Preparing for Egg application

YorkshireBoy

Apologies if this has been answered elsewhere, but need a quick answer prior to applying for an Egg card tomorrow...

I currently have a Gold Mastercard with my bank, who I've been with for 25 years. This has a £7,600 limit. I spend approx £800-900 per month on this and always pay it off in full each month.

I've recently been accepted by Virgin on 0% 9 months for BT's. They've given me a £10K limit, even though they knew I already had the £7.6K with my banks card. As yet I've not SBT'd this to my current account.

The Question to you experienced stoozers is...
Is it better to get my bank to reduce this limit down to say £2K (and then get them to lift it after my Egg application has gone through), or will it look better if I have this large existing limit?

Notes: Salary £30K, Other household income £18K, Aiming for 6 cards between us, stoozing a total of £40K, credit score excellent!

Advice/pointers as always gratefully received. Thanks in advance.

smartsaver

Hi

If you dont use the full credit limit on your card I would ask the bank to reduce as it is wasted credit and may stop you getting a card. If you then are accepted for an EGG card the bank may not up your limit again. I am not sure why you would want them to. If you think you may need it for a big purchase, you have to weigh this against the benefits of stoozing.

Card companies look at the total credit available to you as potentially you could use it. I would get the Virgin money into a savings account asap too. Hope this helps

Joe_Bloggs

@ Yorkshireboy. Twenty five years ought to count for something but it smacks of consumer inertia. No longer I hear your cry! Consult Martins advice regarding credit cards for purchases. Mine is an Amex Blue at 1% purchase rebate.
You may well be caught with balance transfer penalties/charges as you did not declare your desired amounts upon application.

Feel free to apply for 0% purchase cards and stooze the same amount purchased in suitable savings vehicals. Transfer such balances to 0% transfer deals when balance transfer fees are zero.
J_B.

YorkshireBoy

Joe_Bloggs wrote:

Twenty five years ought to count for something but it smacks of consumer inertia. No longer I hear your cry!

The thing is I don't have a problem with my bank, but then again I don't leave my money in long enough to get the 0.08% interest! Everything but the DD's and a bit of spends gets moved to ING as soon as we're paid. Also got a £3K authorised overdraft (only pay debit interest) which I've never used!

Joe_Bloggs wrote:

Consult Martins advice regarding credit cards for purchases. Mine is an Amex Blue at 1% purchase rebate.

Later, my friend!

Joe_Bloggs wrote:

You may well be caught with balance transfer penalties/charges as you did not declare your desired amounts upon application.

£9.5K Virgin SBT going through as soon as they open my signed acceptance slip. Sent a covering letter with it quoting 3 of their staff by name (along with dates/times of phone connversations) who told me it was "fee-free".

Joe_Bloggs wrote:

Feel free to apply for 0% purchase cards and stooze the same amount purchased in suitable savings vehicals. Transfer such balances to 0% transfer deals when balance transfer fees are zero.

As above, later. Although my own bank will give me a Visa card with 0% for purchases. It's just that I was going for the big hit first with the SBT stoozing.

Smartsaver - thanks for your comments. Biggest purchase ever made with this card was £1,500 for carpets 11 years ago, so as you say, best to reduce it?

Since posting this at work (just before I left) I phoned Egg and they told me that their web application does not ask for other card details! So maybe all is not lost anyway and I won't have to wait for the limit to be formally reduced on my gold card.

Thanks again
YB