New card or request increase in credit limit?

Sonic_Boomer

Hi there!

I'm new to stoozing (and to the forum!) and currently using the 'slow method' with a Barclaycard 0% card. All my expenses now go on this card (my only cc) and my monthly wage gets transfered to a high interest savings account. Since my limit is only 2k, I'll need to apply for a new card to carry on though.

My question is.... is it better to apply for another card (MBNA, Virgin) or ask Barclaycard to increase my credit limit first?

My credit rating is generally good - nothing bad to report.

Thanks in advance!

YorkshireBoy

I don't have a Barclaycard but lenders generally like to see 6 months of activity before considering credit limit increases. If you've only been making minimum payments (as you should be doing if stoozing) then it might not look too good?

Virgin & MBNA aren't very good for slow-stoozing though, only having 3 months 0%, so maybe you should look for a different slow-stooz card...

http://www.stoozing.com/purchases.php

...or maybe you fancy a go at fast-stoozing?

Sonic_Boomer

Cheers for the speedy reply YorkshireBoy! Perhaps fast stoozing with Virgin is the best option. One slow-stooz and one fast? Sounds good to me.

I've only had the Barclaycard for a couple of months though. Do you think Mr Branson would run a mile from my application after so short a time? Are Virgin generally generous with their credit limits?

YorkshireBoy

Sonic_Boomer wrote: »

One slow-stooz and one fast? Sounds good to me.

Given the choice, I'd go for fast-stoozing every time. Slow stoozing does serve a (background) purpose though, in that it free's up some income from which to service the fast stooz cards' minimum payments each month. Saves raiding the stooz pot!

I've only had the Barclaycard for a couple of months though. Do you think Mr Branson would run a mile from my application after so short a time? Are Virgin generally generous with their credit limits?

Well, it's MBNA who run the card so they take the underwriting risk, not Mr Branson or his organisation.

MBNA do give good credit limits and, after my recent exploits with them, I'd have to say excellent customer service as well.

A word of warning though, if you mess up they bite you hard!