Egg on their face.

blondini

blondini

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Egg have announced that they are withdrawing credit from certain customers.

Clever move?

"The credit profiles of affected customers had deteriorated between the time they joined Egg and the acquisition (by Citigroup) in May," Egg said in a statement. "The decision to end these customers' agreements was taken after conducting a one-off, extensive risk review of our (customers)..."

Or dumb?

But the move has triggered an angry backlash from some customers who told the BBC they received a letter informing them of the withdrawal, despite having an excellent credit history. So are Egg fibbing?

It looks to me like this is blowing up in their face. Gerald Ratner springs to mind.
 
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Damn.......

I thought this thread would be about those who thought the plane would not take off............ ;) ................ :LOL:
 
they are simply eliminating the risky customers who are unlikely to make then any money.
 
I wonder if those people with a poor credit rating would get the right answer to the plane/conveyor question.
 
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when you look at some of the comments it looks like they are simply getting rid of many customers who dont make them money, because they have a good credit history and pay the bills of on time.
 
good credit history, but unprofitable customer.
 
How can it be "an angry backlash" from the customers. Exactly what are these customers going to do in this backlash which will affect Egg?

LOL, its a good job I'm further down the alphabet - wait till they see my file :oops:
 
I have an egg card. I'm not at all worried about receiving the letter. If I get the boot, I will simply transfer my debt elsewhere. I might even get a zero interest rate. In fact, I'll take my debt elsewhere, anyway. I should have done it months ago. I am paying Egg by direct debit, which put them to back of my mind, but now that they are making news, they have reminded me to move on to another card. Idiots.
 
^woody^ said:
How can it be "an angry backlash" from the customers. Exactly what are these customers going to do in this backlash which will affect Egg?
Click to expand...

transfering their balances to someone else, perhaps.

CL_BT_GoodEvilCard_4_Output.jpg


If they in fact have a good credit record they can probably get a good rate, and it will mean Egg does not gain from the inflated interest rates they charge.
http://www.moneysavingexpert.com:80/cards/balance-transfer-credit-cards

edited: bah, too slow
 
Tell you - paying off your balance each month gives you a bad credit rating, thats straight from the horses mouth
 
Yes, but surely egg are effectively closing the account, and would expect the balance to be paid up - which is what they are after if these customers are deemed bad risk.

And for the customers next card, what happens when they have to answer on the application form "Have you ever been refused credit?" or similar?
 
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