I received a letter from Lloyds TSB (my bank for the past year) offering me a "100% Guaranteed acceptance credit card" saying "You have already been approved a minimum credit limit of £5000". I currently can't get more than £2000 on a CC so I applied for this straight away, when I received the card it says I only have a £500 credit limit... which is pointless for me. I have phoned them up and they advise that I go into the store with the original offer letter (which I do have) and see what they can do. Do I have a leg to stand on by demanding that they give me the £5k limit since the letter clearly states that thats what I was applying for?
2007-12-10 07:40:57 · 13 answers · asked by Anonymous in Business & Finance ➔ Credit
The letter seriously states "we have approved you for a minimum credit limit of £5000" - theres no stars or small numbers or anything next to it and hardly any small print (nothing to do with the limit). I wanted it because its 12 months interest free and i wanted it purely for transferring other balanced which i am paying interest on (about 2.5k's worth). Im so dissapointed.
2007-12-10 07:55:35 · update #1
just check it again, sometimes they say you have basically been approved to apply for it, but not defiantly get it!
2007-12-10 07:45:25 · answer #1 · answered by stan®™ 5 · 0⤊ 0⤋
They do the same thing over here. they will say, like, You have been preapproved for a credit of up to $2000. Now that sounds as though you have been approved, that is, approved in advance. What it actually means is that you have been preapproved at an initial stage. You won't get any credit line until you are "post approved."
It's one of those cute little things about English that let them say something that creates a false impression without actually telling a lie, sort of.
They are hoping you'll jump for it.
If you do they will put you on the list for high interest, an annual fee, and best of all waiting for you to make a mistake by paying late or exceeding your credit limit, or using the wrong card by mistake or this or that. Most people make an error sooner or later.
Watch out for, "Up to," and things like that.
Words mean things; especially in English.
You have no leg to stand on. They did give you a line of credit.
The picture is even worse than I have stqated it.
2007-12-10 08:02:18 · answer #2 · answered by Anonymous · 1⤊ 0⤋
If you close a credit card account, make sure that you request a notation that it was closed at your request....otherwise, your credit can be damaged. Your credit score is based on the percentage of available credit you are currently using, so you can lower your credit score by closing accounts. However, you can balance this by doing the following: 1) any account you close, ask for the notation- closed by customer request. 2) don't charge any account up to or beyond the limit...try to keep a 20-50% available credit on any account...if you can, pay off the balance each month. I make double payments on all my credit cards where I carry a balance (two payments a month instead of one). This ensures that I am always paying down the balance as well as covering the minimum.
2016-05-22 21:44:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you read the original offer letter again, I bet you'll find a star (asterisk) next to that credit limit promise, which is expanded in small fine print in the back or bottom of the letter saying that your actual limit will be based upon your credit rating.
2007-12-10 07:51:02 · answer #4 · answered by JoeC 2 · 0⤊ 0⤋
Well, even you did not see and fine prints stating your credit limit is object to your credit score, but it is reflecting on the credit limit that gave you 500 pound. So I would not think that they will raise your credit limit to the 5000 pounds that you like. Sorry!
2007-12-10 08:33:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Don't do it. You will never clear 5000 credit and despite your best intentions you will spend it. They are only taking advantage of you now, near Christmas, because they know you need the extra money; but you will be paying it off forever.
2007-12-10 07:45:56 · answer #6 · answered by stoopid 4 · 0⤊ 0⤋
Most of the time if you make a big deal about it and say it is to transfer balances to their card they will raise the limit for you.
If you say your going to close the card because it is useless they will also most likely do what you want.
2007-12-10 08:54:55 · answer #7 · answered by Amanda 3 · 0⤊ 0⤋
The credit you were granted is based upon the banks belief in your current financial situation and your ability to pay it back.
Why would you want credit beyond your means?
2007-12-10 07:45:18 · answer #8 · answered by Itsa Secret 4 · 1⤊ 0⤋
There was probably very small print subject to ...
2007-12-10 07:50:20 · answer #9 · answered by Fred3663 7 · 0⤊ 0⤋
yes you can but if you do your a bloody idiot you will end up in so much dept you probably top your self
2007-12-10 07:49:32 · answer #10 · answered by jabman05 3 · 1⤊ 0⤋