Credit Limit Too Low on New Card

virgin_moneysaver

Belcheee wrote:

I didn't realise different credit reports were actually that different.

I think I will go ahead and try for this Barclaycard - I guess if for whatever reason I do get rejected I will just hold off applying for anymore for a while. The interest I would be charged each month on my remaining £1500 wouldn't be more than £12 or so anyway, if the interest rate is 9%.
Plus my outgoings are about to drop so I can put the extra towards paying it off...

Cheers for the advice everyone.

I've had the same situation - been swopping Bt's over a couple of years & recently got Barclaycard 0% with no Bt fee but low credit limit - immediately applied for Amazon & got the rest I needed to cover the amount at no BT fee - different companies have different criteria for limits & I always close old cards down once nil balance

The_Boss

and the other benefit of doing that (apart from Barclaycard searching Equifax and Amazon using Experian) is that the second account would have been allocated a credit limit without any trace of the first (Barclaycard) showing on a credit form. So you would have got a higher limit on the Amazon than if you had waited a month or so.

The_Boss

by the way, how long did it take for you guys to find out their decision, and how did they let you know?

CIMA_LOVER

Will It be possilb efor you tell tell us what limit you get BOSS?

The_Boss

CIMA_LOVER wrote:

Will It be possilb efor you tell tell us what limit you get BOSS?

Yes, of course. Only thing is that I applied on sunday, the search was done on monday and I havent heard from them yet. I had to provide my email addres so I assume they would email to let me know asap. So I'm thinking that at the moment its gone to an underwriter to decide.

virgin_moneysaver

The_Boss wrote:

by the way, how long did it take for you guys to find out their decision, and how did they let you know?

B/card were rapid - the limit came with the card within a week - Amazon were a lot slower, having paperwork to sign & return, then pin came but Amazon said I had to wait until the card arrived (another week) before I could BT as they needed the 3 digit code off the back of the card

The_Boss

CIMA_LOVER wrote:

Will It be possilb efor you tell tell us what limit you get BOSS?

Ok, I just called them because I wanted to know what was going on and I have been accepted with a credit limit of £1600.

Quite meagre, but its in the middle of what I'm after so no complaints here. I'm a bit suprised that when I last applied, I was earning less and had twice as much available credit, yet they gave me a credit limit of £100 more.

CIMA_LOVER

The_Boss wrote:

Ok, I just called them because I wanted to know what was going on and I have been accepted with a credit limit of £1600.

Quite meagre, but its in the middle of what I'm after so no complaints here. I'm a bit suprised that when I last applied, I was earning less and had twice as much available credit, yet they gave me a credit limit of £100 more.

Why dont you appeal the decision?

fannyadams

Somewhere on the credit cards thread is an explaination of how much credit you get calculated form your annaul salary and the commitments that you have from that salary. I think that a 'responsible' lender would look at your rating(s) and from you current credit limits give you a reasonable amount of credit. What this boils down to is that your credit limit for your old card (don't forget those that might still be active, but have zero balance on them) is still aliability, even if you are going to BT to a new card. What I'm saying here is make sure you cancel all your cards when you are finished with them or reduce the limits on them if you still want to keep them. that way your credit liability is lower and you credit limit for your following CC will be a bit better.

The_Boss

CIMA_LOVER wrote:

Why dont you appeal the decision?

I have thought about it and am going to. My Equifax record shows that there are two cards with a zero balance that are in fact settled, but not showing on Equifax as settled. So I'm going to call them and ask for another letter that I shall forward to Barclays.