Is a 10K+ limit hard to get?

rodent

missk_ensington wrote: »

I wouldnt dream of utilising nearly £17,000 of available credit!

Eve should never have taken the apple, regardless of the serpents temptation.

???? No ???
If you are going to blow the lot, then i agree !

BUT if you know how to manage money then you would !

My CC credit limits total £250,000 and my Mortgages £3.9 Million, now interestingly it was the CC facilty that allowed me to get the mortgages.

Now does this mean i am in very serious debt ? or does it mean i have very good investments ?

Interestingly 9 years ago i was potless, ....worse in fact as i owed the bank 20K ...and they called it in, gave me 6 mths to clear it, at the time i had NO income !

So first thing i did was to get the 20K onto 0% thru cc's

So i found "the apple tree" and didn't take a bite i ate the whole tree !

And i am very glad i did !

Credit is not only GOOD, but ESSENTIAL if you wish to make any kind of reasonable cash from a standing start.

The Mathematics are as simple as is taught to a 6 old and the basic rules that apply when utilising credit are very simple, people that abuse these rules and end up in trouble have no-one to blame but themselves -PERIOD.

I am happy to change my opinion on the above if anyone can offer a strong and sensible arguement to the contrary, i for one, am sick of people blaming the banks/cc co for their own personal complete and utter incompetence and ineptitude.

Now retiring to a safe distance:rolleyes:

The Rodent

missk_ensington

I completely agree that credit is essential in many ways, when I bought my first house 3 years ago I was a full time student, a clever mortgage broker got me a self cert mortgage - I knew this was a bit dodgy but knew I was ale to do it up, sell it and make a profit. I had utilised every penny Id lay my hands on for the deposit and needed £10,000 for renovations. If it werent for credit cards my dream would have ended there, but as it was I did up the house and went on to make £40,000 minus the £10,000 to repay the credit cards, £30,000 pure profit in 6 months. Paid £20,000 off mortgage, kept £10,000 for new renovations and savings, did same again, sold it, made £33,000 gross and £26,000 net... Im now in my fourth house, aged 23, single parent, finally finished the degree and have a very low mortgage on my house.

5-6 months ago I started my business and needed £30,000+ for manufacturing my products... banks wouldnt lend to new businesses, but I had my credit cards, and could easily obtain personal loans because of my house - which I never would have had but for using the credit cards 3 years ago.

However on the flip side, my ex (who I split with 3 years ago) was £90,000 i debt on personal loans and credit cards. He had nothing to show for it, and no way of repaying. When I found out I ended the relationship as I was about to buy my first house and he was planning on living with me and helping me to do it up! Thank God I didnt go down that path! Now he is an example of getting credit purely to enjoy the good life, meals, holidays, expensive bars.... and no plan to pay it back. I believe he's now bankrupt, and as he had no assets, and discharged within a year, is it any wonder? 4 years from now he'll be able to start all over again.

I borrow a lot on credit, and it makes my mum panic like hell, but I see it as speculating to accumulate, I assess the risks and go for it - after all, the definition of an entrepenur is someone who takes financial risks to be successful in business

NickX

missk_ensington wrote: »

I see it as speculating to accumulate, I assess the risks and go for it - after all, the definition of an entrepenur is someone who takes financial risks to be successful in business

Your not related to Rodent by any chance ??

Seriously though, well done, you have exactly the right attitude IMO and have benefited from it. Nice One :beer:

rodent

missk_ensington wrote: »

I completely agree that credit is essential in many ways, when I bought my first house 3 years ago I was a full time student, a clever mortgage broker got me a self cert mortgage - I knew this was a bit dodgy but knew I was ale to do it up, sell it and make a profit. I had utilised every penny Id lay my hands on for the deposit and needed £10,000 for renovations. If it werent for credit cards my dream would have ended there, but as it was I did up the house and went on to make £40,000 minus the £10,000 to repay the credit cards, £30,000 pure profit in 6 months. Paid £20,000 off mortgage, kept £10,000 for new renovations and savings, did same again, sold it, made £33,000 gross and £26,000 net... Im now in my fourth house, aged 23, single parent, finally finished the degree and have a very low mortgage on my house.

