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"Tighter credit condition even hit wealthier consumers"

By admin | August 3rd, 2008 | Credit Cards

Whilst anyone on low income will most likely have experienced the recent woes when it comes to getting credit as a result of the tighter credit conditions that have come into play because of the global credit crunch, it also appears that many wealthier consumers have also been affected. According to a recent report credit card companies have increased caution about increasing credit on cards even for those on high incomes, reflecting how hard the global credit crunch is starting to bite.

In a recent incident a man who is the director of a successful insurance firm and is earning £100,000 a year said that he faced real difficulties in trying the get the credit limit on his card increased by just a few thousand pounds. This is something that had often affected those on limited income or with poor credit but never used to pose a problem for wealthy consumers with good credit histories.

The consumer said: ‘I’ve an impeccable credit score, no county court judgments and no outstanding card balances. We pay off card bills each month and I have a six-figure salary.’ However, he did appeal the decision with the card provider, and he added: ‘They said there was a blanket ban on any new cards getting a higher limit. I felt this was an over-reaction. The banks have been lending all over the place and then, when they were caught with their pants down and bad debts they start to treat everyone like an idiot.’

The credit card firm said: ‘The customer service has not been up to our usual standards. An offer to call back the customer was not followed through and this case did not get reviewed properly. A common-sense look suggests there is no way that this customer is not going to make payments. We will be getting in touch with Mr Batabyal directly to offer an apology and to arrange to increase the credit limit.’

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Tags: Credit Cards

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