Ask for a higher credit limit or?

Nix1982

Ive got a virgin cc, with 3k on the 0% deal has ran out, ive just got a lyods tsb plat cc with 14 months 0% BT, but only give me a 1.5k limit - would it be better to ask to see if they can increase my credit limit - or apply for another card aswell with a good BT and split the 3k funds over 2 cards?

(i also have a barclaycard with 3k on)

Nick

exel1966

Most card company CSA's have authorisation to give instant increases of approx 10-15% upon card activation dependent upon your personal circumstances.
If you want higher you could write to their underwriting department with evidence to support your request, but that will obviously take longer.

I'd ask first, see what response you get and if not the answer you require then apply for another card, poviding your file can take another hit.

Nix1982

it seems like some card companys issue cards with 1.5k limits to start off, as ive had a couple like that in the past, then i got 1 of virgin an the limit on that was 4.8k straight away

exel1966

It doesn't really work like that. You'll get a limit dependent upon your personal circumstance/debt/available credit/credit rating etc

Some companies like MBNA and EGG are known for higher limits, some not so high even with perfect ratings.

Nix1982

so my question still stands, would it be best to ask for a credit limit increase or apply for another card with a good BT, this taking my credit card count up to 4 if i was accepted for another - being i have a good credit rating, never missed a payment

Virgin cc 3k - Credit limit - 4.8k
Barclaycard cc 3k - Credit limit - 4.5k
Lloyds Tsb Plat cc £0 - Credit limit - 1.5k (this card i would like to transfer me debt off the virgin card, but credit limit to low)

exel1966

And my previous answer still stands as per post 2.

Nobody here can answer as to whether you'd even be accepted for another card or not. Even if we knew your salary, your acomodation status, your marital status, your number of recent searches etc. There are dozens of anomylies to be considered when making credit assessments.

Nix1982

eee i dont no what to do

NickX

Nix1982 wrote: »

eee i dont no what to do

Ah easy really. Ask Lloyds TSB for an increase. If they give you one great, if they don't or they want to refer to underwriters etc then I would apply for a new 0% card.

That way you may get an increase without a further search on your file, but you have a backup plan if this doesn't work.

Make Sense ? :beer:

Nix1982

NickX wrote: »

Ah easy really. Ask Lloyds TSB for an increase. If they give you one great, if they don't or they want to refer to underwriters etc then I would apply for a new 0% card.

That way you may get an increase without a further search on your file, but you have a backup plan if this doesn't work.

Make Sense ? :beer:

So will they not do a search just for asking for a credit limit increase?

NickX

Nix1982 wrote: »

So will they not do a search just for asking for a credit limit increase?

My own experience is that if the CSA agrees to the increase straight away then they don't credit search again, but if it gets refered to an underwriter then they will probably search you again, hence in that case you may be better to go for a fresh 0% card.

Nix1982

What does CSA mean?