Increasing Co-op Travelcard Limit!

maniac886

Hi i was wondering if anyone can help me:

Basically I have applied for a co-op travel card as I want to do a BT from my M&S Card for £1000. They have replied saying that I can have £500 but if I want £1000 I need to send my &more statement and 3 previous current account statements. Sending my &more statement is fine but the problem is with my co-op current account. I have £1000 in there at the moment which hasnt really been used for a few months and my wages 600p/m go straight into my ing savings account.If i really need money i transfer it from ing into co-op current account as and when i need it. The question is if i send them a copy of my ing savings statement would this help my cause of getting the increased limit because at the moment I have saved £6000 in there.

Thanks in advance!

Rafter

Could go two ways......

Having funds elsewhere is a good indicator, but may beg the question why do you need a higher limit.

Card companies are also loathed to lend you more than you can afford and with a wage of £600/m they may think that £500 is quite enough.

I think your options to boost your savings through 0% offers are going to be limited until your earnings increase a bit.

R.

Careful_ly

You can ask us to consider matching your highest credit limit

Is stated on their site, if you send them a credit card statement, doesnt have to be the one you want transferring from, they will look into a higher limit.
I got mine increased, mentioned in my letter that living was funded by Mr c's wage to justify my low earnings and high credit limit request. HTH

maniac886

Well when i applied for the marks and spencer card i was only earning 400pm which I stated on my application form when I applied 14 months ago and they straight away offered me £1000. When I have been ringing them in the past to check my balance the customer service operators have offered to raise it to £1500 without me asking! I am trying to pay the £1000 thats why I want to transfer the debt to the co-op card so that I get 0%. As i live with my parents I have very little costs ...say out of £600 I earn about £70 goes out for utlitys and the rest is available for me.

Careful_ly

If I was you I would send them the Ing statement the M&S statement and your Co-op statement, include in your letter that you live with parents very cheaply and have savings to cover the debt. If they then match your limit all solved and they have done the credit check anyway, so might as well give it a go for the price of a stamp.
HTH

maniac886

Yes..I will do..thanks ....im gutted though because when I applied for the M&S card the 9months 0% offer started the week after and could have saved me a lot of money!

Careful_ly

Let me know how you get on. I hope your timing was better this time.. before they started to charge the 2% balance transfer fee

maniac886

Yeah no worries will do.I will send all the documents off on monday!

AMILLIONDOLLARS

Mancia886

Why don't you just use some of your savings to pay off the debit? Start with a clean slate for this year and start saving again!!

maniac886

Just recieved my co-op travel card with £1100 limit after they raised the limit from £500. Also completed the balance transfer from my m&s card. Thanks for everyones help!

Careful_ly

Well done Maniac886, pleased to hear it worked out