Acceped by credit cards but only with £500 limits?!

Toilet-Duck

Hi,

Wondering if anyone can advice me here, basically I have £6000 I want to shift from 2 credit cards onto a single card.

My credit report is great no missed payments, no defaults etc. I have 3 cards active and in use...

Lived in my house for 17 years and had a bank account for 11 years and Im on the roll.

Recently my GE Money card special deal expired and started charging massive amounts of interest....

Ive applied for EGG and then Virgin in the past few days both being accepted fine but only £500 limits which is pretty much usless!

Im in a full time job getting around £1300 a month with an annual income of 16k.

Any idea on why Im getting so low on credit limits and can anyone suggest me a good card which will give me a decent limit to transfer my cards to?


Many Thanks!

Ch4rlieB

Toilet-Duck wrote: »

Hi,

Wondering if anyone can advice me here, basically I have £6000 I want to shift from 2 credit cards onto a single card.

My credit report is great no missed payments, no defaults etc. I have 3 cards active and in use...

Lived in my house for 17 years and had a bank account for 11 years and Im on the roll.

Recently my GE Money card special deal expired and started charging massive amounts of interest....

Ive applied for EGG and then Virgin in the past few days both being accepted fine but only £500 limits which is pretty much usless!

Im in a full time job getting around £1300 a month with an annual income of 16k.

Any idea on why Im getting so low on credit limits and can anyone suggest me a good card which will give me a decent limit to transfer my cards to?


Many Thanks!

most likely to do with the limits on the other cards. if they give you a large limit. your affordability may not be that good so they wont give it.

if you can reduce the limits, should help solve the problem

Toilet-Duck

Ch4rlieB wrote: »

most likely to do with the limits on the other cards. if they give you a large limit. your affordability may not be that good so they wont give it.

if you can reduce the limits, should help solve the problem

Ive only got around £7000 avilable credits on all my cards incl the new cards. (Which includes some cards up to their limit)...

This doesnt seem to be alot??

CLAPTON

if you owe £6000 on a take home income of (say) 12k ? .... that's an awful lot of debt...

Dazzieb

I agree with those above, but if you're looking for a CC with a decent limit and rates you could probably try Mint and Halifax as they seem to be offering some good deals at the moment 0% APR over a decent term etc.

Not sure what sort of a limit they would give you though on the basis of the £500 limits you have already been quoted/received.

Still, if you get a decent limit on both and 0% APR you could split it onto both and Pay it off interest free as quickly as possible.

Richard019

Toilet-Duck wrote: »

Ive only got around £7000 avilable credits on all my cards incl the new cards. (Which includes some cards up to their limit)...

This doesnt seem to be alot??

Do you also have loans/mortgages to your name? In the same income bracket as you I got pretty much limited at around £11k combined limits across my cards and overdrafts plus my mortgage (admittedly that's another 60k+ which would probably be unusually high for one from 1991).

Toilet-Duck

Richard019 wrote: »

Do you also have loans/mortgages to your name? In the same income bracket as you I got pretty much limited at around £11k combined limits across my cards and overdrafts plus my mortgage (admittedly that's another 60k+ which would probably be unusually high for one from 1991).

No I dont have any loans or morgages only 20 years old atm.

Richard019

Toilet-Duck wrote: »

No I dont have any loans or morgages only 20 years old atm.

When you said you'd been in your house about 17 years I assumed you meant your house (and the 11 years for your bank account I thought meant that particular bank account not just an account in general).

Limited credit history combined with your age and the fact you already have 50% of your take home pay for the year on credit cards which are maxed out.

MBNA who provide the Virgin cards are pretty loose with their credit limits so if you can't get more than £500 from them then you're not going to get much anywhere.

I can't be more helpful than to suggest you move the money cleverly. Move as much as possible from whichever card is charging you the most interest to the two new cards. Set up minimum payments on the two new cards and the cheaper old card. Then pay as much as possible off the other old card each month.

It'll mean belt tightening but as you're living at home that shouldn't be too difficult. I'm only a few years older than you and outside of household bills I used live on less than 3k pa when I was living at home (with the rest going into savings).

Toilet-Duck

Great thank you

asandwhen

Try calling GE to see if they will offer you another deal - otherwise it might be worth speaking to your own bank to see if they can offer you a card - otherwise it is like the others said put as much as you can on the new cards then plow every spare penny to pay the most expensive debt off first.