Credit Crunch My A#se
Discussion
Despite the media heavy war of credit (or lack of), I wondered if any of you good folk had noticed a pinching of penny's and/or refusal of credit.
2 months ago, me and a number of friends had current mortgage deals coming to an end and we were all worried as to what deal we would pick up (if any). None of us suffered any problems, were given good rates and the whole mortgage process was very quick.
Last week, Abbey rang me up with "super low interest rate credit card.TM" deal and was I interested, I turned this offer down at the time on the basis that I already had 5 cards.
Tonight, HBOS rung me up with 0% interest deal on brand new credit card transfer for the first 12 months, was given credit check and then told my card will be on its way once I sign agreement, I asked what credit limit would be, told between £12K to £14K. So...what is going on with the media bullcocks about credit crunch, becase no one I know is having any impact.
2 months ago, me and a number of friends had current mortgage deals coming to an end and we were all worried as to what deal we would pick up (if any). None of us suffered any problems, were given good rates and the whole mortgage process was very quick.
Last week, Abbey rang me up with "super low interest rate credit card.TM" deal and was I interested, I turned this offer down at the time on the basis that I already had 5 cards.
Tonight, HBOS rung me up with 0% interest deal on brand new credit card transfer for the first 12 months, was given credit check and then told my card will be on its way once I sign agreement, I asked what credit limit would be, told between £12K to £14K. So...what is going on with the media bullcocks about credit crunch, becase no one I know is having any impact.
Edited by Romanymagic on Tuesday 30th September 22:37
Romanymagic said:
Despite the media heavy war of credit (or lack of), I wondered if any of you good folk had noticed a pinching of penny's and/or refusal of credit.
2 months ago, me and a number of friends had current mortgage deals coming to an end and we were all worried as to what deal we would pick up (if any). None of us suffered any problems, were given good rates and the whole mortgage process was very quick.
Last week, Abbey rang me up with "super low interest rate credit card.TM" deal and was I interested, I turned this offer down at the time on the basis that I already had 5 cards.
Tonight, HBOS rung me up with 0% interest deal on brand new credit card transfer for the first 12 months, was given credit check and then told my card will be on its way once I sign agreement, I asked what credit limit would be, told between £12K to £14K. So...what is going on with the media bullcocks about credit crunch, becase no one I know is having any impact.
Well that tells you the banks have not learned any lessons despite the current situation!2 months ago, me and a number of friends had current mortgage deals coming to an end and we were all worried as to what deal we would pick up (if any). None of us suffered any problems, were given good rates and the whole mortgage process was very quick.
Last week, Abbey rang me up with "super low interest rate credit card.TM" deal and was I interested, I turned this offer down at the time on the basis that I already had 5 cards.
Tonight, HBOS rung me up with 0% interest deal on brand new credit card transfer for the first 12 months, was given credit check and then told my card will be on its way once I sign agreement, I asked what credit limit would be, told between £12K to £14K. So...what is going on with the media bullcocks about credit crunch, becase no one I know is having any impact.
Edited by Romanymagic on Tuesday 30th September 22:37
Romanymagic said:
Despite the media heavy war of credit (or lack of), I wondered if any of you good folk had noticed a pinching of penny's and/or refusal of credit.
I have definitely noticed more people buying things that on offer, especially if they're things with a long shelf life (i.e. pasta, canned items). I've also noticed a lot of people coming in with lists (easier to stick to it than to just wander around with a trolley picking things as you go), and more stuff gets left behind at the checkout as they decide they can't afford it/don't need it.
but if there was no credit, people would save and things would be better long term. Paperboy said:
Have you not noticed some national newspapers during the week are up to 33% smaller than normal and the regionals are shadows of their former selves? It's because they have less adverts in them. They have also experianced higher costs lately, both paper and ink are 15% more expensive than 12 months ago.
