Transfer

IanC69

Hi,
I have a barclaycard which I have had forever it has a £14500 limit on it, I have around £3k owing on it which I can pay off in around 4 weeks. I am looking to change to a 0% interest card, my question is if I change would I still have that size credit limit or would it be reassessed?
Thanks
Ian

[Deleted User]

You'd be given whatever limit the lender felt was appropriate for your circumstances.

muhandis

It will be reassessed at the point of application.

However, from experience, my credit limit (which started at £500-1000) when I first applied for a CC about 5-6 years ago has only ever gone up gradually every time I've applied for a new card so it might be fair to assume that if your circumstances haven't changed too much, you should get somewhere around the same credit limit.

If you have 3k owing on a CC, I would apply for a 0% balance transfer card (they offer far longer 0% periods than 0% purchase cards) and transfer my balance on there before doing anything else.

IanC69 wrote: »

Hi,
I have a barclaycard which I have had forever it has a £14500 limit on it, I have around £3k owing on it which I can pay off in around 4 weeks. I am looking to change to a 0% interest card, my question is if I change would I still have that size credit limit or would it be reassessed?
Thanks
Ian

Nebulous2

Credit limits tightened quite a bit after the credit crunch. I used to get £10k from just about everyone, had a long spell I never applied for any cards and then have been playing the market a bit more in the last couple of years. Limits I have been given have ranged from £4k to £7.5k.

Personal circumstances dictate that though, so there's no guarantee that you will get similar. Try it and see is the best option! Check the eligibility checkers and they will give you an idea of likelihood of acceptance. MBNA is often seen as the most generous and they gave me my biggest ever limit when I was with them.

TheShape

If you applied for another credit card with the Barclaycard still open, would that not potentially reduce the credit limit offered as the new provider will see £14.5k of available credit?

Would it help to close the card or reduce the credit limit prior to making an application?

Nebulous2

TheShape wrote: »

If you applied for another credit card with the Barclaycard still open, would that not potentially reduce the credit limit offered as the new provider will see £14.5k of available credit?

Would it help to close the card or reduce the credit limit prior to making an application?

I don't think so, and that certainly hasn't been my experience. If you have a high credit line it gives a lender confidence that someone else trusts you. I've spent the last 15 years at least with credit card limits in excess of my salary, sometimes over twice my salary. I've never been refused a credit card, sometimes I've been offered one without asking, as when I opened a Nationwide current account.

I also fundamentally disagree with reducing limits. Other lenders don't know who has reduced the limit, it could have been the credit card company because they have lost faith in you or you could have done it because you don't trust yourself with a credit card burning a hole in your pocket. I can see no circumstances where I would reduce a limit. It's either keep it or close it.