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Credit card query

Community Veteran
Posts: 7,914
Thanks: 594
Fixes: 8
Registered: 02-08-2007

Credit card query

Wanted to increase my credit card limit which I assumed would not be a problem but was asked what I wanted the money for ?
Having never exceeded the limit and been given increases before I thought the question was both cheeky and stupid, by refusing to answer they would not increase the limit.
Perhaps it's me but do you think to ask such a question is cheeky and stupid. .?
25 REPLIES
Moderator
Moderator
Posts: 17,250
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Registered: 11-01-2008

Re: Credit card query

i was asked it when i wanted to increase my credit limit. Told them I wanted to buy stuff Roll eyes
Will Moderate For Thanks
PowerLee
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Registered: 12-03-2013

Re: Credit card query

Banks & credit card companies have to be seen to lend money / give credit responsibly so that's why they ask more questions & keep the answers provided by you on file.
Back in the old days some banks liked to increase credit limits every so often without being asked to try & get you spending more on the card, these days that practice seems to have stopped & there much more careful about credit limits & increasing them.
VileReynard
Seasoned Pro
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Registered: 01-09-2007

Re: Credit card query

They wanted to know if you would be unable to pay your monthly bill in full.
So there would be some extra profit for them.

Community Veteran
Posts: 7,914
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Registered: 02-08-2007

Re: Credit card query

So do they have a list of things they would refuse to lend you money for apart from illegal items, not that anyone who was going to do that would be daft enough to admit it ? (ok there might be the odd exception)
What does it matter to them what I want the money for, their major concern should be can I pay it back and a look at my past history with them should give them the answer.
A few months ago we purchased a item in Debenhams with 10 % off and was advised if we took out their credit card a further 15 % would be taken off the price which we could have by completing the form provided, so that was a saving of 20%.
When the card arrived we paid the balance and destroyed the card but the spending limit on the card was £7,500 so why can they offer a limit like that when my own credit card has a limit of less than half that figure. ?
The Post office  got some interesting answers when asking customers what was in their parcels, perhaps I should have given one of those answers.
Smiley
Midnight_Caller
Rising Star
Posts: 4,143
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Registered: 15-04-2007

Re: Credit card query

@gleneagles, Go back to Debenhams and get there Credit card problem solved.  Smiley  Wink
nanotm
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Registered: 11-02-2013

Re: Credit card query

i think they ask to see how you respond, some people in the recent past have been requesting increases in order to pay fraudsters the cash and then complained and been forgiven the added debt because it was entered into under duress and the lendor had failed to perform adequate checks before giving the balance increase, just makes it annoying for people who want an increase i guess /
just because your paranoid doesn't mean they aren't out to get you
Community Veteran
Posts: 4,596
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Registered: 06-11-2014

Re: Credit card query

Quote from: PowerLee
these days that practice seems to have stopped & there much more careful about credit limits & increasing them.

Not too sure about that, had my credit limits increased a few times, occasionally without my noticing (tend to forget to open letters, especially ones with a glossy coating on the envelopes with is usually spam mail), so they're still doing the increases, usually to put people into terminal debt... Grin
Community Veteran
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Registered: 02-08-2007

Re: Credit card query

@twocvbloke,
I was going to tell them the extra money was to buy a couple of CV's but the joke would have been on me, can't believe the price those cars are going for, seems you are not the only one who loves them.
Smiley
RobPN
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Registered: 17-05-2013

Re: Credit card query

Quote from: gleneagles

A few months ago we purchased a item in Debenhams with 10 % off and was advised if we took out their credit card a further 15 % would be taken off the price which we could have by completing the form provided, so that was a saving of 20%.
When the card arrived we paid the balance and destroyed the card but the spending limit on the card was £7,500 so why can they offer a limit like that when my own credit card has a limit of less than half that figure. ?

So did you also formally close the Debenhams account?  If not, just destroying the card will have left the account in place and any other credit card companies checking your status with the Credit Reference Agencies will see that you have a £7500 credit facility which is not being utilised.
Community Veteran
Posts: 4,596
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Registered: 06-11-2014

Re: Credit card query

Quote from: gleneagles
@twocvbloke,
I was going to tell them the extra money was to buy a couple of CV's but the joke would have been on me, can't believe the price those cars are going for, seems you are not the only one who loves them.
Smiley

They're classic cars now, so many people scrapped them in the 80s & 90s (the late models were made, badly, in portuga, so failed sooner than older ones), so there's a lot less of them, and demand is high, so they do go for a lot now... Shocked
Preacherlady
Grafter
Posts: 86
Registered: 28-09-2015

Re: Credit card query

I had a Barclays card which when I had paid off, I destroyed and thus was about three years ago, and when a renewed one came in post, I did not activate it but destroyed it, tried to phone them to say had done that but I could not remember the security questions or password as had never used it online!  So they could not close account and so I still get letters offering me higher credit, interest free transfers etc, and recently a letter wondering why I was making  no advantage of all the wonders a Barclay card could offer me!  Have written to them but had no response!
Have given up and so find myself shredding all these letters that come.
So if you destroyed the Debenhams card without informing them you may well get similar mailings!
VileReynard
Seasoned Pro
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Registered: 01-09-2007

Re: Credit card query

It's very hard to make a company cancel a credit card account.

nanotm
Pro
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Registered: 11-02-2013

Re: Credit card query

well if you failed to close that 7.5k card from Debenhams it will be sitting there on your credit file and being used against you and reducing your credit worthiness...
just because your paranoid doesn't mean they aren't out to get you
Community Veteran
Posts: 7,914
Thanks: 594
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Registered: 02-08-2007

Re: Credit card query

Never thought to close it. Didn't even know you had to so, for those who have closed this or similar accounts what is the easiest way of doing it as other posts seem to indicate it's not that easy ?