Is a 10K+ limit hard to get?

sniperpenguin

Im looking at a 0% BT from a card as an alterative to a 10K loan (to consolidate).

Had cards in the past (not really tried to get high limits), but all im currently using is an Egg Money card for everyday spending cashback.

Im a homeowner, earning 20K with a wife earning 16K......

sniperpenguin

Sorry this is a little non-0%, butjust found this...
http://www.firstdirect.com/creditcards/gold_card.shtml?WT.ac=GC0432&coid=FD_Cards_GC0432

5.9% for 5yrs (more than enough for me) + 2.5% free....... when you crunch the figures would that work out better value than the best loan Ive found (8.6%) assuming I keep up similar repayments?

YorkshireBoy

No offence, but I think £10K+ (on one card) on your salary is unlikely. Maybe 2 or 3 simultaneous applications might deliver a total of £10K, but then you may have problems 12 months down the line when you try to shift the remaining balances elsewhere?

Also, the FD Gold card is only available to FD current account holders.

sniperpenguin

YorkshireBoy wrote: »

No offence, but I think £10K+ on your salary is unlikely.

Also, the FD Gold card is only available to FD current account holders.

No offense taken - would rather I was told straight ;-)

I am an FD account holder (as is the wife also). Is a 10K limit on the FD card unlikely also?

YorkshireBoy

When I had my FD current account last year (purely for the £200 incentive package) they put a £10K offer* in my secure area, but I was paying in a good bit more than you are.

There are other LOB offers (including similar rate fee-free) around though. However, and again, £10K on one card (especially Citi, who have one of the best deals) would be unlikely in my opinion. See the LOB deals here...

www.stoozing.com/lob.php


* Which was subsequently refused when I got round to applying for it because they ran an affordability search with Experian and I failed their CII assessment.

YorkshireBoy

Just to add, if you do go the LOB route be mindful of minimum payments. At 3% per month on some cards, they could be more than a loan would be (depending on the loan duration)...especially at the outset.

rodent

Hi YB

Disagree with your assement of possible Credit limit here, i know several people on 20-25K who have limits > 10K and on several accs !

OP should request a high BT fig on app to attempt to get a reasonable limit (ie 12-15K) in the hope that they will give 10K .....Of course personal circs will be a huge factor !

SP 10K is not a huge limit and very common, i have several at this level and higher, highest i hold on one acc is £32 K.

I actually consider 10K as a fairly low cl.

The Rodent

Cat695

rodent wrote: »

Hi YB

Disagree with your assement of possible Credit limit here, i know several people on 20-25K who have limits > 10K and on several accs !

OP should request a high BT fig on app to attempt to get a reasonable limit (ie 12-15K) in the hope that they will give 10K .....Of course personal circs will be a huge factor !

SP 10K is not a huge limit and very common, i have several at this level and higher, highest i hold on one acc is £32 K.

I actually consider 10K as a fairly low cl.

The Rodent

well i guess my 500 quid limit is not good then!!??:D and yes I said 500 not 5k

Paulgonnabedebtfree

rodent wrote: »

Hi YB

Disagree with your assement of possible Credit limit here, i know several people on 20-25K who have limits > 10K and on several accs !

OP should request a high BT fig on app to attempt to get a reasonable limit (ie 12-15K) in the hope that they will give 10K .....Of course personal circs will be a huge factor !

SP 10K is not a huge limit and very common, i have several at this level and higher, highest i hold on one acc is £32 K.

I actually consider 10K as a fairly low cl.

The Rodent

I have 10k+ limits on two cards - as well as 7k and 8k limits on others (and a scattering of much lower limits in addition). I don't do anything special workwise. I wouldn't be surprised to see some of those limits squeezed in the coming months though. I've already had several limit reductions forced onto me by various companies - in spite of managing the accounts properly.

Bismarck

Have over 10K limits on 2 cards BUT these were built up over a period of years, based on "good" performance on my part!

Doubt such limits would be given straight away now unless I had a really special need and income.

NickX

Bismarck wrote: »

Have over 10K limits on 2 cards BUT these were built up over a period of years, based on "good" performance on my part!

Doubt such limits would be given straight away now unless I had a really special need and income.

This is the same as me. £10k is about average now, with limits up to £17k.

However, this has come after over 10 years of managing Credit Card accounts well.

My very first Credit Card was Barclaycard and as a student the limit was £250.

I still have Barclaycard but now the limit is £11750.

It takes time to work up the limits like this though.

Good Luck to the OP.