Hello All,
I applied for Cr limit increase online from 5K to just 7K (Coles MC) and it was declined within a fraction of second. Here is the screen. Per the screen shot "If you'd like to discuss the outcome of your credit limit increase request, please contact Customer Solutions", I contacted them and the supervisor denied bluntly to discuss why the Cr limit request was denied stating they cannot disclose their lending criteria.
I have immaculate credit history (just obtained a copy last week), have always paid all the Credit cards, bills, mortgage etc in time and my income has increased almost 30% in last 2 years.
BTW : Having Coles MC since 2011 and applied for cr increase back in 2012 where it was increased to 5K.
My question is what are my rights in order to know why this limit increase was declined. Per supervisor @ Coles MC it is totally private and there is no way they can disclose it to me.
Your thoughts please.
They don't have to give you the specifics on why your limit increase was declined, but you can try to speak to someone from the lending department to plead your case and see whether they'll overturn it.
The fact that you always pay your credit card on time may actually be one of the reasons they take into account. Increasing your credit limit will add some risk from their perspective but if you always pay before the interest period kicks in then they'd be forecasting to get no return for that risk.
It's not as simple as "good credit record? Cool, increase away!" - it's a lot more nuanced and may have to do with your good behaviours as much as your bad, or it could have nothing to do with you and simply be the current appetite of the company to lend out higher credit limits in the current climate.
Best bet is to try to talk to the lending department to plead your case, but they don't have to (and won't) disclose their lending criteria that knocked you back. They don't want their criteria to be gamed so it's best kept secret.