A week gone Saturday I applied, on line, for four credit cards and all were in my ownership and activated by Friday just gone, five working days, with in excess of 30,000 of spending power. Quite surprised by the ease and speed even though I have no bad credit records and an excellent credit rating.
Credit does seem easy to get and I can see why those who have less will power will soon rack up big debts.
Phil
Could you kindly tell me which ones are so fast? And do they do Balnce transfers at 0%. I ask because I went to join egg to do a balnce transfer of £3000 off my visa which needs to be done in 15 days and egg stated 10-15 days to get everything cleared and then a week to do the transfer.
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Cahoot, Egg, Lloyds & Morgan Stanley but not involving transfers.
Well, a bit off topic, but I was wondering the different attitude Credit card cos take to increasing your limit. I had my Barclaycard for 6 mths and requested an increase of £1k, to £4.5k. They gave me a
6 mth temp limit, but when requesting it (through the website) they ask the reason for the increase, assuming you are going to make a large purchase.But AmEx (after having my card for 9 mths) refused me an increase, as I had not spent close to the limit (and probably not used the card that much). They never assumed I was about to make a large purchase.
What would be a sensible request to increase a limit to, if asked? (probably in percentage terms of current limit).
How many times would you need to come close to your limit before they would increase it? (2 or 3 consecutive months?)
I would have thought making at least the minimum payment on time would have a far greater effect on the 'potential' for a limit increase than actually spending up to the limit on occasions (as surely most people don't/can't). Although I realise that spending £10 a month is not profitable for card provider.
And by increasing limits you get people to spend more than they can afford (although card cos would never admit that :-) )
My CC Co regularly increases the limit, and I never go anywhere near it.
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