michaelc
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Post by michaelc on Sept 11, 2018 18:52:38 GMT
I was going to post this on MSE but then thought I'm, with any luck, more likely to get a higher quality reply here so here goes: I have a Post Office Mastercard that is actually run by the Bank of Ireland but I guess they figure it would be more attractive in the UK under the PO brand. Anyway, I like it because when I go abroad it seems to charge no fee and (somewhat amazingly) gives the currency rate as pretty well smack in the centre of the buy/sell spread. I've had it years and always pay it off in full. Never been late. I normally use about 1k per month and it has quite a modest limit of 2 or 3K and I wanted to double it to ensure I never go over especially when away which is when I use it most. They have a single click on their website that allows the request so I requested it. There was no warning about it being subject to credit reference checks but in any case I get my report from some of those agencies every month and there is nothing to alarm me. Today I got a call from the Irish call centre asking to call me back and shortly afterwards I noticed it said 'declined to increase' on my CC account. I haven't rang them yet and I know I perhaps should but I'm currently away and not sure I could face a 'computer says no' type of call. The only thing I can think of as to why they declined is because I'm currently not working but a lot younger than retirement age. I'm fortunate enough to have built up enough investments to live on those. On the other hand, I was never asked about my employment status and not sure they could check (even the c.ref. agencies don't have that info do they?) Unless its because they only want to increase credit for customers who actually pay them interest each month? That might make sense to me but couldn't find much on the web to suggest that. Thanks in advance for reading or commenting! Edit: Forgot to say I realise I could top up the card manually in advance to put it in credit but then it almost becomes like a debit card and I'd need to watch it to ensure I didn't get caught when I least wanted to. Plus I wanna know why the ****ards rejected me  |
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Post by Please turn me over on Sept 11, 2018 19:35:55 GMT
Could be that the CC company is just protecting itself against potential fraud. Increasing the credit limit is the first thing a fraudster might try before doing the dirty, and not being able to speak with you they thought best not to approve. Call them to find out; unlikely to hurt.
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benaj
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Post by benaj on Sept 12, 2018 11:20:56 GMT
My experience, NatWest, Tesco (used to running with NatWest) and American Express increase credit limit without asking.
Those 0% purchase card like Sainsbury's bank won't.
Cashback cards like Nationwide, Aqua won't
Cards like Capital one, Barclays reward won't
Some card issuer may even decrease credit limit after the 0% purhcase / balance is paid off.
The truth is, every plastic card transaction make them profit (fees and charges), even if the entire balance is paid off every month.. I have never seen them double my credit limit in one go. In 3 years, that's a possibility.
Chances are, banks make decisions to maximise profits by increasing, decreasing or not changing credit limit on a regular basis regardless even if someone pays off the entire balance every month.
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bigfoot12
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Post by bigfoot12 on Sept 12, 2018 11:37:55 GMT
I could top up the card manually in advance I have a similar card with a different bank, which is fantastic for travelling. However they do charge interest on cash withdrawals from the date of the withdrawal. So even though my limit is large enough I tend to top up before I go overseas. ... why they declined is because I'm currently not working but a lot younger than retirement age. I'm fortunate enough to have built up enough investments to live on those. On the other hand, I was never asked about my employment status and not sure they could check (even the c.ref. agencies don't have that info do they?) I think that this is unlikely, as you say that they don't know these details. ...when away which is when I use it most. Could this be the reason. Perhaps you are not very profitable for them if you mainly use it overseas. I decided to use my card as my main card all the time and since then I have had automatic (unrequested) increases in the limit; another card I have, which I have more or less stopped using except for a couple of 'standing orders' has had the limit cut. Probably worth phoning them when you get back.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 12, 2018 12:17:14 GMT
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carolus
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Post by carolus on Sept 12, 2018 15:48:41 GMT
Cashback cards like Nationwide, Aqua won't
Aqua definitely do - I've had numerous increases over the last couple of years without having to make any request.
michaelc I'm not sure from your post whether you have a reason for wanting to, specifically, use a credit card when you go abroad. If, however, you are just looking for fee free transactions at the Mastercard exchange rate (which is the rate I assume the CC uses), you might like to have a look at either Monzo or Starling banks. Both of them have fee free exchange at Mastercard rate, although they are bank accounts with debit cards, not credit card issuers.
