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Computer Finally Says: "no"

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http://business.timesonline.co.uk/tol/busi...icle2517919.ece

The Times September 24, 2007

Banks cut card limits and reject borrowers in consumer credit crackdown

High street banks are slashing credit card limits and turning away droves of borrowers in a consumer credit crackdown.

Banks hope that by tightening up lending standards they will cut the cost of servicing problem borrowers.

Half a million Barclaycard customers have seen their credit limits reduced in a continuing review by Barclays of its customers’ spending behaviour.

The bank is rejecting half of all applications for cards and is monitoring card-users closely for signs of trouble. “We have been going through a review since 2006 and lowered credit limits for 500,000 cardholders where customers are over their limits or where they have become overextended,” a Barclays spokesman said.

Its confirmation of tighter credit terms will be bad news for retailers in the run-up to Christmas.

Ohh dear computer finally says NO! bad debt & credit crunch must be hurting, it won't be long before they slash their 5-6 times salary mortgage offers next.

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Oh good.

Maybe we will have some cheap sales again at xmas!

.... or you could not go and see people until Jan 2nd and save even more by buying in the real sales!

One of the things that annoys me most is when the sales are really not sales, they are just reductions back to the price the item should be, because they can't find anymore suckers to overpay.

Shame it doesn't say the total credit line withdrawal.... bet its a huge amount.

It bleats on about people who are already over their limit..... probably to get in some more charges I think!

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I accidentally went overdrawn last week, due to crap share account not crediting my account fast enough before a withdrawl came out.

My Bank (begins with H ends in C) phoned up and were right shirty with me - even when I explained the problem was their share-dealing account being too quick on debits but not fast enough on credits.

Very interesting though as this has happened in the past and they didn't give two hoots!

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http://business.timesonline.co.uk/tol/busi...icle2517919.ece

Ohh dear computer finally says NO! bad debt & credit crunch must be hurting, it won't be long before they slash their 5-6 times salary mortgage offers next.

Probably just reflects Barclays.

This morning I had MBNA offering interest free until April 08 on all new purchases this morning. Presumably they have enough cash, while Barclays are a little short.

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Anecdotal I know but I applied for a 'Capital One' card with a 4% cash back for three months and I was REJECTED!

As far as I know I’ve got a good credit rating; I've had credit cards for many years and never missed a payment and only rarely not paid the full balance off.

SP (Only noticed in Lulu's post)

Edited by PricedOutNative

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I’ve had credit cards for many years and never missed a payment and only rarely not bad the full balance off.

Well no wonder you were refused....

You say you never missed a payment and always pay the balance off in full - the banks will not have made any money from and you, they will only want customers whom they can charge large rates of interest to and hammer for missed payments?! :o

You are far too respionsible for them.

Edited by lulu

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Anecdotal I know but I applied for a 'Capital One' card with a 4% cash back for three months and I was REJECTED!

As far as I know I’ve got a good credit rating; I've had credit cards for many years and never missed a payment and only rarely not paid the full balance off.

SP (Only noticed in Lulu's post)

I fancied one of these.... in the bin after the 3 months.... be great getting 4% back though!

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I accidentally went overdrawn last week, due to crap share account not crediting my account fast enough before a withdrawl came out.

My Bank (begins with H ends in C) phoned up and were right shirty with me - even when I explained the problem was their share-dealing account being too quick on debits but not fast enough on credits.

Very interesting though as this has happened in the past and they didn't give two hoots!

I phoned them up this morning for a $100K overdraft for our business.... I will let you know how it goes!

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Anecdotal I know but I applied for a 'Capital One' card with a 4% cash back for three months and I was REJECTED!

I didn't think it was humanly possible to be rejected by Capital One! I paid mine off a while back and cancelled it along with my Citi card. Good riddance to bad rubbish.

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I accidentally went overdrawn last week, due to crap share account not crediting my account fast enough before a withdrawl came out.

My Bank (begins with H ends in C) phoned up and were right shirty with me - even when I explained the problem was their share-dealing account being too quick on debits but not fast enough on credits.

Very interesting though as this has happened in the past and they didn't give two hoots!

Might be worth mentioning that in the past they were able to charge vast unauthorised overdraft fees, so it wasn't in their interest to let you know you were overdrawn. It would have been best for you to find out in your monthly statement that they had half inched a couple of hundred quid.

Now they probably want to make sure that you aren't going to cost them money by defaulting, and nipping the problem in the bud.

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