Credit Card Limits (Influencing Factors)

Tatterdemalion

I need to increase my credit card limit to allow me to buy a
well-specified computer.

Is anybody aware of a credit card company that will take into consideration the amount of cash savings that an individual has ?

I have asked my supplier but their way of assessing someone's capacity to pay back appears to be based solely on employment status and on on-going/FUTURE/speculative earnings.

I already HAVE more TANGIBLE, ACCESSIBLE, LIQUID savings than I would ask my credit limit to be raised to.

What I don't have is a job.

I am concerned that if I relate this fact to the lender they may reduce my limit - or (worst case scenario) withdraw the card altogether.

I COULD buy electrical goods with a debit card but I don't believe I would have any consumer protection - the PCs I am interested in are custom-built with a lead time of a couple of weeks.

If I paid cash and the vendor went bust before I received the machine I would lose a substantial sum of money and it is not a risk I wish to take.

How can I prove to a credit card company that *I* am not risky if they won't/can't ask the questions that have answers that would illuminate the FULL PICTURE of my finances ?

afc80

Dont think they take savings into account. I have a halifax isa with 12 grand in it.

They turned me down for a credit card last year.

BugsyBrowne

You could apply for a credit card with your bank and have 100k in savings it won't make any difference to your application.

Gromitt

Your savings don't matter, you could get the increased limit and then spend all your savings, then the CC company panics. Much better to base it on what they think you get each month as guaranteed income.

None of it matters though, just buy your PC on a debit card using your savings and put £10 on the CC, you'll have the same protection. (heck, even £1 will do).

Or do it the more fun way and build it yourself. I bought a PC using my Aqua card with a £500 limit. Just bought each component and then used faster payments to pay off the balance before buying the next part. At the weekend I put it all together.

eddddy

Gromitt wrote: »

None of it matters though, just buy your PC on a debit card using your savings and put £10 on the CC, you'll have the same protection. (heck, even £1 will do).

Hi Tatterdemalion

As Gromitt says, you will get Section 75 protection if you make a part payment on your CC and pay the rest with your debit card.

But this may be a problem if it's an 'online only' retailer, as most online checkouts don't have the facility to split payment across more than one card. If this is the case, you could try calling their customer services and ask if they will take a split payment over the phone.

zerog

Well when I opened my Nationwide credit card I had no job, but had recently opened an ISA for the full limit with them and had been paying in the required amount to the current account for 3 months.

For some reason the limit they gave me doubled my available credit. Can't see what else other than the ISA they could have taken into account.

Gromitt wrote: »

Or do it the more fun way and build it yourself. I bought a PC using my Aqua card with a £500 limit. Just bought each component and then used faster payments to pay off the balance before buying the next part. At the weekend I put it all together.

... what components are you buying? I have just built a new PC after buying a £500 amazon voucher for £450 on ebay (risky, but it all worked out fine) and I managed to get a z77, i7, 16g ram, 128g ssd, case and psu. Gfx card not needed to get it running, only for high-end gaming.

Tatterdemalion

Thanks to everyone for your insights. I haven't made an increase request to my credit card company yet and now think it is probably not a good idea as they may withdraw my card altogether and I don't have another.

Are lottery winners denied credit cards because they are unemployed ?

fracturedsun

(I think there are specialist services & products for people with high investments (such as lottery jackpot winners) living on interest and investment income. Unfortunately this is not a problem I've had so I don't know the specifics. )

Does anyone know if prepaid cards come with S75 protection? That could potentially be a solution for you. If you can pay a deposit or split the payment on your existing card as suggested above this would give you the protection you need. Even without S75 protection you still have consumer rights.

arcon5

To get S75 protection you do NOT need to pay the whole balance with the card... so long as the items price is greater than £100 you can pay as little as £1 on the CC and be covered.

Tixy

fracturedsun wrote: »

Does anyone know if prepaid cards come with S75 protection? That could potentially be a solution for you. If you can pay a deposit or split the payment on your existing card as suggested above this would give you the protection you need. Even without S75 protection you still have consumer rights.

Most don't, although the creditbuilder one with a small loan element does I believe (but I'd go for a deposit on a regular credit card as a preferable option in this case).