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First Year of Stoozing - Card Limit

Lennys_Shinpad
Posts: 231 Forumite


Hi, I'm a few months into my first year of stoozing. I'm using an HSBC credit card, 12 months 0% on purchases. The problem I have is that I am already at my credit limit of £1,500. I have tried to increase the limit but HSBC say that they will not do this during my first six months (I know I should have asked for more to begin with).
I had assumed that banks would be more than happy to lend me as much as I wanted but now I'm a little worried that I will not be able get the increase I want. Am I right to be worried?
Many thanks,
Lenny.
I had assumed that banks would be more than happy to lend me as much as I wanted but now I'm a little worried that I will not be able get the increase I want. Am I right to be worried?
Many thanks,
Lenny.
Save £6k in 2015 - Jan £500
0
Comments
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Well no replies to that post then.
I'm obviously not going to make as much cash from my stoozing this year. Are there any tactics I should employ when opening my credit card? Am I best off asking for a £15k limit when I first open or should I extend it bit by bit?
Many thanks,
Lenny.Save £6k in 2015 - Jan £5000 -
The lender will only give you what they're comfortable with. That said, some providers will generally go another 10% or so (sometimes referred to as a 'shadow limit') during the activation phone call.
Sometimes you get really lucky. For example, if you want to BT a debt from elsewhere, and write a good appeal letter, they can be accommodating. Co-op also used to offer to consider matching an existing card's limit.
However, all you have demonstrated so far to HSBC is that you can afford to repay 3% of the debt each month. Why not repay a little more, or repay in full for a couple of months, to see if that kick starts a review of your credit limit at the 6 month point?0 -
... or open up another card to stooze on that too.Author of the first Stoozing FAQ on the Internet and Creator of the SOA & Snowball calculators at Lemonfool.co.uk0
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