Credit limit on credit card

harnj1

I am getting married in the summer and although me and my partner have saved up for the wedding, we will need to borrow to pay for our honey moon.

After looking on Money Saving Expert i liked the idea of a 0% credit card (the Tesco one for 16 months looked ideal). We would easily be able to pay off the debt in that time and would be cheaper overall than getting a loan.

My problem is the outstanding payment for our honeymoon is £3700. I was hoping to use the credit card solution to pay for the lot but then realised about the credit limit.

My question is will I be able to get a card with a credit limit this high? I beleive I have a high credit rating (I have a lloyds credit card already with a £1500 limit - they have let me know recently my credit score is 4/5, however realise it may be different scoring for differnt companies).

My concern is that they will give me a low credit limit to begin with and I won't be able to increase the limit until after 6 months which is too late.

BugsyBrowne

Lloyds have told you your credit score?

harnj1

BugsyBrowne wrote: »

Lloyds have told you your credit score?

I think it is more of lloyds own assesment on me based on how i've used the credit card over the last year.

CLAPTON

a 1,500 credit limit is rather modest

without knowing your circumstances it rather difficult to say

-income?
-on the electoral roll?
-existing debts?
-home owner?
-how long with employer?
-how long at address?

harnj1

CLAPTON wrote: »

a 1,500 credit limit is rather modest

without knowing your circumstances it rather difficult to say

-income?
£40,000 p.a.
-on the electoral roll?
Yes
-existing debts?
None. Have 2 credit cards that are paid off in full each month.
-home owner?
No. Renting at present
-how long with employer?
18 months with current employer
-how long at address?
2 years

Please see answers to questions above

CLAPTON

well, from the info above I would say you have a good chance of being accepted for a 0% card; the credit limit can only be determined by applying.

Curr946

if the starting limit is not enough call and they will often increase for a genuine purchase. Cards are now coming with lower limited due to past creditor/debtor issues... (oh and a$se falling out of the economy)

System

Use the barclaycard pre-checker

if it says you have an 80-90 or 90+ chance of acceptance for the barclaycard platinum, you might hopefully get a high limit. if not, they increased mine after a few months and I hardly used it (about 30% of the limit) so I'm sure if you asked for a legitimate reason (like mentioned above) they might increase it. there is an option on their website, however it says

"Unfortunately, we won't be able to raise your limit if, within the last six months, you have:

• Already raised your credit limit
• Made a late payment or missed a payment
• Gone over your credit limit"

not sure if this would mean no increases for 6 months though

pqrdef

If you only get say £3000 credit limit, a possible way to go is
- pay £700 on the honeymoon
- transfer the £700 to a 0% balance transfer card (3% fee)
- then pay the rest

Lloyds would probably offer you a 0% BT for 6 months.

skintdad

Nationwide soft search will tell you the probable limit before you apply fully