Worth asking for reduced limit on Egg?

a&akay

Have credit limit of £15k on Egg, 95% of which is in stooze pot. 5 months aniversay offer ends 30 Jun 06. Once I pay this off at end Jun is it worth asking to reduce credit limit to say £500 to improve credit score? Other 2 cashback cards (I use one and wife the other) and Nationwide for overseas have total limits of about £15k all at zero balance every month. Have exhausted all other 0% cards - now cancelled them and started tapping into wife's credit which seems to be working. What is best limit on Egg if so? I would not use card again unless and until they offer another aniversary next Feb 07. I would then ask for a credit increase just prior. Is asking for this reduction worthwhile and do Egg allow?

ariba10

When I was with Egg they used to put my limit up on a regular basis.
I always got them to lower it back to what I wanted.

YorkshireBoy

The danger with asking Egg to lower your limit, especially to one as low as £500, is that they may not lift it again for your next anniversary stooz as...

1. Your circumstances could change in the meantime.
2. Egg's credit scoring policy could change.

Personally, I feel it's worth having the additional £15K of unused available credit for 7 months of the year, in order to get a free £15K stooz for 5 months of the year.

Don't forget also, that you can use this credit limit to 'legally' create debt to transfer to other cards - something to bear in mind should Egg decide to restrict the carrying of positive balances to their Egg Money product only.

PS: Why only 95%? Why not BT another 95% of the remaining 5%, giving you around 99% in total?

a&akay

Thanks. Just wary of the large amount of credit recently held on other cards about £100k until read Martin's advice about too much credit and to cancel unused ones. Understand wife's credit application will be viewed against mine as at same address. I have blown my credibility having had 15 cards over 3 years and made £4.5k out of the various companies. Must be blatanlty obvious from my credit files. This would be to improve her chances. Understood 95% was max allowed on credit limit for transfers. Not aware you could trnasfer 95% at one time and then 95% of the 5%. Will now do so via telephone.

YorkshireBoy

a&akay wrote:

Will now do so via telephone.

It wasn't an instruction! - just a question.

I did it several times during last year's introductory period, but haven't done it for several months so can't guarantee it'll still work.

I wouldn't ask via telephone because, well, it's not allowed. If you want to go ahead, I'd suggest you carry out an online SBT from your secure area.

HGLTsuperstar

Why not reduce your limits on the other cards, OK you didn't state what they were but for instance if the Nationwide card is only for overseas use, does it need to be at its current level?