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benaj
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Post by benaj on Sept 12, 2018 17:23:54 GMT
Cashback cards like Nationwide, Aqua won't
Aqua definitely do - I've had numerous increases over the last couple of years without having to make any request.
michaelc I'm not sure from your post whether you have a reason for wanting to, specifically, use a credit card when you go abroad. If, however, you are just looking for fee free transactions at the Mastercard exchange rate (which is the rate I assume the CC uses), you might like to have a look at either Monzo or Starling banks. Both of them have fee free exchange at Mastercard rate, although they are bank accounts with debit cards, not credit card issuers. It was a 3% cashback from aqua, I wasn't profitable to them
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benaj
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Post by benaj on Sept 13, 2018 7:41:34 GMT
One of my charity affiliated credit cards has a £15,000 limit. I keep it in the safe! I use one with a £500 limit day to day, with the same bank.
I tried years ago to have the £15,000 limit reduced because I never use credit - but I was told that if the limit was reduced this would be a black mark on my credit record if I ever needed credit again - because the reduction would be seen as someone somewhere viewing me as a bad risk - despite I asked for the reduction.
And you wonder why consumer debt is out of control???
I use the £15,000 card a few times a year because the bank pays £15 to the charity if it is used at least once!!!
That's interesting. I doubt the knowledge the bank staffs know about credit rating. We have different agencies in the UK, Equifax, Call credit, Experian. The scores are different for the same person with these agencies. You can have a perfect score 999 with Experian while other agencies score less than slightly perfect. What really matters is the information the credit file hold for the individual, some may store incorrect information while the others store correctly. My experience, don't bother with call credit, their rating is not essential, Experian is probably the one matter the most. www.moneysavingexpert.com/credit-cards/credit-reference/
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dc848
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Post by dc848 on Sept 27, 2018 8:09:10 GMT
... I get my report from some of those agencies every month and there is nothing to alarm me. ... Plus I wanna know why the ****ards rejected me I check my credit ratings weekly with Noddle and monthly with Clearscore.
In recent weeks (about three), I invested in Welendus.
Suddenly my stable score has dropped from 'good-excellent' to below 'good'.
Im waiting for my next Clearscore report to see how that fares.
Im wondering if (yes, just investing) in a payday loan company has had an adverse effect. Nothing else in my history could have done it - Im squeaky clean on all my bills.
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Post by Ace on Sept 27, 2018 8:17:29 GMT
... I get my report from some of those agencies every month and there is nothing to alarm me. ... Plus I wanna know why the ****ards rejected me I check my credit ratings weekly with Noddle and monthly with Clearscore.
In recent weeks (about three), I invested in Welendus.
Suddenly my stable score has dropped from 'good-excellent' to below 'good'.
Im waiting for my next Clearscore report to see how that fares.
Im wondering if (yes, just investing) in a payday loan company has had an adverse effect. Nothing else in my history could have done it - Im squeaky clean on all my bills.
Wow, that's a worry. Might be worth notifying Welendus, as they will surely want to investigate in case it puts investors off. Please keep us posted.
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benaj
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Post by benaj on Sept 27, 2018 16:30:39 GMT
I check my credit ratings weekly with Noddle and monthly with Clearscore. In recent weeks (about three), I invested in Welendus. Suddenly my stable score has dropped from 'good-excellent' to below 'good'. Im waiting for my next Clearscore report to see how that fares. Im wondering if (yes, just investing) in a payday loan company has had an adverse effect. Nothing else in my history could have done it - Im squeaky clean on all my bills.
I doubt Welendus has anything to do with your credit score. I opened my account in June this year, and that's no searches showing related to Welendus in my Clearscore report. Check your detailed report and see what's changed in your credit file with Noddle and Clear score.
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