New Barclaycard Credit Limit
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Well Amex Chargecards don't have any credit limit - and their online checker indicates I'd be able to put £10k+ of spending on that...!Shakin_Steve wrote: »I don't know but, if I were a mortgage lender and saw that you could go on a £13000 spending spree if you threw a wobbler, I would crap myself.:rotfl:
Maybe not but it's much more than I was expecting given my other credit accounts!£6K is not a huge credit limit.
Thank you for the advice.Marchitiello wrote: »Regard the Hilton Barclaycard:
I posted this in the summer, but even when you were "allowed" only one Barclaycard, they confirmed that you would also be allowed a partner Card (e.g. Hilton ).
Now they removed any reference to not allowing a second card and I know someone that has just been given a second Barclaycard (both platinums).
The Amex Platinum Chargecard offer benefits that if used are extremely good, so not comparable.
If not used, I would ditch the MBNA Virgin and depending on how hold is your second older card, would also ditch the NatWest student card. I was in a similar position as I had a NatWest Duo card (originally the Air Miles scheme the. Moved to Lloyds TSB) from the time I had a student account with NatWest, but my Barclaycard was also few months younger, and as the NatWest never increased by credit limit, I decided to ditch them. As you use the NatWest reward, if you are going to close the student, when you call them ask them to close it but also transfer the £500 credit limit to your other card, many issuers allow this
The Natwest Student Card was opened in September 2008, so has a full 6 year history. The Barclaycard was opened in December 2013, so has 3 and a bit years of history on it. My gut is that it's probably worth keeping that one open, what do you think?
I'll definitely get the MBNA Virgin card closed down. I'll keep the Amex Platinum card open until renewal as its essentially 0 cost insurances until then.
Do you think I should shut down the Hilton card once it's paid out its bonus? Or should I shrink the credit limit down and keep it open?0 -
The Natwest Student Card was opened in September 2008, so has a full 6 year history. The Barclaycard was opened in December 2013, so has 3 and a bit years of history on it. My gut is that it's probably worth keeping that one open, what do you think?
I'll definitely get the MBNA Virgin card closed down. I'll keep the Amex Platinum card open until renewal as its essentially 0 cost insurances until then.
Do you think I should shut down the Hilton card once it's open? Or should I shrink the credit limit down and keep it open?
About the NatWest : general advice would suggest to keep it open, however I personally think that as it will still show on your credit file as settled account for the next 6 years and your other cards will have larger credit limit and also be open, it should not be too much of the problem.
Edit to add a second thought: why don't you call NatWest and ask them if you can upgrade your oldest card to a NatWest Rewards, and also move the credit limit from the other rewards CC and close that one? This way your oldest account become usable and the most used where they do not accept Amex you can reduce the amount of credit accounts open.
Regarding Hilton: I do not think closing it will be better: spend on it, earn the free night voucher and use it for at least a week end at the Grand Hotel Montesol Ibiza or Waldorf Astoria Amsterdam (their best properties in Europe) or at least a night at the Park Lane or Syon park properties in London.
I have said this a few time but I have witnessed a conversation about my credit file between the customer facing mortgage manager and the internal underwriters of the bank: 7 cards, 120% of salary in Credit limit and all they seamed concerned about at the end was the amount of outstanding balances, and even then they struggled to interpret that although it was high every month, it was paid in full the following month...(it included a large portion of travel business expenses, so it looked I spent more then I earned net every month ).0 -
nice cards. keep them all open. except for the mbna card, close that one. that is my advice anyway!0
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Shakin_Steve wrote: »I don't know but, if I were a mortgage lender and saw that you could go on a £13000 spending spree if you threw a wobbler, I would crap myself.:rotfl:
I have Waaaay over my salary available to me in credit if i wished to use it. I have no issues getting more credit so i cant see how lenders see this as an issue. (recently took out a AMEX Gold chargecard for the rewards and no issues there.)
When i applied for my mortgage 3 years ago i was in the same position. I was carrying around 3k on my credit cards in total. The only request from the lender was that these be paid off before completion.
If you have a ropey credit history and have over your salary available to you in credit then i can see this being an issue. If you are proven to be a responsible borrower then i see nor have i encountered any issue.0 -
Sweet.
MBNA card is gone now, Hilton card is open and in use.
Interesting that they offered you to pay off your balance before completion. As well as my BTs (which I will pay off this year, well before any mortgage applications) I see a balance on my credit report relating to my monthly spending (always paid in full). Is it worth allowing them to go dormant for a month or two before attempting a mortgage application so they can see they're not carrying anything?0 -
As far as you can explain/ask them to get a closer look to Both balances and payment, I am not sure it is worth keeping them dormant and loose potential points/rewards. My understanding is that payments are not immediately visible vs outstanding balances...
Have you tried to consolidate your NatWest cards as suggested by me earlier in the thread?0 -
I haven't but I do intend to ring and see what they'll do. It's all complicated slightly by the fact I have a supplementary card on the Reward but not on the Student card, but that is just another form to ask for I guess.Marchitiello wrote: »As far as you can explain/ask them to get a closer look to Both balances and payment, I am not sure it is worth keeping them dormant and loose potential points/rewards. My understanding is that payments are not immediately visible vs outstanding balances...
Have you tried to consolidate your NatWest cards as suggested by me earlier in the thread?
Thank you for the tip! It hadn't occurred to me before.0 -
To be honest, i wouldn't just go by what strangers on the internet tell you. You have to use your own judgement as well. But whatever you do, DON'T rely on bank employees advice, cos they no warped information, and can seriously damage your file, by making numerous applications, or reducing your credit limit, for example. Both of which have happened to me, in moons gone by.0
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Please just remember that not all lenders assess credit the same way. What may seem sensible to one lender, may appear to be an act that's too cautious or even questionable, to another. There are lenders, in other words, who could view your own lowering of credit as a sign that you've too much credit available to you already, and that you yourself are concerned about all the credit that's already available to you, so that you want to control that credit available to you, i.e., that you can't be tempted to spend too much... To some lenders, that is surely a negative in itself.
It's best always to show that you are completely comfortable with all the credit that's available to you, that you never overspend, that you have a proven track record of being excellent at controlling your own spending, and that future lenders have nothing to worry about.
In other words, to some lenders - it's not so much the amount of credit that's available to you, that matters, as much as the way you've demonstrated how you've historically and responsibly handled all that credit. Just be aware of that.
Sometimes to lower your own credit, is to cut your nose off to spite your face, or thereabouts...
Does anyone else believe that another viable option is indeed, instead of seeking to lower your credit limits and then continuing to maintain all those cards, to simply close out (prune!) some of the OP's lesser used accounts instead?
HTH0
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