Tesco Credit Card - Credit limit

BoGoF

StinkyMonkey wrote: »

Not sure I follow. A factor that would push towards a higher or a lower credit limit?

Evidently, the other cards come with interest rates (one ca. 16% and the other ca.18%) and the point in the Tesco CC is to spend for 15 months without interest accruing

A lower limit or a rejection. Look it at from their point of view, you want them to give you a credit card with, say, £5 limit. OK, maybe you could manage that on your current debt levels but what would happen if you then took those other credit cards to their limit - your available credit makes you a higher risk. They don't look at is as replacing your existing debt but in addition to.

Would you lend somebody money if you knew they had funds available elsewhere?

James129

Gromitt wrote: »

They say you can request a limit increase 6 months after using the card, not before. You can cancel without penalty.

I applied for a Tesco card and got a credit limit of £400.
Applied for the Halifax Clarity card and got declined
I then applied to the AA the next day and got a credit limit of £6000

That doesn't seem logical to me!

A friend applied to Tesco and got a 10K limit.

I don't think number of searches carry as much weight(if any) as other factors like electoral roll, income and time at address.

Lenders obviously get information from credit reporting agencies but mainly it comes to their own underwritten criteria. I worked for an insurance aggregator site for nearly 2 years and dealt with 100+ car/home e.g. (axa, halifax and all other big names) and each one of them has different criteria. For example one insurer declines when driver is within 30-34 age group etc

Just recently, Nationwide approved my mortgage but didn't think I was worthy of their credit card and Halifax on the other hand declined my mortgage application but gave me their best all in one credit card. Sometimes I think this whole credit worthiness is just a joke.

chattychappy

StinkyMonkey wrote: »

May I ask what credit limits, debt and salary status you had at the time? Apologies for being intrusive

£80K income. Probably around 20K of CC debt at the time. Also an Amex Plat chargecard. No other debts.

Those limits I quoted were for cards I got around the same time as Tesco (can't remember the exact sequence). I had had an HSBC card (5K limit), Nationwide Gold (7.5K limit) and a Halifax card (10K limit) for some time.

chattychappy

James129 wrote: »

Sometimes I think this whole credit worthiness is just a joke.

Spot on!:T

iazcac

I have a Tesco CC, and when I rang them to look at changing my credit limit a few months ago, they said the account has to be open for 12 months before they are able to make any amendments