# Should I change banks??



## lidi (16 Feb 2012)

Hi everyone
would appreciate any advise.

Just been declined for a credit card (€1500-clear card) from BOI who I've banked with since I was a teenager.

Im 28, and in full time employment in the public sector earning C. €45,000 p.a gross

I had a small car loan 5 years ago of €5000 and then got a credit card €2300.

Then combined these to get rid of the CC.

The "New loan" was due to be paid in Dec 2012 but I made an effort and paid it off 6 months early and have been debt free since. I've continued in this vain and began saving the extra money with a view to getting a mortgage in 2/3 years.

I then decided to apply for BOIs clear card with a €1500 limit just to book flights, online shopping etc.

I learned today that the application was declined and am seriously annoyed about it, If I can't get a small CC what chance have with any serious dealing with them in future??

Should I move my business to another bank, have heard Ulster bank are good.


would welcome any feedback.


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## Sue Ellen (16 Feb 2012)

Did they give you any reason for the refusal?

Have you considered getting a report from Irish Credit Bureau to see what information is held in your name?


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## lidi (16 Feb 2012)

Haven't seen the letter yet but heard over the phone when I rang.

My 2 other loans and the CC with BOI is the only debt I've ever had and they were all paid in full and on time??
Might be worth a check, thanks


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## Macstuff (20 Feb 2012)

If it helps, I earn something similiar to you and was offered a Credit Card recently by MBNA (I have no connection with them). They will allow you to transfer a balance from another card to them or release some of the approved limit to lodge it into a current account (both interest free for up to ten months). 

In terms of the bigger question of moving banks you have a point, but I am not sure who you can move to. They all seem to be pretty tight with loans at the moment. 
Having said that, BOI did approve me last year for a loan of 7k but I turned it down as the interest rate they offered was approx. 15% - CRAZY


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## 44brendan (20 Feb 2012)

BoI are extremely tight in either issuing new cards at the moment or increasing limits. I believe that this is unique to BoI and you should have better luck elsewhere based on your financial position.


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## tara83 (20 Feb 2012)

It's often worth talking to your local branch manager. I have found in the past that the branch can have more leeway than the contact centre, especially if you have a long history with the bank.


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## 44brendan (20 Feb 2012)

Not with BoI. The branch recommendation means nothing.


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## Fatphrog (20 Feb 2012)

Having spent a good half hour last night setting up 9 money transfers, I'm considering leaving BOI too.


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## brigadear (20 Feb 2012)

Stay away from Ulster is my opinion. I am with them and am looking to change in next few weeks. Very poor staff there and customer service is poor. Have had loads of issues, have now decided enough is enough and will be moving soon.


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## lidi (21 Feb 2012)

Thanks for the responses, I am still awaiting the letter confirming the refusal of the credit card. I've been told I can appeal at my branch but as was said earlier approval at branch level means nothing. Besides I'd find appealing embarrassing as I do know the manager well and wouldn't enjoy appealing for access to a relatively small amount of credit (€1000-1500).


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## lidi (23 Mar 2012)

Just an update, I got my ICB Report (All Good) and still haven't heard from BOI.

Any opinions on what to do next??

Appeal to BOI or just apply to another CC provider. (Only applied to BOI so as to set up the CC with 365online and have all my dealing with one Bank)


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## Janet (23 Mar 2012)

lidi said:


> Besides I'd find appealing embarrassing as I do know the manager well and wouldn't enjoy appealing for access to a relatively small amount of credit (€1000-1500).



I wouldn't think of it as appealing.  I'd think of it as going in and giving out that after your years of loyal custom and exemplary financial record you are being treated like that.  

For what it's worth, during the boom years a friend of mine who had only ever had one small loan during college, paid it off on time and otherwise always been very sensible with money, had far more difficulty in getting credit than I did (I had a credit card that I used a lot, never paid off the full balance, had multiple loans at times but never fell behind in at least making minimum payments).  Things are different now but even when the banks were falling over themselves to give people money, it was still more difficult for good girls to get credit than bad girls (I'm sure there's a better way to say that but you know what I mean  ).


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## kickstart (23 Mar 2012)

lidi said:


> Appeal to BOI or just apply to another CC provider. (Only applied to BOI so as to set up the CC with 365online and have all my dealing with one Bank)



I'd apply to a different CC provider. Your financial situation is exemplary, so other providers will be happy to see you, though they'll be secretly hoping you'll not pay it off each month ("dead beats" is I think an internal nickname for such sensible people, as the CC provider gets no interest payments).

In the past (boom times) I've asked BOI for credit, with good employment, saving history, no adverse credit events in my record, and been turned down without any explanation. I no longer bother them with my cash. In your case, I don't see any real reason to move all your banking, at least not yet. Treat this as business, not personal. Always choose the best financial banking deal - don't let your anger into it.


