Closing Accounts or Lowering Credit Limits

Nebulous2

At the risk of sounding like a broken record - I've never believed in this. I'm heading for double my salary in available credit. If the money transfer deal I've applied for is approved I'll have well over twice my salary in available credit.

https://forums.moneysavingexpert.com/discussion/comment/71603960#Comment_71603960

MrsTinks

I have well over 50% available credit vs salary for a long time too. My unsecured debt (not counting car and mortgage) is about 25% of my salary. Whilst it may be a measure for some lenders it's not the case for all.
But then it was said it's not a hard and fast science. There is no 100% answer because every lender has their own risk matrix of what they consider THEIR prime client.

Most important to most is that you are managing your debts and servicing them. If your debt is growing then I guess most low apr lenders would see you as too high risk, but a medium market lender might have products aimed specifically at that client...

Do the MSE card tool and it will tell you what you will likely be accepted for

muhandis

I'd echo the 2 posters above me. From personal experience, I haven't been able to identify a straightforward relationship between my 'credit rating', credit utilisation, credit to income ratio, etc etc.

As Martin says, each lender looks at your data from a different point of view, so IMHO it isn't very useful to double guess and try to build a "perfect" credit profile.

Contrary to what some people have said earlier in the thread, I've found that the more debt you have, the more lenders are willing to lend you, which is paradoxical but that's how I see it anyways. My credit utilisation on the CCs I have has steadily gone up from 50% to about 80% now but I don't see any discernable difference in my access to credit.

Barrotti

Thanks everyone for the info its been a great help

I,ll update in the future

Many Thanks Paul B