Not Higher Enough Limit!!!!!

MFWannabe

The problem you may find is that lenders may not want to lend you another 10k on cards as they would see that you then have 20k of credit; they don't know that you are definitely going to pay off the loan. Plus you also already have credit cards with available limits; although you pay these off in full every month; there is still available credit on these. If you have 5k available on these then they will see that you would then have 10k on a loan that you have only just taken out and another 15k available credit that you could go out and spend; if they gave you another 10k on cards.
You would probably be better off waiting a while before applying for more cards as you have only just taken out the loan. Are you able to make additional payments off the loan?

TurnaroundSue

FREEZ wrote: »

The problem you may find is that lenders may not want to lend you another 10k on cards as they would see that you then have 20k of credit; they don't know that you are definitely going to pay off the loan. Plus you also already have credit cards with available limits; although you pay these off in full every month; there is still available credit on these. If you have 5k available on these then they will see that you would then have 10k on a loan that you have only just taken out and another 15k available credit that you could go out and spend; if they gave you another 10k on cards.
You would probably be better off waiting a while before applying for more cards as you have only just taken out the loan. Are you able to make additional payments off the loan?

Sorry, but I call it a loan coz that is how I view it, but it is actually a current account which runs alongside my mortgage, so as I make reductions to the mortgage, the overdraft increases. That is how the rate is so low at 4.99%, so I haven't physically just taken this out as it has been there since we had this current mortgage some 3 years ago. The mortgage is due to be paid off in April 2012 (have been making overpayments) with an actual maturity date of April 2014.

Now I have money in savings which could pay this overdraft off, but this money is earmarked to repay the mortgage in 2012 as that will be my balance at that time, so really don't want to use that now and thought that if I got a 0% card(s) then financially that would be the wiser move.

I hope that I haven't confused anybody and made it all too complicated, but basically the only money we owe is the £10k and the £22k mortgage, but how do I let the credit card companies know that when applying for a card, as they don't ask for that information?

Once again thank you for all your replies.

Moomum

MBNA seem to give higher limits, OH has a six figure salary and barclaycard offered £1750, Virgin gave £20500

TurnaroundSue

natmid wrote: »

MBNA seem to give higher limits, OH has a six figure salary and barclaycard offered £1750, Virgin gave £20500

Thanks Natmid, I will give Virgin a try when I apply for a credit card. Can I ask did you request that limit, or any limit, or is that what they gave you?

Moomum

That was the limit they set him, we didnt request one but we did put down that he had a BT of about £6000 I think, they did call at work to check out details he had given were correct. They only spoke to him though.

mintymoneysaver

I recently got a card from Barclaycard on a much lower salary than yours, and they gave me £9900. I did tell them I wanted to balance tansfer but I didn't say how much until I got the card, as I wasn't sure I'd get enough to do the BT. Isn't it strange how they work?