requesting a limit increase for credit stoozing.. how far is risking it?

webbhost

Hi all,

I'm about 3-4 months into credit card stoozing and it's got to the stage where I can request a higher credit limit.

My current limit is £3500, and I've always added about 10-20 extra on top of the minimum I have to pay each month. however in the last month I paid £200 instead of £100 in the hope it might increase chances.

So my question is, based on a £3500 limit, what would be a suitable amount to ask for extra... is £4500 pushing my limit? (£12,500 earned per year before tax) Or should I try more around asking for £4000 etc?

If I request say £4500 and it is refused, can I try again asking for less, or does the fact I've requested more put the odds against me?

Thanks

webbhost

p.s. i'm assuming that if I got an increase, it would not effect my current terms of 0% interest on spending right?

Horseunderwater

How soon after getting the card are you asking for the increase? You would I think need to pay off a lot more than the min + £20 extra per month for them to consider any increase I would have thought.
I am doing that very thing, paying off my barclaycard 0% deal as much as possible as that ends in July next year, but have moved some of that debt to tesco CC which will have a longer 0% deal, so will pay min on that until nearer next July. Meanwhile I am not spending anything at all on either card, so debts are reducing.

webbhost

the card started in July, I tried a request earlier about 2 months ago and it said to try again on yesterdays date.

Most months so far it has been the minimum + about £20, last month I paid an extra £70 than needed and this month I paid £200 rather than £80. Hopefully that's enough..

I've sent a secure message first through asking if it would affect my 0% spending in any way.. better to be safe than sorry, but not like I'm in a rush, I have until next august

webbhost

Horseunderwater, how did you shift your debt for stoozing given balance transfer fees?

eschaton

Ask for as high as you need. They will likely grant as high as they are prepared to lend regardless of your request.

If you are actually stoozing, then repayments should be as close to the minimum payment as possible, otherwise you are not really stoozing.

Horseunderwater

webbhost wrote: »

Horseunderwater, how did you shift your debt for stoozing given balance transfer fees?

First had a capital one card in Jan 11, which due to me falling ill in July 11, I had to use to pay for things like food etc, So debt built up a bit, but I worked out that it was better to have little or no overdraft with bank and smaller debt with CC for a short time. Then I got an email from barclaycard telling me I was pre approved for a platignum card, so I applied to see what would happen. Got a really large limit and moved whole debt over to BC - Fee was 2.% Closed the Cap one down shortly after. Still had to use the BC to buy some stuff etc as my benefits were still being sorted out, but I do have extreme control over my income these days. That deal ends in July 2013. So I have some debt with BC still on 0% till July and some newly transferred debt on Tesco CC 0% deal till Sept 2014 with 0% on purchases for 6 months. So for time being I am clearing the BC and paying min on the other. The fees in both cases came to £58 and £38 and funnily enough my first year with BC has just ended as I had my yearly statement of spending/paying from them and my limit goes up on Nov 26th as well. With Cap one the limit just went up almost every month, but BC gave me a very generous CL to start with so I did not need to ask for increase - I have paid way more than needed each month, but because of a change in circumstances I now have to juggle the money with a bit more finesse as we are soley reliant on my ESA/DLA now. In essence I still have same income, it just arrives in a different way now. 4 weekly schedules LOL!
We rarely buy new stuff unless vital - income is spent on bills mortgage etc followed by food. Most of my clothes are over 10 years old - my daugher and OH buy theirs from car boots in summer months. I get new undies once per year. The house is warm and toastie - what more can I ask for. Oh yes better health perhaps. Not likely as I have an incurable illness, but that is life.

ricky_v

When I rang up and asked for a credit limit increase from £4,500 they asked how much? I asked for £6,000 but he turned around and said he can take it up for £5,400 but it will take 4 working days for £6,000. I assumed that they will refuse £6,000 (otherwise it would be approved there and then) so now I'm sailing close to the wind (£2 off the limit) took the card out of my wallet and letting the stooze do its thing until April next year when the 0% ends.

If you ask for a limit increase chances are if what you want is refused they will offer a higher limit to what you're on now but obviously lower than what you requested.

webbhost

woo, upon getting a reply back from baclaycard confirming that an increase would not affect my 0% promotional spending, I applied for £4500, a £1000 increase and was instantly accepted!!.. The only downside is not knowing whether I could have got 5k, but a 1000 increase is a sure good start and will make a good difference!

Now just to wait another 6 months to try another one lol.

thanks for the info everyone