Virgin: quest for higher limit

StarX_2

Dear group,

I have received the Credit Agreement to sign for my Virgin Card, and the limit is £6000. I was thinking of asking for an increase to this figure: £12000.
My questions:
- Shall I send the signed Credit Agreement first and _then_ ask for the credit limit increase, or shall I phone them up now?
- Is my expectation about the increase realistic? Am I asking too much? Is it better to ask for a more realistic figure immediately, or to ask more with the objective of bartering the limit, as I am doing?
- What kind of justifications can I give for asking a higher limit? (I.e. Which ones “work” better?)

Thanks in advance,
StarX

YorkshireBoy

I was successful in negotiating a doubling of my initial limit from £5K to £10K *before* returning the signed agreement. I did "threaten" to go elsewhere for either the extra £5K or the entire £10K I "needed".

However, everyone has their own credit rating/history and there are many factors involved. What probably helped me was the fact that I only had one other card (with a £7.6K limit).

I would suggest that your best chance is to negotiate before sending in the signed agreement.

StarX_2

Thanks for your comments. Were you sent a second agreement to sign (with a new letter stating your new limit?), after agreeing your new limit was accepted? Or is the first credit agreement still ok, as the credit limit is unrelated to the credit agreement?

I was also reasoning on the "use the account before you get the card" idea.
More issues:
- How do I know when the account has been activated? Obviously if I haven't received the card the only option here seems to ring them every day until I know if my account is active.
- I was thinking of carrying out a SBT online as soon as I know the account is active. Can I use the Internet facilities before I get the card? It does not look like this is the case according to:
https://www.bankcardservices.co.uk/NASApp/NetAccessXX/EnrolmentMessageScreen

It states you must know your card number.

How did you carry out your initial SBT?

I'll stop now as I am looking too inquisitive.

YorkshireBoy

Here's how I did it (chronologically)...

(1)...Apply on telephone
(2)...Ring 2 days later to find out credit limit - told £5K
(3)...Asked to speak with manual underwriters and get £10K limit
(4)...First agreement arrives (showing £5K limit) - ignored it
(5)...Second agreement arrives (showing £10K limit) - signed it but didn't send it
(6)...Ring up to talk about my "overdraft/loan" balance (and confirm no BT fee payable) - gave them details of my current account. They say its all set up and as soon as my agreement has been received they will do SBT.
(7)...Third agreement arrives (just how their computer does things!) - ignored it
(8)...Send in signed second agreement
(9)...4 days later £9.5K SBT'd to current account
(10)...2 days later card arrives
(11)...1 day later, £9.5K earning 4% net in ING
(12)...Phone to activate card
(13)...Set up minimum payment DD online
(14)...Put card away in stooze file as no longer required!!!

One more thing, I've got a stooze file (3 cards presently, but will finish up with 6 or 7 between us) and as well as all the T & C's, copies of agreements, etc, I have started a diary of all communications with each CC company. I continually update this with date, time, name of person spoken to, and of course details of what was said. I expect others will be doing this already but I think there may be some who do not - it helps me anyway.

HTH
YB

StarX_2

Stoozing gem.