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First Year of Stoozing - Card Limit

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.
Save £6k in 2015 - Jan £500

Comments

  • 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 £500
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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?
  • Clariman
    Clariman Posts: 1,484 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    ... 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.uk
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