Loan Vs Credit Card

dizzyblonde82

I keep reading about only being able to get credit up to around 50% of your income, my income is around 18k but have over 23k available on c/c - I am just glad that I have started dealing with my debts now and aim to have none by the time I am 30 which is in 2.5 years!

Jon_B_2

Wutang wrote: »

Usually by applying.

Wow. (!!!!!!).

If you apply and then it gives you a credit limit of £4000, it is a bit of a waste of time, just to damage your credit record.

Unless there is a way that you can check what limit you would get before a decision, it seems a little bit of a risk to me.

BLT_2

dizzyblonde82 wrote: »

I keep reading about only being able to get credit up to around 50% of your income, my income is around 18k but have over 23k available on c/c - I am just glad that I have started dealing with my debts now and aim to have none by the time I am 30 which is in 2.5 years!

If I were to retain my other credit cards this would give me available credit of 13k or around 30% of my annual income, however the purpose of Egg is to stop paying interest so it will be my only card.

A rather disturbing, or interesting point on the egg cards are that you can transfer loans, overdrafts and pretty much everything but the kitchen sink onto them. Almost worth transferring 5k to my imaginary overdraft, buying premium bonds and seeing if you win over the next 10 months :-)