Credit card questions

chexum

Well, 18 months after a change is when your chances are starting to be good enough. If you just moved/started a job, chances are even your bank won't like you at first, but you can appeal anytime to send proofs that it's a stable job (maybe you have been working for them occasionally as a volunteer, etc.)

For credit accounts, generally the criteria is not *all* account being this old, but "the majority". If you have a limited number of accounts, it's the same though.

Are any of your accounts showing up on your credit report? Basic accounts generally aren't, but I don't know about graduate ones. If both of them are with the same bank, you have the best chances with them.

Don't be afraid to apply, and send appeals (stressing stability, and reliability) - it may take some convincing to get the first card. Just like with the first job - no experience, no job; no credit history, no card - but if it would be as strict, noone would be working and noone would have credit

chattychappy

scottishblondie wrote: »

Card limit - no, there is no relation between limits and monthly income.

Disagree completely with this.

Of course all cards are different - but it seems to me that once you've passed initial "threshold" type tests - no recent late payments, on electoral roll etc., then your stated income is compared against your existing debt (as from the report)/stated outgoings and a credit limit determined.

izools

chattychappy wrote: »

Disagree completely with this.

Of course all cards are different - but it seems to me that once you've passed initial "threshold" type tests - no recent late payments, on electoral roll etc., then your stated income is compared against your existing debt (as from the report)/stated outgoings and a credit limit determined.

But... Applicant 1 has a 50K salary and 22K of debt. They owe 70% of their existing limits.

Applicant 2 has a 25K salary and 4K of debt. They owe 40% of their existing limits.

Applicant 2 is given a much higher limit.

Ergo, the card limit is more a product of ratios (Debt : Income, Debt : Limit, Limit : Income) rather than the product of a static figure like monthly salary.

EDIT: Book12, just apply for the Barclaycard already, it isn't going to make a blind bit of difference to your credit worthiness having one search on your credit file.

chattychappy

izools wrote: »

Ergo, the card limit is more a product of ratios (Debt : Income, Debt : Limit, Limit : Income) rather than the product of a static figure like monthly salary.

Fair enough on the example you give. My comment was to this post:

scottishblondie wrote: »

Card limit - no, there is no relation between limits and monthly income.

On two of the ratios you give, there would be a relation because income feeds into part of those ratios.

scottishblondie

As I read it the OP was asking if they could expect a credit limit matching their monthly salary. That is the question I was answering.

izools

I suppose the only honest answer we can give is "maybe"...

Might be much more, might be much less. Even if your debt to income and limit to income are 0% if you've had little / no credit history the limit is still likely to be less, OTOH if your debt & limit to income are 0% but you have a massively comprehensive and flawless credit history and extremely stable circumstances your limit could even be six times your monthly salary.

So many variables it's impossible to be sure

book12

chexum wrote: »

Well, 18 months after a change is when your chances are starting to be good enough. If you just moved/started a job, chances are even your bank won't like you at first, but you can appeal anytime to send proofs that it's a stable job (maybe you have been working for them occasionally as a volunteer, etc.)

For credit accounts, generally the criteria is not *all* account being this old, but "the majority". If you have a limited number of accounts, it's the same though.

Are any of your accounts showing up on your credit report? Basic accounts generally aren't, but I don't know about graduate ones. If both of them are with the same bank, you have the best chances with them.

Don't be afraid to apply, and send appeals (stressing stability, and reliability) - it may take some convincing to get the first card. Just like with the first job - no experience, no job; no credit history, no card - but if it would be as strict, noone would be working and noone would have credit

I moved jobs during September/October time last year. Almost reaching the 6 month mark for my job soon. I moved as it was a job related to what I've done in uni, it's a permanent job, and pays more.

I haven't checked my credit reports. However, people say that the basic account and graduate accounts that I hold with the bank do show on the credit report. Also, both accounts are within the same bank. I am applying for a credit card with the same bank.

Fingers crossed.


Also, do banks have different scoring systems for each card (Classic, Platninum, Gold, etc...), or do they use the same scoring system no matter what card is applied?