Sainsburys Credit Card limit increase

danielanthony

Hi,

I got a new Sainsburys credit card two months ago, transferred £4000 onto it from another card then closed that card, I have no other credit cards. the limit on the Sainsburys card is £6000.

In the last two months I paid off the £4000 but I am moving into a new house, going on holiday for my OH's 30th and want to buy an engagement ring. So, there's alot to pay out for at the moment.

I have applied for a credit limit increase to £8000, just to cover these costs with the intention of paying it all off over the proceeding months.

So do you think I stand much chance or should I just apply for another CC? How good are Sainsburys at increasing limits?

Thanks,

Dan

Any

A lot depends on your current salary, current outgoings and credit history.

I personally would firstly apply for another 0% interest on purchases card - I hate paying interest!!

danielanthony

My current salary is £42,000, my credit history has no defaults, late payments CCJ's or IVA's. It shows the other two CC cards I had, paid off, then closed plus my phone contract and car repayments @ £277pm. So its ok, its just that I'm approaching the limit of my Sainsburys card and I'd like to increase it, but only had the card a short time.

Any

I don't think there is a straight answer for this one. Everything is playing in your favour - but as you say you only had the card for short time and you are reaching your limit...

I don't think it will take long for them to give you an answer though...

How much time do you have? Before you need that extra credit?

danielanthony

I've got about a month before the extra credit is needed, I suppose I could apply for another card if Sainsburys decline my increase, do you think they will credit score me again? This would affect any further applications I would make...

YorkshireBoy

So you paid a 3% fee (£120) to buy yourself 10 months 0% interest on your £4K debt...and then paid it off in 2 months? Why, when you knew you had upcoming expenses you could have used the £4K for/towards?

I don't think Sainsburys will increase your limit so soon, even after you've proved you're a 'good risk'. They usually insist on a 6 month wait. So probably best to apply for a long 0% on purchases card? See here...

www.stoozing.com/purchases.php


Edited to add: You only have 1 month remaining for 0% purchases on the Sainsburys card so any spend here will be very expensive, even if they did increase your limit.

danielanthony

I had been paying 24%+ APR on my Capital One and Close Brothers cards so I kind of haven't gained or lost anything from transfering. The Sainsburys card was 16.9% which was a bit better as I dont usually clear my balance plus I shop a lot at Sainsburys (Nectar points).

I'll wait till the end of the day and 'should' get a decision by then. Plan B is to get another card with a 0% on purchases and just pay that off asap once all these expenses are out of the way. I would hope to receive the card before the end of September!

Thanks for everyone's help BTW

Any

I think that apply for new card is the safest bet. I also think that you might make it on time for end of September if you apply soon.

Go for 0% interest on purchases for as long as possible.

never-in-doubt

You do know that most lenders want 6mth history before any credit limit review? This will also apply to sainsburys as it is in essence a HBOS card.....

never-in-doubt

Edit above post - YorkshireBoy already confirmed this: #6