Credit card newbie!

Bargain_Rzl

I hope you can all help me out here.

I got the standard Lloyds TSB Mastercard with my current account when I was 18, and as I've always lived within my means (paying the balance off in full after I graduated, then using it for convenience and paying it off in full every month since then) I've never felt the need to seek a better interest rate because they are not getting any interest out of me anyway!

However after a few weeks lurking on this forum I've decided to start stoozing, as I'm VERY organised - but for the reasons explained above, I don't know the first thing about credit card applications. My main questions are: who suggests a credit limit on a new card? The applicant or the provider? In order to do a 'super balance transfer' how much should I say I need? What is realistic? (Also, I notice if I try to apply online for a Virgin card it asks who all my debts are with, and how much. As I'm honest and solvent, I can't actually complete the form!)

I'm 26, I earn approx £23k, am not a homeowner and have no debts other than any credit card balances I run up and pay off at the end of the month. As well as the Mastercard (now at £3200 credit limit, but I rarely have more than £1500 on it at a time) I have two storecards, one with a £750 limit (which I use, also paying it off in full each month) and one at £250 which I am going to close as I haven't used it for years.

Can anybody tell me what sort of credit limits I should be going for, and whether this applies to applications for several different cards at more or less the same time?

stuwilky

The company you apply to assign the credit limit, some companies are more flexible than others.

Some, egg for example, allow you to steadily increase your limit online without any questions, as long as you do it sensibly!

Apply for an egg card online and see what happens. Egg is best to start with as you need that account as the centre for your activity anyway.

Bargain_Rzl

Thanks stuwilky - I've just sorted the egg card (had been considering it anyway - I already have egg savings) and they've given me a £5000 limit. Also applied for the Sainsburys card - as recommended by Martin - for purchases, so hopefully will be in a position to ditch the Lloyds TSB card altogether in a month or so!