Upping credit limit without asking

B

beetroot

Registered User
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Hi it just so happens that I reached my limit on my credit card (it will be paid off on time as always) but got a letter from my credit card company today saying they were pleased to inform me that they were upping my limit. I thought they had been forced to stop this practice? b
 
AFAIK they have not brought this legislation in yet, but from what I heard on the news the last couple of days, they are drawing something up to make it illegal for banks to do this.
 
Maybe the timing was just coincidental? I've heard that many CC providers automatically up the credit limit on a regular (annual?) basis. Mind you PTSB VISA don't do this for me for some reason (which doesn't bother me). The one time that I needed the limit upped I just called them and the did it there and then to allow me to pay a hotel bill. Naturally I clear the balance before interest charges kick in.
 
ClubMan said:
I've heard that many CC providers automatically up the credit limit on a regular (annual?) basis.
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After nearly 10 years with Band Of Ireland Mastercard, I've worked out how the decided to up CC limits.

On a number of occasions, I worked up a large CC balance on my card, say up to 75% or 80% of my total limit, and then paid it off completely.

Within a couple of weeks of doing this, BOI sent a letter to me advising me that because of my good custom, and to allow me better avail of the facilities of the card, they were increasing my limit.
 
Yep, got into lots of trouble with this in the past myself. If you regularly use up to your limit but always make payments on time (even if they're only slightly above the minimum payment) then you will probably get your credit limit upped a couple of times a year.
 
onlineprint said:
Any idea if MBNA does the same, ie, increases your credit limit
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Yep, yesterday I noticed that my credit limit increased from €7,800 to €9,400 since last week!! I'm not sure why as I pay my card off in full so they're not getting any interest out of me. I think the limit was €3,000 when I first got the card a couple of years ago.
 
They must be getting in ahead of the legislation. In the last two weeks I've been offered:
- a pre-approved overdraft limit by BOI
- a pre-approved term loan by BOI
- a pre approved term loan by GE Money
- a pre-approved ICE credit card with €3k limit by PTSB.

Great, when I really needed a term loan several years ago, I couldn't get one anywhere!!
 
A friend used to work in the credit card section of one of the big banks. According to her the increase in limits were computer generated based on the transaction history of your account.
 
Does anybody know after what date it's illegal for banks to send these pre-approved loan offers?

My wife got one this morning offering her €15.5K and it went straight to our recycling bin!
 
I've had this happen with BOI this week also...€2k added to limit without being asked.

Will be requesting that it is brought back down though.
 
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