No Credit Limit Credit CardsCredit limit No credit limit Credit cards
We will need to review your ability to pay back the cap before approving it. When your limit is higher than you need, you can apply for a credit cut as long as it exceeds the limit and your overall credit by phoning the number on the back of your credit cards.
Occasionally we may be able to suggest that you raise your credit limit if you fulfil certain requirements. In order to administer how we mail these promotions to you, or to refuse, you can login to your on-line bank accounts or call the number on the back of your credit cards.
Receive your credit cards every month and see how much you have actually spend in recent week. "Your credit limit has just been raised to £XXX". The Australian banking ombudsman published a news bulletin a few month ago in which he said that the Australian banking ombudsman had been the first to publish a report on the issue:
"Frequently, the credit limit enhancement is often an evaluation of the redemption record on the bank balance. Consequently, a client who has succeeded in meeting the strict limit of the month can be asked for a limit raise even though the client is not able to pay back the entire amount.
The Bureau believes that credit limit enhancements should be valued in the same way as the original lending. Therefore, if there is no evaluation of the customer's ability to pay back and an examination reveals that the client could not do so, we may conclude that there has been a maladministration".
Here, the Task Force on Over-indebtedness established by the Ministry of Commerce (DTI) and represented, inter alia, by the Office of Fair Trade, last year voiced its concerns about a number of credit market practices for consumers. A seemingly obvious tendency to emphasise the lightness, rapidity and volume of credit available seemed to run contrary to reports of good credit governance.
Until this issue of the Ombudsman's messages goes to press, the working group will probably have returned to the Task Force. While we have not seen the working group's progress paper, we believe it will probably contain a number of suggestions regarding unrequested overdrafts and the increase in credit limit.
Specifically, it may well suggest that these should be made only after any preliminary review of clients when an increment is suggested, and that clients should be made aware of their right to either decrease or decline an increment. ombudsmann News provides general information on the exposure at the date of disclosure.