What credit limit can I expect to get?

Theblueone

Just wanted to pick a few brains on this potential scenario:

We have a joint income of £ 60k

Debt at the point I am considering will be as follows:

Mortgage but as this is a secured debt probably discount for this purpose.

Will have no credit cards as all paid off and all accounts closed.

5k loan which will be about half way through (unless santander allow me to overpay it monthly which I still need to check into)

No other outstanding credit.

I am planning to apply for a 0% on purchases card. Hopefully one that does 12month at the 0%.

Reason needed is to part pay the final balloon payment on my car, will have done partners car balloon payment in may and might not quite have enough saved up for mine in the oct (anticipate being about £2.5k short:mad:).

It is so long since I actually applied for a credit card (last time was about six/seven years ago) and at that time I was given a ridiculously high limit of £19k!! And I know things have moved on and down considerably since then so don't know what they would offer.

The card would only be for that one thing and in a few months of spending the money the card would be paid off and closed as that is the final chapter in clearing off everything and only actually owing the mortgage:T

Any thoughts welcome?

Theblueone

Only wrote it in the title but my question is what credit limit do you think I might get?

BugsyBrowne

Don't know to much about your current post from your post but expect a credit limit anywhere from £10000000 to £20000000000

Theblueone

star-fire wrote: »

Don't know to much about your current status from your post but expect a credit limit anywhere from £10000000 to £20000000000

I thought I had put it down, this scenario is where we will be in about six months time

Reasonable income.
Not that much in the way of loan debt.
No credit card debt, in fact will have closed the last of the credit card accounts in the next month.
Need the £2.5k for a about six months so thought a 0% card would be the best option.

It has been a long time since I took out a new credit card and am not sure on what is likely to be a reasonable limit to expect. The last thing I want to do is apply for a card not get the £2.5 k I required and then have to source an alternative.

Was looking for a constructive response from one adult to another not for someone to make clever comments! I am quite capable of thinking them up for myself!

Atom

Nobody knows - you may get 10k you may get a pound, only the lender knows this - you wont get 19K thats for sure !!

You might even get turned down

Theblueone

Atom wrote: »

Nobody knows - you may get 10k you may get a pound, only the lender knows this - you wont get 19K thats for sure !!

You might even get turned down

I see what you mean! Bit of a guessing game at the moment. It does seem to be the more you get your finances under control the less likely you are to get something when you actually need it, especially if they don't think they will make any money out if you:(

With regards to the 19k I know I won't get that and actually wouldn't want that again as it's a blooming stupid amount of credit to give anyone.

Will see if anyone else has any thoughts:)

Thank you for your response.

Theblueone

star-fire wrote: »

Don't know to much about your current post from your post but expect a credit limit anywhere from £10000000 to £20000000000

I noticed from your other posts that it's not just me you are rude too, it appears that you think you can be disrespectful to most people so I won't take it personally, you obviously don't have manners!

Atom

You see alot of people with seemingly perfect credit profiles and being knocked back - just the luck of the draw mate im not sure if all those closed accounts will help but im sure someone can give there 2 cents on that

Theblueone

Atom wrote: »

You see alot of people with seemingly perfect credit profiles and being knocked back - just the luck of the draw mate im not sure if all those closed accounts will help but im sure someone can give there 2 cents on that

This is the problem. We have never been turned down for credit in the past and always had plenty of payments rolling through our credit record but now I have controlled it and shut off all the outstanding accounts and we are in the driving seat then we may suddenly come unstuck because of it!

Maybe an extra tighten on the old purse strings and try to make sure we have the 2.5k without relying on this method. I will have an extra pot of savings built up by then but if I have to use that then we really do have no safety net to fall back on as this would wipe out the emergency fund for about six months and that would mean hoping nothing went wrong.:(

Atom

Well since you have not applied for a while go for it you have nothing to loose - im sure 2 or 3 applications are not gonna do you any harm

YorkshireBoy

Theblueone wrote: »

We have a joint income of £ 60k

What are your individual incomes? Specifically the one who will be making the application.

And it's not clear from your OP what your total individual debts/monthly servicing costs are.

Income and expenditure are two of the most important elements in assessing credit-worthiness.

Bearing in mind the above, it's impossible for anyone here to hazard a guess as to what limit you'll get (which may account for the tone of post #3).

Now if you want to list here the information you'll put on the application form and the information they'll see from the CRA search, we'll have a guess...but that's all it'll be.

Mortgage but as this is a secured debt probably discount for this purpose.

You can discount it if you want to...but the credit card provider won't when they score you.

I am planning to apply for a 0% on purchases card. Hopefully one that does 12month at the 0%.

Reason needed is to part pay the final balloon payment on my car

Directly? Can you do that? Have you asked them? Or maybe you plan to put all your normal monthly spend on the card thereby freeing up some cash between now and when the payment is due?