What is the max amount of credit you can get if you have a top credit rating?

michaels

MBNA now regularly decline those who have taken advantage of an MBNA introductory offer and not gone on to be a profitable customer - and of course not all mbna carsd are branded as mbna (virgin, old abbey and alliance-leicster credit cards etc) - this is regardless of credit history.

chattychappy

michaels wrote: »

MBNA now regularly decline those who have taken advantage of an MBNA introductory offer and not gone on to be a profitable customer - and of course not all mbna carsd are branded as mbna (virgin, old abbey and alliance-leicster credit cards etc) - this is regardless of credit history.

Interesting... what is your source for this?

Curt.

YorkshireBoy wrote: »

Until fairly recently (last couple of years or so), the MBNA summary box said £50,000 was the maximum. It now says, simply, "subject to status".

There's a poster on the stoozing website who claims to have shuffled limits around on around 5 MBNA cards to make £50K+ BTs/SBTs.

Minimum limit on the Lloyds Mayfair Amex is 20K and the max limit is not known but i know one person who has a line of 2.5 million however as i understand it that doesn't fall under the CCA laws of 74 or 06 as those are in refference to personal cards only and not for private banking or lending facilities.

chattychappy

When I had Amex Plat (chargecard) I was told there was no credit limit. But of course in reality there is a limit. The marketing later changed to "There is no fixed limit. Normally you can spend as much as you have shown us you can afford." or some such. When I received the card I had to call them up. They asked me "how much do you think you will spend?" and was told "that would probably be OK".

Don't think it was regulated by the CCA as it was a chargecard (and repayable in full each month).

JohalaReewi

izools wrote: »

... Credit Expert / Experian don't know how much you earn so they don't take this into account when calculating your "score".

No such thing as a one score fits all I'm afraid

Also, Credit Expert/Experian/Equifax are not lenders so their "scores" are meaningless.

Curt.

chattychappy wrote: »

When I had Amex Plat (chargecard) I was told there was no credit limit. But of course in reality there is a limit. The marketing later changed to "There is no fixed limit. Normally you can spend as much as you have shown us you can afford." or some such. When I received the card I had to call them up. They asked me "how much do you think you will spend?" and was told "that would probably be OK".

Don't think it was regulated by the CCA as it was a chargecard (and repayable in full each month).

Yeah they basically honor however much they think you can repay in a month. Generally there's no way to get more out of them unless you tell them you also have savings or money in your A/C you can pay the CC bill off with - they don't usually let you spend more than your monthly income per cycle.

chattychappy

Curt. wrote: »

Generally there's no way to get more out of them unless you tell them you also have savings or money in your A/C you can pay the CC bill off with - they don't usually let you spend more than your monthly income per cycle.

Actually I was usually spending over my monthly income - sometimes over 10K a month - the maximum was about 35K in one month. (All company stuff, but it was a personal card.) Did build up to it slowly though.

Curt.

Wow, and Amex didn't refuse to honor the payments?

That is excellent, but of course i am sure as you did build it up they realized you were an excellent customer and had the ability to repay.

That has always been my worry with Amex Chargecards - the fact they may decline and it looks very embarassing if it doesn't go through.

chattychappy

Curt. wrote: »

Wow, and Amex didn't refuse to honor the payments?

That is excellent, but of course i am sure as you did build it up they realized you were an excellent customer and had the ability to repay.

That has always been my worry with Amex Chargecards - the fact they may decline and it looks very embarassing if it doesn't go through.

Yep, I had that worry too, but I always had Visa/Mastercards as a backup - especially since Amex is not so widely accepted. I don't think the spend was so exceptional. The annual fee was around £250 so I assume only people with a certain profile bother with them. As it was paid off monthly, the amount outstanding was never that great in terms of the credit card debt people build up. No doubt if I was ever late the card would have been stopped pretty quickly.

Also, I had a couple of other additional cardholders. Under the Amex T+Cs, they were jointly and severally liable for all spend. (Might have changed since.) Not sure this would be legally enforceable, but no doubt it gave Amex some comfort.

I abandoned Amex because 1) I ceased to be UK resident for a while so the travel insurance became invalid, 2) most of by spend became forex for which Amex was inefficient.

chattychappy

Curt. wrote: »

Wow, and Amex didn't refuse to honor the payments?

That is excellent, but of course i am sure as you did build it up they realized you were an excellent customer and had the ability to repay.

That has always been my worry with Amex Chargecards - the fact they may decline and it looks very embarassing if it doesn't go through.

Yep, I had that worry too, but I always had Visa/Mastercards as a backup - especially since Amex is not so widely accepted. I don't think the spend was not so exceptional. The annual fee was around £250 so I assume only people with a certain profile would bother with them. As it was paid off monthly, the amount outstanding was never that great in terms of the credit card debt people build up. No doubt if I was ever late the card would have been stopped pretty quickly.

Also, I had a couple of other additional cardholders. Under the Amex T+Cs, they were jointly and severally liable for all spend. (Might have changed since.) Not sure this would be legally enforceable, but no doubt it gave Amex some comfort.

I abandoned Amex because 1) I ceased to be UK resident for a while so the travel insurance became invalid, 2) most of by spend became forex for which Amex was inefficient.