Monument Credit Card--Such a small limit compared to my others ?

boss-man-uk

As well as an amex,tesco,egg money,icici bank,sainsburys and virgin credit cards i have also just got one of these monument cards.I ve got to admit i sign up for any of them when i can, i dont necessarily use them just handy to have around in fact my Tesco card they have increased the limit twice from 1k at the start up to 5k now and i havent even used that card yet but back to my monument card :-)

What i cant understand is that they have only given me a miserly £250 credit limit yet all my other cards have over 5k on each of them, i wonder why they have given me such a low limit, my credit record is IMHO perfect, no missed payments or defaults EVER with anyone and judging by the fact i get accepeted for any card i have ever applied for ,so im wondering what theyre playing at ?

Anyone have one of these or know anything about them? Are they part of Barclays or something?

Thanks for your help

boss

Niteflyer

boss-man-uk wrote:

As well as an amex,tesco,egg money,sainsburys and virgin credit cards i have also just got one of these monument cards.I ve got to admit i sign up for any of them when i can, i dont necessarily use them just handy to have around in fact my Tesco card they have increased the limit twice from 1k at the start up to 5k now and i havent even used that card yet but back to my monument card :-)

What i cant understand is that they have only given me a miserly £250 credit limit yet all my other cards have over 5k on each of them, i wonder why they have given me such a low limit, my credit record is IMHO perfect, no missed payments or defaults EVER with anyone and judging by the fact i get accepeted for any card i have ever applied for ,so im wondering what theyre playing at ?

Anyone have one of these or know anything about them? Are they part of Barclays or something?

Thanks for your help

boss

Hello

They're not really playing at anything, Monument don't really offer great limits, they are quite easy to obtain and for that reason they restrict the limits.

ALso, you have stated that you have 5 other cards, one with a £5K limit! This is why they have obly given you a £250 limit, by the looks of things you have at least £10 on the other cards, depending on your salary you could be a risk for them. They will not give you more than they think you can pay back.

Matt

YorkshireBoy

Order copies of your credit reports from Equifax & Experian. These will answer all your questions.

boss-man-uk

Niteflyer wrote:

Hello

They're not really playing at anything, Monument don't really offer great limits, they are quite easy to obtain and for that reason they restrict the limits.

ALso, you have stated that you have 5 other cards, one with a £5K limit! This is why they have obly given you a £250 limit, by the looks of things you have at least £10 on the other cards, depending on your salary you could be a risk for them. They will not give you more than they think you can pay back.

Matt

Thanks for that Matt, all my cards have a 5k limit , im only maxed on 2 of them the others are all nil balance at the moment, i know its not a good idea to keep applying but they seem to be chucking them at me for some reason, i mean i had a telephone call from Household Bankd on Thursday offering me one of their cards with an instant 4k limit, i said i would get back to them, thing about that is i have never had any household bank products so god knows where they got my details from. As for my salary i am paid as an employee of my own limited company via on offshore vehicle set up for the specifically for the purpose and always clear about £2500 a month, so i guess thats the reason why they keep offering me all thses cards.Im not one to get carried away either with spend,spend,spend unlike some, i estimate that on realising all teh avaiable cash on all my cards i would have about 45k to play with.

Thanks again

Boss

boss-man-uk

YorkshireBoy wrote:

Order copies of your credit reports from Equifax & Experian. These will answer all your questions.

I check my report once a week online and although there are no defaults or missed payments i guess all the open accounts could have had an impact of some sort,although thsi doesnt seem to stop household bank and others throwing their cards at me.

Thanks

boss

blacksta

Monument is a part of barclays and i can confirm that they have two types of card. One i believe for people with a little or no credit history and the other for people with a resonable better record. I reckon you have applied to the first one which is capped at a limit of £250. I would suggest you check your APR. It also comes with 0% 4 3 months for purchases and a 9 months balance transfer.

boss-man-uk

blacksta wrote:

Monument is a part of barclays and i can confirm that they have two types of card. One i believe for people with a little or no credit history and the other for people with a resonable better record. I reckon you have applied to the first one which is capped at a limit of £250. I would suggest you check your APR. It also comes with 0% 4 3 months for purchases and a 9 months balance transfer.

well i think i will query this with them later as i belive my credit history to be almost A1 really

Thanks.

Rafter

I think it is more likely to be the number of cards you have and available credit.

If you were a bank and somebody applied to you with 5 cards, £10k owing and a further £15k available what would you think?

a) This person seems to have rather a lot of cards? Why does he/she need any more? Is he/she in financial difficulty even though they are currently making payments?

b) This person seems to jump from one offer to the next and may not pay much/any interest as a result. I won't give them much of a limit as a result.

Under both scenarios why would Monument or any bank give you another £5k card?

I suggest you close a couple of your unused cards, or phone up and ask to have your credit limit reduced and then you should have more chance of not getting small limits in the future.

R.