is their a credit limit calculation ?

bobbysox1v

I am looking at a % purchase card. I have 2 other active cards -
BArclays with a balance of £5300 (credit limit £10k) and Halifax with £1800 (credit limit £4600). My other card has a Nil balance and despite asking TSB to close the account its still "live" on my online banking system with a £500 credit limit.

I need to purchase £3000 of hay (yep.. hay) and wanted to put it on a cc to break down the instalments.

I gross £24000 on my own (partner earns £26k)

Can anyone tell me if there is a way of calulating what my credit limit would be if I went to someone like M&S or Sainsbugs ?

[Deleted User]

There's no set formulas. It varies across lenders.

But with a salary of 26k and existing limits of 15k, you may struggle to get anything more.

bobbysox1v

Hmm... is it worth asking Barclaycard to drop their limit first as I only ever had that card for BT's ?? I am also considering ringing Halifax and asking to close the acc I have now and opening a fresh account with them as it was something they suggested once before. :think:

KingElvis

That's cool, putting hay on your credit card.....couldn't you just swipe it?




(the hay, not the card)

[Deleted User]

Yes - you could ask Bcard to reduce the limit to say 6k. Not too low, otherwise you may look over utilized (ie using too much of the credit you have available). You'd need to wait a month or so for this to be updated at the CRA though.

Not sure how quickly you'd be able to apply for another card with Halifax. It may be immediate, though.