How to get a high credit card limit?

Spuddy27

Not a very good title I admit!

At the moment I have two credit cards with large balances (seen in my signature).

My barclaycard is mostly interest free until February 2016 (£1283.80 of it is gaining at 18.9% APR) and virgin again is mostly interest free until October 2016 (£909.44 is gaining interest at 18.9% APR).

My plan is to continue chipping away at my debt over the next year, I currently pay just slightly over the minimum about for each card by rounding it up the nearest whole number, and as some of my other debts are paid of this year I can increase that amount.

My question is, is there any way to ensure you get a high credit card limit? I'm not applying for any time of credit this year but in January i'd like to apply for a 0% balance transfer card before my barclaycard runs out of its interest free period.

Even though my virgin card has an interest free period up until october i was going to move it all over so i'd have one payment rather than two.

My barclaycard used to have a limit of £5300 but I reduced it to £3500 (which I now realise was stupid as it looks like i'm maxing out my limits now), and my virgin card currently has a limit of £5900.

I'd probably need a limit of about £8000 in January to cover both balances.

Foxy-Stoat_3

Spuddy27 wrote: »

My question is, is there any way to ensure you get a high credit card limit?

Not really, just keep making regular payments on time and keep your figures crossed when you do apply.

Spuddy27

Foxy-Stoat wrote: »

Not really, just keep making regular payments on time and keep your figures crossed when you do apply.

Dahh, I figured as much will just plod along as I am, thanks for your response

lisa110rry

There is one way (I think) to get a high credit card limit, though not open to all.

I do have a credit card, and I know I should use it all the time because it draws cash back and is set to be paid in full each month, but I just can't do it, credit worries me, I don't even know the pin. The card is only for high value items bought on line.

However, when I applied I was immediately given a limit of £11,500. The card is with my primary bank, I am full time employed, have lived in my home for 28 years and have been on the electoral register since 2003 (when I was naturalised).

Foxy-Stoat_3

lisa110rry wrote: »

There is one way (I think) to get a high credit card limit, though not open to all.

I do have a credit card, and I know I should use it all the time because it draws cash back and is set to be paid in full each month, but I just can't do it, credit worries me, I don't even know the pin. The card is only for high value items bought on line.

However, when I applied I was immediately given a limit of £11,500. The card is with my primary bank, I am full time employed, have lived in my home for 28 years and have been on the electoral register since 2003 (when I was naturalised).

I cannot see the way?

Candyapple

The question is, what do you class as a 'high limit'?

£5k is not a high limit.

A high salary helps, as does your debt to credit ratio and also your repayment history.

Generally speaking, MBNA are quite generous with their limits.

eskbanker

Spuddy27 wrote: »

My barclaycard used to have a limit of £5300 but I reduced it to £3500 (which I now realise was stupid as it looks like i'm maxing out my limits now), and my virgin card currently has a limit of £5900.

I'd probably need a limit of about £8000 in January to cover both balances.

Worth bearing in mind that when you apply for a 0% credit card with a view to transferring balances, providers won't base their decision on that intention, they'll treat it as if you were looking for additional credit. In other words, you'll need to have a total credit card facility (across two old cards and one new one) of about £17K even if it's just for a short period of time, and if you already have significant non-CC debt as well this may be a challenge, depending on your income, etc.

grumbler

Spuddy27 wrote: »

My barclaycard used to have a limit of £5300 but I reduced it to £3500 (which I now realise was stupid as it looks like i'm maxing out my limits now), and my virgin card currently has a limit of £5900.

I'd probably need a limit of about £8000 in January to cover both balances.

With £9.4K credit available you have to earn £35K+ and have a good credit history to realistically expect getting new £8K credit, especially in one card.

Spuddy27

Candyapple wrote: »

The question is, what do you class as a 'high limit'?

£5k is not a high limit.

A high salary helps, as does your debt to credit ratio and also your repayment history.

Generally speaking, MBNA are quite generous with their limits.

I'd be looking for a limit of about £8000 in Jan, barclaycard and virgin both gave me limits of over £5000 instantly when I opened those accounts but I had a Santander account (never used and closed) which had a limit £1200. I just wondered how they could vary so much :-)

Spuddy27

grumbler wrote: »

With £9.4K credit available you have to earn £35K+ and have a good credit history to realistically expect getting new £8K credit, especially in one card.

Thanks very much for your reply :-) my yearly salary next January will be just slightly under £30K so it probably won't be an option then. Bummer.

I'll just apply as planned and moved my entire Barclay balance and as much of my Virgin balance as I can then. That way i'll still have some left on the Virgin card but seeing as that's interest free until the October I can increase the amounts and get rid.

Would just be nicer to have everything on one card

Spuddy27

eskbanker wrote: »

Worth bearing in mind that when you apply for a 0% credit card with a view to transferring balances, providers won't base their decision on that intention, they'll treat it as if you were looking for additional credit. In other words, you'll need to have a total credit card facility (across two old cards and one new one) of about £17K even if it's just for a short period of time, and if you already have significant non-CC debt as well this may be a challenge, depending on your income, etc.

Ah I didn't think on it that way, I thought that as you're applying and entering the balances you'd like to clear they'd see it as that. Makes sense though, I may not even get the credit card to balance transfer then!

Will just have to pay off as much as I can this year and keep fingers (and toes) crossed that I can get another 0% deal.