Getting a new credit card.

BigAndy_79

Hi Folks,

I am thinking of getting a new credit card - possibly a Tesco Clubcard, which is one I have had before. I am after as high a credit limit from there as possible, but would like some advice as to how to obtain that.

Basically, I have had a Halifax All-in-One card for the past 11 months. The interest-free period on that runs out in about 3 weeks time & I am contemplating doing a balance transfer to the Tesco one, but am unsure when exactly to do that. I get paid on 23rd of May and should be able to transfer about half of so of the £949 that I owe onto that card at that time.

I reduced my credit limit on this Halifax card to £1000 from the £2250 that it was at, and did this on Friday past. Does anyone know just how long this will take to update to the new credit limit on my credit file ? As I say, I am keen to get as high a credit limit on this new card as I can.

Thanks for your help,

Andrew.

Venusflytrap

May take between 6 - 8 weeks to update, but this varies from bank to bank.

jen245

I wouldn't have reduced the limit if I were you, as now it will look like you are at your limit, and that you are struggling financially, even though you are not.

BigAndy_79

jen245 wrote: »

I wouldn't have reduced the limit if I were you, as now it will look like you are at your limit, and that you are struggling financially, even though you are not.

Even if I have been paying a few large sums off in recent weeks ??

jen245

Yes. Basically at your old limit, you were only using about 40% of your available credit, now you are using 95%. Lenders don't like seeing such a high debt to available credit ratio. I'm not saying you won't get a card, but I think you may find it more difficult as a result of reducing your limit so close to your balance

BigAndy_79

Applied for it earlier there. Gave me 2K credit limit, so am happy enough. After a lot of dithering I went against doing a balance transfer - am just gonna try & get it all paid off by a week or so after my existing one's interest-free period ends.

Does anyone know how long it takes for the card and PIN to arrive once you have completed an application with Tesco through the online channel ?

Thanks again.