5-6 months ago I started my business and needed £30,000+ for manufacturing my products... banks wouldnt lend to new businesses, but I had my credit cards, and could easily obtain personal loans because of my house - which I never would have had but for using the credit cards 3 years ago.

However on the flip side, my ex (who I split with 3 years ago) was £90,000 i debt on personal loans and credit cards. He had nothing to show for it, and no way of repaying. When I found out I ended the relationship as I was about to buy my first house and he was planning on living with me and helping me to do it up! Thank God I didnt go down that path! Now he is an example of getting credit purely to enjoy the good life, meals, holidays, expensive bars.... and no plan to pay it back. I believe he's now bankrupt, and as he had no assets, and discharged within a year, is it any wonder? 4 years from now he'll be able to start all over again.

I borrow a lot on credit, and it makes my mum panic like hell, but I see it as speculating to accumulate, I assess the risks and go for it - after all, the definition of an entrepenur is someone who takes CALCULATED AND COVERED financial risks to be successful in business

:j Hooray, a responsible proper person using credit cards properly !!!
Good for you and may you double up and do it again ...and again.
There are LOT of CC "happy" stories, shame we hear far too much of the downside and not enough of the upside !!!!


The Rodent

Geenie

missk_ensington wrote: »

It isnt the banks responsibility to constantly shelter us from temptation, it is our own responsibility to only take on manageable debts! I have a capital one card with an £8,000 limit, another for £5000, and another for £3300 but on my current monthly income of about £800-900 (starting up a new business at the moment) I wouldnt dream of utilising nearly £17,000 of available credit!

Eve should never have taken the apple, regardless of the serpents temptation.

missk_ensington you are a voice of common sense. When are people going to start taking responsibility for saying yes, when they should have said no?!! Stop blaming credit cards, banks, shops etc for offering the money. Take personal responsibility for being stupid enough to do so and stop moaning when it goes pear shape!

You can get all the credit you want and spend on it, but don't moan when it is withdrawn and payment is demanded. As to the rodent....good luck. If you can ride the wave and come out smelling of roses after, you are very clever and extremely well paid. But I wouldn't want to be in your shoes for a second.

rodent

Geenie wrote: »

As to the rodent....good luck. If you can ride the wave and come out smelling of roses after, you are very clever and extremely well paid. But I wouldn't want to be in your shoes for a second.

The wave has been ridden and i am pretty much back on dry land !
Just watching and waiting for the storm to die down .....then I'm off surfing again:D

Why wouldn't you want to be be in my shoes ?

The Rodent

sferguson91

Hey all,

In regards to the above post, am I the only person that thinks Rodent is at it?

I am in a similar situation to the furry one, and i can assure you I don't have the time to sit on MSE and other boards all day long!

In regards to the original question, it's unlikely you will get a 10k limit from one card, you could possibly get it from two.

As a seasoned pro of stoozing and making ther most of the ensuing profits, here are a few rules:

1 Dont pay any more than 6% APR on a car loan, stooze and pay 3%
2 Offset is the way ahead if your looking to reduce the mortgage
3 Always apply for cc's jointly with your partner(if you have one) You'll get a better limit as their risk is spread
4 Once you've been successful, apply under your partners name with you as the second cardholder
5 Never gamble other people's money
6 Use stooze money wisely to gain the best 'return'
7 Match betting is a good way to invest high pots
8 Write down limits, payment dates and when deals end
9 Use internet banking, it's quicker and it don't cost you
10 Don't be scared to haggle the companies at the end of your deal, it costs them far more to get a new customer than retain you


Sticking to this has allowed me to own outright 4 cars worth over 30k, have a mortgage on my own property of £300 a month and make a good rental return from my property portfolio.

I started around 10 years ago earning 8k a year a f all to my name, and the card companies generosity has allowed me to be in a fantastic position.

So as a closing statement Rodent knows what he is talking about.

Paulgonnabedebtfree

sferguson91 wrote: »

Hey all,

In regards to the above post, am I the only person that thinks Rodent is at it?

I am in a similar situation to the furry one, and i can assure you I don't have the time to sit on MSE and other boards all day long!

In regards to the original question, it's unlikely you will get a 10k limit from one card, you could possibly get it from two.

