Bank has raised our credit limit - Alfa Romeo Forum
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(Post Link) post #1 of 15 Old 4 Weeks Ago Thread Starter
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Bank has raised our credit limit

The bank has recently reviewed our account and theyíre going to let us get £8.5k into debt.
Nice, but I have to say if I donít want the extra thousand quid debt. Then they carefully consider it! Then the default should be that they only increase it if we want them to?
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(Post Link) post #2 of 15 Old 4 Weeks Ago
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They're supposed to have tightened everything up since the bank bailout.

But when we got our mortgage, with minimal checking, they were happy to lend us about 3 times as much as we needed, and twice as much as I would have been even faintly comfortable actually borrowing.
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Originally Posted by cue2 View Post
The bank has recently reviewed our account and theyíre going to let us get £8.5k into debt.
Nice, but I have to say if I donít want the extra thousand quid debt. Then they carefully consider it! Then the default should be that they only increase it if we want them to?
I'm no financial advisor but I thought this type of practice had been banned. The last time this happened to me I called the bank and they explained that they offered it to me, no doubt in the small print, and it was down to me to decline it.
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(Post Link) post #5 of 15 Old 4 Weeks Ago
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Started with a small OD. The more I used it, the more they increased my limit.

However no raises since 2002.
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My bank do this every now and then, but they always tell me that I can phone <freephone number> if I'd like to discuss having a lower or (even) higher limit.

I thought all banks were supposed to do that, and give you the clear option of declining the offer of an increased limit...
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Mine’s £200

We did have a credit card that once crept up to a limit of about £15k but binned it off years ago.

I reckon my credit rating must be terrible, I looked at a loan last year where the headline rate was 2.9%, they offered me about 9.5%.
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I had a similar increase. The letter stated ‘after carefully considering your account’ which couldn’t have taken that long, given I rarely use the card ‘we have upped your credit limit.’

Oddly, about ten years ago, when my account was equally inactive, they wrote to say they were lowering my limit.

Whatever.
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Itís about as dumb as these betting companies getting people addicted. Or students who just get numb to the scale of their student debt.
What do they do, increase the credit until you cannot pay it back then finally get some interest out of you? Ours is always paid off and we get vouchers from what we spend so not that lucrative for them.
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I was once told by a FA that the higher ones credit limit the worse ones credit score. How true this is I'm not sure but we've always kept ours to a minimum and declined the banks offer to increase.
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Of course they want you to get into debt, thatís how they many money. Theyíre being slaughtered by low/negative interest rates, theyíd rather lend it to you.

Itís simply an algorithm, donít take it personally. Itís demonstrably not reckless, because they will have selected accounts that can provably handle it, thatís why you got the letter.

Is the availability of credit a good or a bad thing? Overall, itís a good thing. Leasing cars is all about credit. Some would argue that it has just given poor people the ability to have nice cars that they canít afford. The counterpoint is that it has allowed more people to drive a newer, better car - safer, better for the environment etc etc.
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Depends on the interest rate, are you saying you have a 7.5k overdraft and they've upped it to 8.5 or is it a credit card.
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Itís a credit card.
Useful for a three week bridging loan but better not to use it fully!
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I've always found mine are happy to adjust it up or down if you ask. We upped ours for a month to help buy my son a car (quicker and easier than lots of money transferring) and then just asked them to drop it back down .. no problem.

Then again I have a few cards, so if one didn't play ball, I'd used one of the others!
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(Post Link) post #15 of 15 Old 3 Weeks Ago
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You can ask a bank never to increase your limit, and they won't bother you again.
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