Romanymagic said:
Despite the media heavy war of credit (or lack of), I wondered if any of you good folk had noticed a pinching of penny's and/or refusal of credit.
2 months ago, me and a number of friends had current mortgage deals coming to an end and we were all worried as to what deal we would pick up (if any). None of us suffered any problems, were given good rates and the whole mortgage process was very quick.
Last week, Abbey rang me up with "super low interest rate credit card.TM" deal and was I interested, I turned this offer down at the time on the basis that I already had 5 cards.
Tonight, HBOS rung me up with 0% interest deal on brand new credit card transfer for the first 12 months, was given credit check and then told my card will be on its way once I sign agreement, I asked what credit limit would be, told between £12K to £14K. So...what is going on with the media bullcocks about credit crunch, becase no one I know is having any impact.
Im currently paying interest each month 14 or something on a credit card, am I completely stupid for not transferring the balance over to a lower rate card I take it?2 months ago, me and a number of friends had current mortgage deals coming to an end and we were all worried as to what deal we would pick up (if any). None of us suffered any problems, were given good rates and the whole mortgage process was very quick.
Last week, Abbey rang me up with "super low interest rate credit card.TM" deal and was I interested, I turned this offer down at the time on the basis that I already had 5 cards.
Tonight, HBOS rung me up with 0% interest deal on brand new credit card transfer for the first 12 months, was given credit check and then told my card will be on its way once I sign agreement, I asked what credit limit would be, told between £12K to £14K. So...what is going on with the media bullcocks about credit crunch, becase no one I know is having any impact.
Edited by Romanymagic on Tuesday 30th September 22:37
I've noticed just from going shopping that things like pasta and oil are almost 3 times as expensive now as say 2 years ago, also whilst living no differently as far as i could tell Le Mans seemed to be a lot more of a financial strain this year than it was last year while i was in a job earning more money.
alman said:
I've noticed just from going shopping that things like pasta and oil are almost 3 times as expensive now as say 2 years ago, also whilst living no differently as far as i could tell Le Mans seemed to be a lot more of a financial strain this year than it was last year while i was in a job earning more money.
Stop whining about the costs of food and trips to Le Mans. Get your priorities sorted out...stop eating 
mickken said:
Romanymagic said:
Despite the media heavy war of credit (or lack of), I wondered if any of you good folk had noticed a pinching of penny's and/or refusal of credit.
2 months ago, me and a number of friends had current mortgage deals coming to an end and we were all worried as to what deal we would pick up (if any). None of us suffered any problems, were given good rates and the whole mortgage process was very quick.
Last week, Abbey rang me up with "super low interest rate credit card.TM" deal and was I interested, I turned this offer down at the time on the basis that I already had 5 cards.
Tonight, HBOS rung me up with 0% interest deal on brand new credit card transfer for the first 12 months, was given credit check and then told my card will be on its way once I sign agreement, I asked what credit limit would be, told between £12K to £14K. So...what is going on with the media bullcocks about credit crunch, becase no one I know is having any impact.
You can't be that wealthy if you have a mortgage though. Work harder or change your job you poor person.2 months ago, me and a number of friends had current mortgage deals coming to an end and we were all worried as to what deal we would pick up (if any). None of us suffered any problems, were given good rates and the whole mortgage process was very quick.
Last week, Abbey rang me up with "super low interest rate credit card.TM" deal and was I interested, I turned this offer down at the time on the basis that I already had 5 cards.
Tonight, HBOS rung me up with 0% interest deal on brand new credit card transfer for the first 12 months, was given credit check and then told my card will be on its way once I sign agreement, I asked what credit limit would be, told between £12K to £14K. So...what is going on with the media bullcocks about credit crunch, becase no one I know is having any impact.
Edited by Romanymagic on Tuesday 30th September 22:37
Good luck.
Ive noticed our weekly shop costs slightly more? but not nearly enough to notice.