As a seasoned pro of stoozing and making ther most of the ensuing profits, here are a few rules:

1 Dont pay any more than 6% APR on a car loan, stooze and pay 3%
2 Offset is the way ahead if your looking to reduce the mortgage
3 Always apply for cc's jointly with your partner(if you have one) You'll get a better limit as their risk is spread
4 Once you've been successful, apply under your partners name with you as the second cardholder
5 Never gamble other people's money
6 Use stooze money wisely to gain the best 'return'
7 Match betting is a good way to invest high pots
8 Write down limits, payment dates and when deals end
9 Use internet banking, it's quicker and it don't cost you
10 Don't be scared to haggle the companies at the end of your deal, it costs them far more to get a new customer than retain you


Sticking to this has allowed me to own outright 4 cars worth over 30k, have a mortgage on my own property of £300 a month and make a good rental return from my property portfolio.

I started around 10 years ago earning 8k a year a f all to my name, and the card companies generosity has allowed me to be in a fantastic position.

So as a closing statement Rodent knows what he is talking about.

Sorry. You think Rodent is at what? Not sure that I understand the question.
It sounds like he took some pretty big gambles and they are paying off. If he has a good portfolio of BTL properties where the rents are covering the mortgages/repairs then I'm sure the figures he quotes are possible. I reckon there's a fair chance that he's had to sweat a few times on outcomes that weren't totally within his control but that's the gamble some are prepared to take.
Good luck to him. I just hope that others haven't suffered in the process but that's business I suppose if they have.

rodent

Hi Guys

Coongrats to SF91 , nice to see some positive and successful stories on here ! Yes as you are well aware it is very possible to make a lot of money with CC if used properly (that's 3 very good examples in one short thread!)

Not sure exactly what you mean by "at it " either ?

Paul - re: big gambles, sorry to disappoint you ,.....but no ...not at any time, always do my "due diligence" research each "project " thoroughly before starting, consider worst case scenarios, have plans b,c, &d in place and most important of all, never overstretch a situation...and always worked from a "covered" position. I also have a whole different strategy on what prop i buy, how i buy and what i will pay ...but that would take me writing a book to explain !!

Have others suffered ? eh ? like who ?

Sweating .....over what ? If the figs don't stack up (allowing for above) then i didn't walk away from the deal ..........I RAN !
Right now the Credit crunch is very much my friend, as it has reduced my mortgage payments massively creating massive extra rental profits.


Banks and CC co's spend millions promoting deals to customers, so it would be churlish not to take a few of them up on their offers!
BUT clearly common sense and reaponsibility MUST prevail:
Driving a Ferrari at 150mph is great fun on a race track --into a brick wall is not.
Using CC 0% is sensible ---paying any kind of interest is NOT--unless that cash is earning more than it is costing (ie stoozing)

Using CC to spend, spend, spend is exactly the same as driving the Ferrari into a brick wall at 150mph.

This is on the same intelligence level as the ability to tie one's shoe laces..and i am ceaselessly amazed at the number of numpties in this world who are prepared to run their finances in this manner.

The Rodent

Paulgonnabedebtfree

rodent wrote: »

Hi Guys


Paul - re: big gambles, sorry to disappoint you ,.....but no ...not at any time, always do my "due diligence" research each "project " thoroughly before starting, consider worst case scenarios, have plans b,c, &d in place and most important of all, never overstretch a situation...and always worked from a "covered" position. I also have a whole different strategy on what prop i buy, how i buy and what i will pay ...but that would take me writing a book to explain !!

Have others suffered ? eh ? like who ?

Disappointed. Not sure why you think I may be disappointed. I only said there was a fair chance that you may have sweated on outcomes that weren't always in your control. Please don't misread that as me saying that I hoped that you had sweated. Nor did say that others have suffered. Sometrimes when one person does well financially, it can be at the expense of someone being shafted. Sometimes but certainly not always. If you can be bothered, please re-read my post without assuming that I have an agenda. I realise that maybe some might have a dig at what you have done but I'm not one of them. If you've managed to manipulate the financial system to do well for yourself, then I say well done. No need to assume that everyone is on the attack.