stoozing well but the credit limit will soon be reached

burrows

hello all

I’m using a Tesco credit card to stooze, with a first direct regular saver and a issue 1 flexclusive Isa (best interest rates possible: D)
I started this in April/may with a 2000 limit; the credit I have left right now is 680. It’s going to run out.
Do i:
A) Apply for another 0% card, i think might be rejected with 21000 salary, a card on its limit, there is also an unused nationwide card with a £600 limit for holidays.

Don’t bother, just use cash from now on and reap the benefit of what I’ve already achieved.

C) Pay the card off when I can and start using it again just to build a better credit rating for next year to try and avoid the same problem.

D) Do a balance transfer and continue stoozing, I have no experience of these.

In case you were thinking wow what’s with the high spending, this is money saving expert! I do business miles so I buy fuel and food and expense it to the company thus artificially increasing the stooze, and I bought and engagement ring

Looksguywalker

burrows wrote: »

hello all

I’m using a Tesco credit card to stooze, with a first direct regular saver and a issue 1 flexclusive Isa (best interest rates possible: D)
I started this in April/may with a 2500 limit; the credit I have left right now is 680. It’s going to run out.
Do i:
A) Apply for another 0% card, i think might be rejected with 21000 salary, a card on its limit, there is also an unused nationwide card with a £600 limit for holidays.

Don’t bother, just use cash from now on and reap the benefit of what I’ve already achieved.

C) Pay the card off when I can and start using it again just to build a better credit rating for next year to try and avoid the same problem.

D) Do a balance transfer and continue snoozing, I have no experience of these.

In case you were thinking wow what’s with the high spending, this is money saving expert! I do business miles so I buy fuel and food and expense it to the company thus artificially increasing the stooze, and I bought and engagement ring

...don't do that!

burrows

is that because it the charge for that would be over my stoozing profit?

Looksguywalker

burrows wrote: »

is that because it the charge for that would be over my stoozing





profit?

...read the word 'sNoozing' !

burrows

O yeah, 1 point to you :T

ricky_v

You could ask your existing CC company to increase your limit. I don't know what your credit history is like but my salary is £16k and managed to get a £4.5k limit no problem, £2500 seems a bit on the low side for your wage IMO.

burrows

just tried raising my limit and got.

'Sorry, your request to increase your credit limit wasn't successful.
Your current credit limit is the maximum we can offer you.
If you want to talk to us about your request click Contact us'.

i calculate i will need a minimum of £6200 total credit to stooze for a year, this was done by dividing my current spend by the days since the first transaction minus one or two one off items.

apply for the new natwest one? i would need a credit off £4200 on top of tescos £2000

would they say no because of current debt levels?

if so would asking further damage my credit score?

Hurri

What I did was pay off my next months anticipated spend off the card (plus a little safety net) and continued to purchase on my Tesco CC.

That way, I'm "kind of" doing B, but earning the extra clubcard points at the same time. Just monitor it carefully of course so as not to go over limit.

Then... come near the end of the 0% period, I'll pay it off (money is in a savings account earning 3.2% at the moment).

burrows

just tried for natwest card, DENIED

no sure if i should try other top cards, who do you think is most likely to lend?

if not it looks like it has to be plan B

burrows

should i cancel the £600 nationwide card that i use for holiday spending, is this perhaps all i need to boost my score.

jamesd

£600 isn't likely to make any significant difference so better to keep the card and its benefit.

How is your credit record? All perfect (meaning not even one late or missed payment in the last six years)? How about the total amount of unsecured credit available to you, under £11,000 that's often thought of (not quite correctly) as an initial sort of limit?

Your record may show that you have increased your debts substantially since only April and some issuers might take that as a sign of financial difficulty, more so if you've been making only minimum payments (adding an extra Pound with a standing order can avoid that marker being set). It may be easier once you've a record that shows you increasing the balance then later clearing the card at the end of the interest free period, or after some time has passed without a further increase in unsecured debt amount.