Really shocked at limit offered!

maniac886

Basically my 9 months offer with Co-op runs out next month, so I have been looking to transfer my balance! I wasn't expecting much because when I applied for my card 9 months ago I was refused for a few cards and offered very poor limits. I only got my £1000 limit after toying with them for a few weeks. I wasn't hopeful applying this time round, but was very surprised. I tried the virgin card to transfer my balance and to my amazement they offered me a limit of £1700 instantly. I have never had instant decisions as in most cases they say we will contact you within 5 days. I dunno why they have offered me such a high limit, but i am not complaining :money:

Are virgin normally generous and offer relatively high limits?

hilstep2000

I've got an MBNA card that I use occasionally. I earn £8500 a year, guess what the credit limit is? £15000!! I have had it for a few years, they just keep putting it up. I'm not stupid, I know how to use it, but what if I was one of those people who just spent like mad...doesn't bear thinking about!

Tallymanjohn

It took me ages to find a card company which would agree to not increase my credit card limit - I wanted it fixed at £1,000 purely for on-line use. My original card issuer, & quite a few others said increases were 'automatic' & they couldn't guarantee that the limit would not rise (Eventually got it through RBS, now MINT). I could just foresee the situation where I became victim of a scam just as the card co. had increased the limit - paranoid maybe but I couldn't make card companies understand/accept my reasoning. My main card limit seems to get put up every year - currently £10,000

EagerLearner

I have just reduced my limit with First Direct as they gave me more than I wanted... I have heard this also helps your credit, so if you don't need the full £1,700 maybe ask them to reduce so it doesn't impact your overall 'possible debt limit' amongst all cards you have...

MPH80

TallyManJohn - look at Cahoot - their 'webcard' will let you set up a card for use exclusively online and you set the limit each time.

The idea is that it's a 'one-purchase' card each time linked to your main credit card behind the scenes - you set the limit of the purchase.

It generates you a unique number and unique security details and they store the mapping of that to your CC number. You are then only giving the other company access to how ever much you set in terms of ability to rip you off.

M.

maniac886

EagerLearner wrote:

I have just reduced my limit with First Direct as they gave me more than I wanted... I have heard this also helps your credit, so if you don't need the full £1,700 maybe ask them to reduce so it doesn't impact your overall 'possible debt limit' amongst all cards you have...

Yes I will reduce it to £1200 as i only got the card so i can have extra time to pay off the balance. I was just suprised at the limit offered!

Tallymanjohn

Thanks MPH80, I'll look into that, though we do a fair bit of small-item purchasing, through Paypal, on EBay so I'm happy to stick with the MINT card for now - if they start trying to up the CL or whatever I shall look elsewhere.

chatta

I just opened an A&L account and took the credit card offered. I have never had a card in my life, and was set a £5000 limit. Kept it for a month and then cut it up, I wasnt sure I could trust myself with it :rotfl:

Lillys_mum

I too applied to Virgin a few days ago as I have a Capital One card with a very high apr due to poor credit history. I applied to virgin for their 0% balance transfer and surprisingly I got it!! with a £1900 limit. My Cap One was £600 up until a week ago when they raised it to £1200 but I don't like using it due to the high apr so now I will txfr the balance to Virgin.

Maybe my rating is improving!!!

Jake'sGran

chatta wrote:

I just opened an A&L account and took the credit card offered. I have never had a card in my life, and was set a £5000 limit. Kept it for a month and then cut it up, I wasnt sure I could trust myself with it :rotfl:

Well good for you!! A person after my own heart. I cannot understand why people give so much interest away to credit card copanies. When my son became ill and then caved in because of stress, debt, lousy employer and , I had to sort out his affairs. He had a big credit card balance. I suggested he add up all the interest he had paid to the credit card company and see how much it came to. Must have said the right thing as he cut up the card. He now keeps transferring the balance to the nil interest ones but we are disappointed that they are all charging 2% transfer fees now. It's best to budget and be rewarded by a debt free retirement.

PJHilder

I currently have 3 cards with low limits. To be honest I'd rather have one card with a larger limit for when I want to make a large purchase.

I don't want to just close my accounts and apply for one card as I don't trust them to just refuse me and end up with no cards.

Would I be better off talking to the one I 'd like to stick with and coming to some arrangement with them?