Chances of having a high limit

AceCobra1

Just wondering. As I made a thread earlier regarding balance transfers, I have another loan of about £19k in total. I was just wondering what the chances of getting 2 (with 0% BT) cards with a total limit of £20k? Because I read a few posts here and a few people seems to have been accepted immediately and have limits of £10k per cards - obviously that will be good for stoozing but if I wanna pay back debts too, that will be good as I think my FR interest is 7.9% now so that will save me a few bucks. I can of course afford the minimum payments of 3% so about £570 per month although that will be stretching it. The loan I have atm has a minimum payment of £250 - of course natwest wants me to pay the minimum payment :money::money:But I am planning to pay £500 a month anyway. So if I did have limits of £20k or whatever - i will be able to afford the payments.

With regards to some of you having SUCH astronomical limits, if you don't mind, what kind of income are you guys getting? I will be getting salaried in my 1st year of £32k but I would say next year will be about £45 - £50k. My boss did said he might need me for saturdays too and will pay £220 for the day - although I'm not sure if that will be half day or full day - but I think I will do it so might be able to sneek in a few pence here and there

YorkshireBoy

Whilst your starting salary is reasonable, your debts, existing available credit, time with employer, renting status, age (presumably?), and Electoral Roll (re your move to the new house on the budgeting board) will all go against you with regard to securing high credit limits.

AceCobra1

Time with employer - will be working in 2 weeks time lol. With regards to renting status, I get my letter sent home so I usually just say I live with parents. I'm 25. Do you think if they gave me a low credit limit after I applied for it, is it a better idea to actually cancel the card since it will be of no use to me? Or would that count as a negative to my credit score?

YorkshireBoy

AceCobra1 wrote: »

With regards to renting status, I get my letter sent home so I usually just say I live with parents.

But you've left University now and have entered the big wide (real) world.

I'd be very careful when filling out forms otherwise you could damage your credit file. Saying you live somewhere when you clearly don't could be classed as 'deception to gain a pecuniary advantage', ie fraud...especially where credit facilities are concerned.

Do you think if they gave me a low credit limit after I applied for it, is it a better idea to actually cancel the card since it will be of no use to me? Or would that count as a negative to my credit score?

If it's to manage down debt, then you're better off taking the card. After all, you've incurred the search...which will impact on further applications.

AceCobra1

Thing with regards to the actual renting status is, I'm still not quite sure where I want to work next year. We have a scheme called vocational training and I just fancied trying out in another city but if I don't like it I will most likely move back and end up staying at home - thats why I put it as my house addy. On top of that, I thought they can't check the addy if u have only been in for like 1 month ?