Petrol has come down, local tesco currently at 106.9 for unleaded and they are still doing the 5p off a litre vouchers.
Heating oil dropped in price too (just after we bought a full tank, oh well...)
havent needed credit yet.
No actual change for me, although both the wife and I have felt a mental change - we both spend less and save more since all the media hype started up so really if anything we are slightly better off!
Petrol has come down, local tesco currently at 106.9 for unleaded and they are still doing the 5p off a litre vouchers.
Heating oil dropped in price too (just after we bought a full tank, oh well...)
havent needed credit yet.
No actual change for me, although both the wife and I have felt a mental change - we both spend less and save more since all the media hype started up so really if anything we are slightly better off!
I was forced to dump about 300k into spain, because the banks in spain refused to offer me a loan as per their original position (50% land and 100% construction).
I don tnecessarily mind, because it means my mortgage is lower in Spain, but it was a real surprise to see the speed of it all from their side (how quickly they changed their position).
Also, if I didnt actually have that money lying around, I would have been stuffed, with a project that wouldnt be able to proceed.
Probably a good thing I hadnt splashed out and blown that money on toys.
(as I had originally wanted to).
I don tnecessarily mind, because it means my mortgage is lower in Spain, but it was a real surprise to see the speed of it all from their side (how quickly they changed their position).
Also, if I didnt actually have that money lying around, I would have been stuffed, with a project that wouldnt be able to proceed.
Probably a good thing I hadnt splashed out and blown that money on toys.
(as I had originally wanted to).
Total available to spend on c/cards if I was stupid is well over £70,000 (not including the amex platinum charge card) - and a good 25% of that total has come from unprompted & unrequested increases in the last 2 months.
Egg wrote to me with an increase of £3000
Nationwide wrote increasing by £3000 (saying something like ' in tougher times we appreciate you may need to put things on card more, so have a bigger limit')
MBNA offered another last week with a starting limit of £7000 and 0% transfer for 12 months.
Couple of other increases too - despite having a hefty balance being carried on one card.
Laughably, I still have a student barclaycard (im 29..never cancelled it) with the same £350 limit I had a decade ago.
2 weeks ago barclays wrote saying they had reduced the limit to £250 due to the current financial situation
Egg wrote to me with an increase of £3000
Nationwide wrote increasing by £3000 (saying something like ' in tougher times we appreciate you may need to put things on card more, so have a bigger limit')
MBNA offered another last week with a starting limit of £7000 and 0% transfer for 12 months.
Couple of other increases too - despite having a hefty balance being carried on one card.
Laughably, I still have a student barclaycard (im 29..never cancelled it) with the same £350 limit I had a decade ago.
2 weeks ago barclays wrote saying they had reduced the limit to £250 due to the current financial situation
Edited by GCH on Wednesday 1st October 12:51
Well today the agreement form has just turned up:
Following your recent telephone conversation, you'll be delighted to know that your application has been approved for the xxx MasterCard with an estimated credit limit of £15,300.
Shocking stuff, given the current crunchy credit/recession type situ.
The communication then goes on to say:
0% for 10 months on balance transfers
0% for 10 months on new purchases
but the clincher
16.9%APR - crumbs!!
When I brought this up at work, the majority of my friends had received similar cards from their creditors and all of them had signed up.
I think the problem with these "deals" at the moment is that they prey on people who may take on these cards and then find themselves further in debt.
Following your recent telephone conversation, you'll be delighted to know that your application has been approved for the xxx MasterCard with an estimated credit limit of £15,300.
Shocking stuff, given the current crunchy credit/recession type situ.
The communication then goes on to say:
0% for 10 months on balance transfers
0% for 10 months on new purchases
but the clincher
16.9%APR - crumbs!!
When I brought this up at work, the majority of my friends had received similar cards from their creditors and all of them had signed up.
I think the problem with these "deals" at the moment is that they prey on people who may take on these cards and then find themselves further in debt.
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