please check CCs before I apply for Santander 0%

JesseJames_2

Would like to apply for the Santander 0%12 months and 0% BT fee offer posted to me.
However, would like to maximise the credit limit.

Can you guys check my outstanding CC debt and see what I can do before I apply?

Egg Card £11.5K credit limit (unused for a year now)
Egg Money £2.3K credit limit (use this for purchases and pay off every month)
BOS £3.3K credit limit (use this for 2% cashback and pay off every month)
LloydsTSB £3K credit limit - 1K debt (3.9% LOB had this since it was a Texacocard)
Virgin £6K credit limit and £5.7K debt (or should I say transferred elsewhere) (0% until Jan 2010)
Aliance & Leicester £1K limit (used but paid off every month) low balance because limit transferred to Virgin.

So to recap I have 6.7K debt on cards as per credit file, out of 27K total credit.
Salary is around 23K and wifes is about 12K
Only other debt is about 53K on mortgage paying around £363 per month.

Hope that is quite comprehensive enough

cheers

CannyJock

Your available credit is 27k on a salary of 23k and household income of 35k. Which I'd say in the current climate is reasonably high.

I've reduced my available credit by about 25k on no-repeat cards in preparation for my next round of applications, was able to reference this in a recent appeal against Tesco credit limit - got my limit increased from 2.5k to 10k.

From yours, the only one that could be cancelled would be the Egg Card. Are you keeping this for anniversary offers? The new A&L offer only has a certain window to apply? So if you did cancel it, would it show on your report intime to make a difference. Personally I'd cancel it, I cancelled mine a while ago when I couldn't get a repeat deal on it, was told I'd had to wait 12 months before reapplying but have been busy with other cards meanwhile.

If they match your current A&L card with the £1k limit then you'd want grounds for an appeal - you would be able to cite that your current balances are 0% or low APR, you've recently cancelled cards in anticipation of a generous limit, your household income, low mortgage, minimal monthly outgoings and your stoozepot savings.

JesseJames_2

Thanks for that CannyJock.

The reason I kept the old Egg card is that I've heard/read that it is good to have a card with a high limit.
But in my case may be beneficial to cancel it, as you suggest.

I think I will also drop the Lloyds from 3K to 2K - right now it is sitting at £1,001

I will then apply for the Santander card at the beginning of September (promotion ends 3oth September).
That may give it time to register my cancelled cards and credit limits.

If not, then as you say, just appeal.

Thanks

CannyJock

JesseJames wrote: »

Thanks for that CannyJock.

The reason I kept the old Egg card is that I've heard/read that it is good to have a card with a high limit.
But in my case may be beneficial to cancel it, as you suggest.

I think I will also drop the Lloyds from 3K to 2K - right now it is sitting at £1,001

I will then apply for the Santander card at the beginning of September (promotion ends 3oth September).
That may give it time to register my cancelled cards and credit limits.

If not, then as you say, just appeal.

Thanks

Wouldn't tinker with the Lloyds limit - £1k on one card won't make a major difference. Better to leave it there to show you're used to cards with higher limits for any new applications.

JesseJames_2

Thanks
I've sent a secure message to Egg to close it. (3-4 days to respond!! - it used to be 24 hours iirc)
As far as Lloyds is concerned I have not touched it as per your advice.

JesseJames_2

Since the postal application is linked by my A&L credit card and that card is now £1K instead of the original £7K before I transferred the limit to Virgin last year, I've decided to send the application just now, as I can see having to appeal the credit limit in any case.
This will also give me more time to appeal before the 30th Sep cut off date.

JesseJames_2

Just checked to see if I had any payments into my credit cards and looks like I received a paltry £100 credit limit for my efforts

Received a £100 payment into my BOS account.
I had asked for £300 to be transferred and then £5K into Egg Money.

Not had any paperwork yet, but it's either coincidence that there has been a rogue payment into my account or that is indeed the credit limit given.
Smallest I've had ever is £2,300 with Egg Money.

CannyJock

Think a few people have had low limits on it - it's their way around the "guaranteed" bit after they started declining and people protested that they had clearly stated it was guaranteed. So they give you a card but with a low limit.

Won't do any harm to appeal the limit but if they're usual speed of service is anything to go by, may not be completed by end of the month.

JesseJames_2

CannyJock

Just received a payment for £3,500 into my Egg Money today.
That makes £3,600, so probably got a £4K limit.

Quite surprised they only put £100 into my BOS card, not the £300 as originally requested, especially as the BOS card was first on the list, and there was £350 spent on it.

Happy enough to get 4K though, an easy £100+ profit.
Just need to get the +ve balance from the Egg card and stash away.

Thanks for your help.