How to get new CC with high limit?

Jq1975

I got into c/card probs years ago and survived doing the 0% cc shuffle to clear it all off.

After that I had only one CC with a £12k limit. It's now maxed out.

Id like to do a CC shuffle again but the last company I applied to gave me a £250 limit.

How do I get a higher limit??? I have an excellent credit score and earn £66k before tax.

No mortgage but a £250k secured loan on £700k house, joint income £200k before tax

Any ideas how to get a card with a higher limit

[Deleted User]

Jq1975 wrote: »

Any ideas how to get a card with a higher limit

1. Ignore your credit score.
2. Check your credit files - what is on there?
3. Bring down the balance of your maxed out card.
4. Do a soft search to see what options you have.
5. Use some of the 200k a year to reduce your debts. Don't feel you need to spend it all.

Jq1975

We are self employed and our profits comes in chunks not in regular monthly payments. We are commission based company.

We are not spending it all- much of it is going back into business to prop it up until next chunk of cash comes in. Brexit has delayed our last chunk by 6 months minimum.

Credit files are fine nothing standing out

I need to CC shuffle to get down debt in our current cash flow climate

bengalknights

Try using the soft checker to see if any cards stand out MBNA might be a choice however whether they give you the limit you need is another matter

agrinnall

I'm sorry to be blunt (well, not really, but you have to use meaningless platitudes don't you) but with a joint income of £200K, however it's paid, the simple answer is to just pay off the £12K debt and then live within your means.

JimmyTheWig

Jq1975 wrote: »

I got into c/card probs years ago and survived doing the 0% cc shuffle to clear it all off.

After that I had only one CC with a £12k limit. It's now maxed out.

Id like to do a CC shuffle again but the last company I applied to gave me a £250 limit.

How do I get a higher limit??? I have an excellent credit score and earn £66k before tax.

No mortgage but a £250k secured loan on £700k house, joint income £200k before tax

Any ideas how to get a card with a higher limit

Basically, there's two scenarios.
1. The company that you applied to and got a £250 limit from is unusual. You just happen to not fit the criteria of a customer that they are keen on. For example, they may significantly prefer employed customers to those who are self-employed. In which case you may get a better limit elsewhere.
2. The company that you applied to and got a £250 limit from is typical of the current market. In which case you may be able to tweak things in the short term and get, say, a limit of £1000 but you're not likely to get anything significantly different to this.

I don't know how you would tell whether it is 1 or 2, but there are a few things that would concern me about what you've stated if I was a lender...
* You have one credit card, and it is maxed out almost to the limit.
* You have a high annual income but don't appear to have much money coming in (depending on who you apply to, they may or may not know this).
* You owe £262k, none of which is a mortgage.


A few suggestions...
* Use the new £250 limit credit card as much as you can (obviously only buy things that you would have done otherwise!). Make sure you pay off each statement in full on time so you are not charged interest. Don't go over the limit. With such a low limit you will probably need to pay it off a few times through the month. After 6 months ask to increase the limit. Repeat a few times. You should then have a card with a decent limit that doesn't carry a long term balance. That will help getting other cards. Obviously this will take a few years.

* Can your partner, who earns £134k, apply for a 0% credit card and transfer the balance to their card?

* Why not change your secured loan into a mortgage?

* Live frugally for a few months or a year and build up a cash safety cushion.

m4rc

As has been said your credit score is meaningless, your credit file probably isn't good as lenders are not throwing cards at you, and it's the file that matters. You could earn a million a year after tax but the credit reference agencies don't know that and don't ask. The card companies want to know your income, but not your partners (in most cases, some do household income but I believe usually in sub-prime cards). If you are not actually earning 66k then you can't put it. Well, you can, but you risk fraud markers if it's proven you don't. If you earned that last year then fair enough, but card companies won't accept 'large commission payment delayed by 6 months' as your income, it's not guaranteed.

They also don't ask about the size of your house or how much you owe on it. It all boils down to what the CRA's tell them, what you earn and what size feet you have.

That last bit may not be true, but they can pick and choose on any criteria, nobody knows what they are looking for on that particular day, you may not be of any interest to them.

The fact you owe so much money and it's not a mortgage is going to concern some lenders I'd think, maybe all lenders. You are most likely considered a risk if they are giving you a £250 credit limit, they are worried about your level of debt, you are self employed and have no regular income to repay the debt. Having one maxed out card doesn't help, you may find making a couple of significant payments over the next two months will help lenders to see you can pay your debts. Why not pay a couple of grand off a month over the next two and see if that helps?

I do agree with others though, if you have a 200k income then just clear the debt, why leave it there when you don't need to? Sure you are waiting on a commission payment that's delayed, but not 200k of delay is it? I'd get it cleared down as quickly as I could so it was gone.

ceredigion

Jq1975 wrote: »

I got into c/card probs years ago and survived doing the 0% cc shuffle to clear it all off.

After that I had only one CC with a £12k limit. It's now maxed out.

Id like to do a CC shuffle again but the last company I applied to gave me a £250 limit.

How do I get a higher limit??? I have an excellent credit score and earn £66k before tax.

No mortgage but a £250k secured loan on £700k house, joint income £200k before tax

Any ideas how to get a card with a higher limit

Jq1975 wrote: »

We are self employed and our profits comes in chunks not in regular monthly payments. We are commission based company.

We are not spending it all- much of it is going back into business to prop it up until next chunk of cash comes in. Brexit has delayed our last chunk by 6 months minimum.

Credit files are fine nothing standing out

I need to CC shuffle to get down debt in our current cash flow climate

Are you sure you understand the difference between turnover and profit.

jonesMUFCforever

OP Secured loan = Mortgage!

I'm now going into Victor Meldrew mode.

bigadaj

jonesMUFCforever wrote: »

OP Secured loan = Mortgage!

I'm now going into Victor Meldrew mode.

Secured loan = expensive mortgage.