm over my credit limit by? I would make a loss on my stoozing if that happened.

I doubt it's likely to happen, i'm just wondering if it ever happens? Because I've heard a lot recently about people having their limits lowered. I hope you understand the scenario I'm trying to describe!

NickX

nzseries1 wrote: »

What if I do an SBT, pay the 2.98% fee, and then in a few months time, MBNA decide to (let's say) halve my limit for some reason, and make me pay back instantly what I'm over my credit limit by? I would make a loss on my stoozing if that happened.

I don't believe that they can reduce your Credit Limit to below the Balance Outstanding otherwise you would incur an overlimit fee through no fault of your own.

Even when Egg closed the accounts of 161,000 customers earlier in the year, those customers were able to continue paying the debt off on a monthly basis. The Credit Limit would just reduce automatically to the Current Balance as each payment is made, hence stopping any further borrowing taking place.

If MBNA have lent you the money at the agreed rate for the agreed length of time, they cannot go back that, so I wouldn't worry.

Bismarck

shelovestobuystuff wrote: »

Never mind not getting new cards what about not even getting existing cards renewed?I have one which expires end this month and I had not had a new one in the post,I phoned them and was told I am not getting one?Boohoo

who's that with?

nzseries1

NickX wrote: »

I don't believe that they can reduce your Credit Limit to below the Balance Outstanding otherwise you would incur an overlimit fee through no fault of your own.

Even when Egg closed the accounts of 161,000 customers earlier in the year, those customers were able to continue paying the debt off on a monthly basis. The Credit Limit would just reduce automatically to the Current Balance as each payment is made, hence stopping any further borrowing taking place.

If MBNA have lent you the money at the agreed rate for the agreed length of time, they cannot go back that, so I wouldn't worry.

Thanks, I would have thought so too. And I figured it would be mentioned as a potential pitfall in the stoozing article if it were likely or even possible.

clio

I would like to know who that was with as well Bismarck! my Cap 1 card runs out next month and i,d hate it if they didnt renew it because i,ll have been with them 5 years next year and i want that to qualify for there excellent rating for their cashback card.