Accepted for an egg card but only £500 Limit?!

Toilet-Duck

Hi all,

I recently just applied for an egg card I have a decent income after Ive just started a new job a week ago around 16K (Typing error) per year (for my 2 jobs) I havent applied for any credit card in the last 6 months and I have no defaults or late payments...

I applied for an egg card hoping to shift all my cards to one card, egg was ideal.

I was accepted but only recieved a £500 limit which is pretty usless!!!!

This is pretty usless any chance why its so low and would they consider increasing it?

I have 3 cards:

1. Natewst - £500 on it £1350 limit
2. MBNA - £950 on it £1000 limit
3. Paypal card - £3500 on it £4000 limit...


Thanks in advance!

skyrider007

Congrats on getting the card. Many people find it relatively difficult to get an egg card these days. Perhaps it's best to transfer £500 from the card with highest APR to your shiny new egg card first? After six months or something they may give you an increase in your credit limit.

NickX

Remember that Egg appear to be reducing their exposure to risk under the current economic climate - they closed the accounts of 161,000 customer earlier this year.

On the other hand MBNA are still being reported as giving decent Credit Limits to new customers.

NickX

Mr.Duck wrote: »

Thanks for your replies if I applied for 1 more creditcard on the same day or week could this damage my credit report?

Any recommendations for a 0% card with a decent limit?

I wouldn't think one more application will do too much damage. I have applied for 5 in one day before now.

I know you already have an MBNA card, but MBNA allow you to have multiple cards and still seem to be offering decent limits. Have you tried one from the Virgin range ?

BaileyB

Virgin (MBNA) 15 months interest free balance transfers. I applied online last week (via cashback kings for £10) and got a £10k limit

Toilet-Duck

OK Thanks Ive applied for a virgin card as well it says I will get a decision in a few days fingers crossed :T

Sebby*

Egg gave me a £500 limit a few years back. A little while ago, I had to fight to get them to increase it to £1,000! Capital One, on the other hand, gave me something like £7,500! As someone said, I think Egg are just trying to reduce their risk (even though I pay by DD in full each month...).

BaileyB

Toilet-Duck wrote: »

OK Thanks Ive applied for a virgin card as well it says I will get a decision in a few days fingers crossed :T

Maybe as it's a Sunday but i got accepted straight away (within 30 seconds) and then told to ring a freephone number to ask what my credit limit would be. Then she told me straight away and said all info would be in the post within 5 days.

YorkshireBoy

Toilet-Duck wrote: »

...any chance why its so low...

Two things immediately spring to mind...

1. You're almost maxed out on two of your cards, and nearly half way there on your third. It looks like you're struggling (although I do concede you have a reasonable [total] income when compared to your available credit).

2. You've only recently changed jobs (marking you down on stability).


Are you on the Electoral Roll?

Toilet-Duck

YorkshireBoy wrote: »

Two things immediately spring to mind...

1. You're almost maxed out on two of your cards, and nearly half way there on your third. It looks like you're struggling (although I do concede you have a reasonable [total] income when compared to your available credit).

2. You've only recently changed jobs (marking you down on stability).


Are you on the Electoral Roll?

Yes Ive only recently accepeted another job however it asked me what date I started my contract which I stated was almost over a year ago since I still currently have my old job it doesnt allow you to add 2 jobs...

Yes Im on the electroal roll however Im only 20 years old atm perhaps thats why?

Thanks!

YorkshireBoy

Toilet-Duck wrote: »

Yes Ive only recently accepeted another job however it asked me what date I started my contract which I stated was almost over a year ago since I still currently have my old job it doesnt allow you to add 2 jobs...

When you apply for credit, the information you provide is shared with Fraud Prevention Agencies.

This information includes employer name, start date(?), job title, and salary.

Any irregularities are flagged up for further investigation, and if the lender suspects application fraud they will mark your credit file as such with a CIFAS marker.

I'm not saying you've done anything wrong (with any intent?), but just thought I'd mention it in case you didn't know?

BTW, I would think £32K is a good salary for a 20 year-old so might, in itself, flag up?