where has the credit gone?

[winterblues25]

I’ve usually never had a problem being accepted for credit but just tried to increase my credit limit on my card recently and was refused, new balance transfer card and loan applications refused, credit score good, even the balance transfer offers on my credit card which I’ve had for years have been withdrawn??

Myself and my husband clearly have the money to support our children as no one else has been giving us the money to support our children, are you completely dimwitted?? We put money into our pensions far exceeding what we have in debts by conscious choice. We could easily downgrade one of our cars to a still suitable car tomorrow and completely clear all debt (which by the way is only equivalent to 2 months our take home EARNINGS!!!! ) We have over 100k in housing equity and several hundred thousand in pension equity, I wasn’t looking for or needed your sympathy but I certainly have sympathy for you being completely unable to understand basic facts.

Well it’s worked for us, are you a financial advisor or do you just like going around pretending to know what you are talking about?

No, not that he knows of, he’s not had reason to apply for any credit except when we renewed our mortgage last year and that went through absolutely fine at a favourable market rate

This is the final post I will be writing on this thread, there seems to be a small minority of people that can understand a basic question and decide to reply if they have a useful and relevant response, the rest seem to have the comprehension of an amoeba. However many times it is explained to them that we could easily clear the debt tomorrow they cannot grasp this basic fact. I feel dreadfully sad for anyone who genuinely struggles to support their children, has to depend on charity/benefits or is in genuine trouble with debt, the hate based on these incorrect assumptions in this case has been astounding, has been very insightful.

The thing is op, many people are educated to understand that:

• interest is a waste of money
• you only borrow to invest in something that has the potential to generate more return than the interest you'll pay

So when you say you "could easily clear the debt tomorrow" it just leaves a lot of us baffled as to why you wouldn't clear debt if you could, rather than constantly waste money on interest.

OP could absolutely not clear the debt tomorrow, because why else would you be sat paying massive wads of interest if you could pay it all off within 12 hours? 😂

I think she's just embarrassed because the story seems to have changed the more she was questioned

Anyway she's gone now

I duno. I think I would rather keep my nice car than sell it to pay off a credit card that I can afford to pay over minimum.
Horses for courses.

With it being a car, sometimes those are a necessity, so there's the issue of whether the person would need something else.

My guess is that OP could sell the car and clear the debt that way. But she would need/want another vehicle and is worried a cheaper version would be a false economy (possible, the second hand car market is a lot worse than it used to be).

This. I think the OP is embarrassed by her financial situation.

All fur coat and no knickers!

I'm guessing that maybe, just possibly, the car is on finance.

Very likely. On the basis of all the information that has dripped from @winterblues25 I think a lot of things will be bunged on credit. Unfortunately (for the OP but not in the long term) now, the bank has pulled the plug on extending the limit. The bank is trying to stop the situation from spiralling further south.

I don’t think 2,800 a month is higher earner? My DH is on £9-10k a month and that’s considered high I think?
i don’t think trips are a constant cost at that age?! And how often are iou buying new clothes and shoes?

And gloves…let’s not forget the gloves…

Probably like a lot of the population with their cars.

I’m a pensioner and I pay my interest bearing cards off every month. I’m getting offers for more cards - all of which are interest free.

If you’re seen as a good risk, the offers still arrive. 🤷‍♀️