New Card

mechy

Hi, I am thinking of applying for a Sainsburies card for the 0% interest on 10months! How can I find out if I could get a £10,000 upper limit on the card before I apply. If they where to give me say £5000 it would be a wasted exercise & also affect my credit score for an application on another card??

PNPSUKNET

only one way and thats call them

mechy

PNPSUKNET wrote: »

only one way and thats call them

No debt at all yet mate, but the mrs wants a new kitchen. (expensive). So am trying to buy on 0% for 10 months, then do a spot of tarting, credit card merry go round!

izools

Consider several points:

1. Have you got any credit card accounts open at the moment?
2. What is your income?
3. How long is your history of never missing a repayemnt?

If say, for example, you have a £45,000 income and two unused credit cards open on your credit file one with a £8,000 limit and one with a £1,500 limit, they may give you the £10K, on the basis you've used a large amount of available credit responsibly in the past and your income is sufficient to cover a potential debt of £19,500 (new + old cards maxed out).

If however you're on a £60,000 income but don't have any credit cards open at the moment, they'll want to start you off on a modest limit to see if you are good, then up it in line with the payments you've been able to make over six months.

I wouldn't expect you to get a £10,000 limit if your income is under £30,000 regardless of your circumstances or credit file. MBNA / Virgin are known for handing out big limits, as are Lloyds TSB if you bank with them.

mechy

izools wrote: »

Consider several points:

1. Have you got any credit card accounts open at the moment?
2. What is your income?
3. How long is your history of never missing a repayemnt?

If say, for example, you have a £45,000 income and two unused credit cards open on your credit file one with a £8,000 limit and one with a £1,500 limit, they may give you the £10K, on the basis you've used a large amount of available credit responsibly in the past and your income is sufficient to cover a potential debt of £19,500 (new + old cards maxed out).

If however you're on a £60,000 income but don't have any credit cards open at the moment, they'll want to start you off on a modest limit to see if you are good, then up it in line with the payments you've been able to make over six months.

I wouldn't expect you to get a £10,000 limit if your income is under £30,000 regardless of your circumstances or credit file. MBNA / Virgin are known for handing out big limits, as are Lloyds TSB if you bank with them.

Mate am not Rockyfella!! Sorry about the spelling. Am on about £30+, and have a cc with about a £3.5.... limit on it. But what you have just said, is somewhat what I expected to be honest??

izools

Best bet will still be MBNA, they are IMHO more likely to give you what you want than anyone else.

Better still, Virgin Money (Still MBNA) as you get 16 months interest free on whatever limit they do give you and you then only need pay interest on whatever else you need to borrow.

If the Virgin card is the only application you make in the last six months then it shouldn't affect your score when applying for a loan - one search really doesn't matter

(... recalls when mother had an £8,400 limit on her MBNA card despite having been on benefits for over a decade ...)

mechy

Thanks for the advice izy., Ill give it a try! x

Ritchie74

Agree with the above re MBNA giving higher limits.

Also, what about splitting the cost onto multiple cards (eg 2 x £5,000).
Tesco was doing 0% for 12 months, not sure if this is still the case but worth a look. What about trying the bank you use for you current account? They "know" you better and are more likely to accept you.

Good luck

mechy

Yes, Ritchie, I will give that a try too. I have a nat west card at the mo with a £3.5000 limit on it, & nothing owing. So will give that a try. But If i ask them to up that amount, it will obviously show up on any credit search or check