Stoozing and Maximising Available Credit - Beginner

OK, here goes:

I have just taken out a card for stoozing - the credit limit is way less (4k) than I know it could be. I'm earning roughly double what I was when I got my bank issued card, and the credit limit on my new card is the same. I have £1k left on a personal loan which I intend to get rid of soon, as I fear this has something to do with it.

If I want to maximise stoozing capacity, what's the best move for me?

My bank issued CC has been with me for approx. 8 years. If I cancel this, will my credit rating be hit? The plan was to pay off the £1k on the loan, cancel the bank CC and use the new stoozing CC until maxed out (or at least half way there) and then apply for a new stoozing CC to take up some slack in my 'lending capacity'.

Or do I just keep the bank CC and not use it; then just apply for another stoozing card anyway, when my current sttozing card is maxed out?

Thanks!

Comments

  • Nothing wrong with your final suggestion. I have 6 cards or so. People get a little hung up on applying for 'too many' cards. I believe thats only a small component of your credit file. Its much more important to 'always' make payments on time - at least the minimum. Plus 4k is not an unusually low amount. Both Tesco and Santander gave me 2k limits. Each was maxed out within 1-2 months then I applied elsewhere and got larger limits.


    Thats said - maybe your focus should be on clearing your debts first (ie your loan). I'm not sure about your circumstances but a money transfer cerdit card might help with that. There is an appealing offer around at the moment, 32 months 0% with a 1.69% fee.
  • mrrodge
    mrrodge Posts: 23 Forumite
    Thanks for the quick reply - I have the funds to clear the loan now, but hadn't done as there wasn't really any interest saving by doing it. I'll do it ASAP though now.

    Looking to open a 123 current account initially, then if I exceed the 20k cap on the interest I might look at putting some excess into an ISA.

    Thanks again!
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