capital one card

i got a letter of capital one also saying the intrest rate was going ridiculously high. i just got my monthly pay and have paid 550 off it. one good thing is that you can send a message through the website to reduce your credit limit - so mine's now gone from 2000 down to 1450. next month i'll be paying another 500 off it. my aim is to just have a balance of 500 as that's really all i need just for emergencies.

i'm living off baked beans this month btw, and my kids are happy to join me on the economy drive but we can do it.

jayremoh wrote: »

ok thanks.

obviously i need my next card to be 0% and have 8k credit for the transfer, but how do the creditors define your lending limit?

am i likely to get 8k, considering ive just cancelled a 10k card?

or things so bad these days, that they give me 5k.

i also have a 4k natwest card.

Hard to say - just because you've relinquished a 10k credit line doesn't mean you'll automatically get the same again.

You'll have been given that limit when times were good, and we all know they're not so great these days. That said, your personal situation may have changed (improved?) - e.g. higher salary, less debt.

I've read on here that the maximum total credit you're likely to get is the about 50% of your annual salary (so if you earn £30kpa, max credit is about £15000).

That said, with sufficient time for the card closure to appear on your credit file (and Cap1 were pretty quick to show mine as "settled"), there's nothing to stop you applying for a virgin/mbna platinum, since these are known for their high limits. All depends on your credit file though.

Have you got anything on the natwest card? Is this another dormant account? If so, you could consider either getting them to raise the limit and see if there's a 0% deal, or close it and stand a better chance of maybe getting a new card with a higher limit.