Increasing credit limit needs approval of the Central Bank?

B

Black Sheep

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Phoned Credit card services re increasing credit limit. Very low limit at present and needed an upgrade to take care of any possible emergency on hols. I was told this will have to go Central for approval (new regulations re registration of all loans)

This sounds completely OTT to me. Am I missing something?
 
Any chance what they meant to say was that because of new Central Bank regulations, they have to refer such requests to their head office to ensure they do not over extend???
 
Don't know what she meant to say, but she did say they would be referring it to the Central bank for approval and I would be hearing from them (CB) in 3 to 5 working days. Then she read out the CB speel which took almost 3 minutes.
 
Did she perhaps say that it would be reported to the Central Credit Register (managed by the central bank) once it's approved? They probably need additional details from you before they can process it, which will cause the delay.
 
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