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## elcato (23 Mar 2012)

> I had a small car loan 5 years ago of €5000 and then got a credit card €2300. Then combined these to get rid of the CC.


This could be the nub of your problem. Did you miss any payment on the CC at any stage ? Why did you combine the two ? If it was becuase you felt it was easier to pay back one installment or that your CC was too maxed then this does not give an indication that you are well ahead of your financial plannings (in their opinion). Of course I am making an assumption here so don't jump on me if I'm all wet.


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## lidi (23 Mar 2012)

elcato said:


> This could be the nub of your problem. Did you miss any payment on the CC at any stage ? Why did you combine the two ? If it was becuase you felt it was easier to pay back one installment or that your CC was too maxed then this does not give an indication that you are well ahead of your financial plannings (in their opinion). Of course I am making an assumption here so don't jump on me if I'm all wet.



CC was around 2300 with a max of 2500. Combined the two so as not to pay 16% on the 2300 which seems to be a better option but the bank might see this as running up CC debt and just borrowing again to pay it off. Which it is of course but at a lower rate.

the ICB report showed that card as fully paid with nothing negative regarding payments.


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## Sue Ellen (23 Mar 2012)

lidi said:


> Just an update, I got my ICB Report (All Good) and still haven't heard from BOI.
> 
> Any opinions on what to do next??
> 
> Appeal to BOI or just apply to another CC provider. (Only applied to BOI so as to set up the CC with 365online and have all my dealing with one Bank)



If I were in your situation it would annoy me immensely and I wouldn't let this matter go.  I would need to know why I was turned down in light of an exemplary record.  Why should you have to start up a new credit history with another bank especially in light of your intentions regarding obtaining a mortgage.

Totally unsatisfactory that you are still awaiting written confirmation since 16th February.

[broken link removed] IMHO and Financial Ombudsman if necessary.


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## lidi (23 Mar 2012)

requested written confirmation earlier this week, just annoyed and now wondering what their reasons are and can't find out until its confirmed in writing.

will see what the letter says before I request any further explanation.

just wait and see before I decide where to take my business (but thats for another thread)


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## Janet (23 Mar 2012)

lidi said:


> CC was around 2300 with a max of 2500. Combined the two so as not to pay 16% on the 2300 which seems to be a better option but the bank might see this as running up CC debt and just borrowing again to pay it off.



My bank loved me doing that.  At the time they were also the ones making money off the interest on the credit card that they were probably fairly sure I would start using again anyway.  As long as I didn't fall into arrears it was win-win for the bank.


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## lidi (23 Mar 2012)

Janet said:


> My bank loved me doing that.  At the time they were also the ones making money off the interest on the credit card that they were probably fairly sure I would start using again anyway.  As long as I didn't fall into arrears it was win-win for the bank.



I'm sure they did, interest on your interest. But I got rid of my CC to be sure, now starting to miss it for flights/ online shopping etc.


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## Kkma (23 Mar 2012)

Had bad experience with ulster bank credit card -explained on another post- so I'd not recommend them, just wondering if you considered a Visa debit card, my mother in law has one of these for making bookings etc, money has to be paid into it before you can use it, like laser card but it's visa so good for online transactions...I've no idea how to get one though. I think her one might be from ulster bank!


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## Kkma (23 Mar 2012)

Just realised BofI are supposed to be introducing visa debit soon anyhow though it appears to be anyone's guess as to when it might be. I've seen o2 advertising a money card but I've no idea if it works as a credit or debit card or if it's accepted by all retailers or abroad.


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## browtal (24 Mar 2012)

Hi Lidi,
Make an appointment with the manager - no body else. Put your case clearly and
dont be timid about it. Be full of the confidence you should possess with your record.
Look for an explanation firstly for not receiving a reply within a reasonable time.

Make it clear that you don't understand why there is a difficulty and ask for a reason.
With your record they should be delighted with your business. 
If you are not facilitated do leave. Without being angry make it clear that there are other banks who would be happy to have customers like you. Choose an alternative and tell them to transfer your account. Good luck Browtal


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## Daenis (24 Mar 2012)

When applying for the Credit Card what repayment option did you go for? was it the minimum? You say you want the card for the convenience for flights and online shopping, Perhaps you would have a better chance if you opted for a lower limit (e.g.€1000) with a high percentage repayments, ideally if you can afford it 100% of the balance each month. Once you prove to them that you can make that level of payments each month they might be willing to give you a higher limit and reduce the percentage repayments.  Just something to consider as if you switch banks you might have to wait a while before they'll give you a credit card either.


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