How big is your credit?

vacheron

gr1340 wrote: »

Are you actually paying any of this back?

It reads as if you simply fill a credit card and then transfer the balance.
Your comment "If the Halifax Clarity card happens to have an unpaid balance during the 0% transfer period then I'll transfer that too as an extra bonus!" backs my thinking up.

I don't wish to be judgemental but you seem to be in a very precarious situation.

This is unless you have £60k in savings to pay it all off and are simply stoozing, I haven't read your previous posts so I really don't know.

Not to worry, it's all stoozed. I could pay all my credit balances off today if necessary.

The "bonus" of the clarity card is that I would normally pay the balance in full each month. However if I happen to be in the 30-60 day "fee free balance transfer" period of a new BT card I can push that balance to a 2-3 year interest free card too rather than pay it off now.

The reason I keep emptying and re-filling the Sainsbury's card rather than taking out a new purchase card is to keep earning the Nectar points. I've managed to accumulate about £280 quids worth since I got the card!

David555

Just starting out in the world of credit myself to build up some credit history. My limits are as follows

£250 Aqua 3 months old
£1800 Halifax clarity 7 weeks old (I gather they gave me a higher limit and a main stream card as I've banked with them for 7 years and they see first hand how I handle my money, dispite having next to no credit history)
£300 capital one 2 weeks old


Very low compared to most but ample for me. I've struggled to put more than £25 on them until a few weeks ago I racked up about £1000 of debt on them which I used to boost my savings to purchase a investment property aboard in my wife's country instead of waiting a few extra weeks to save the full amount. Will be fully paid off in 6 weeks though.

All in all I'm old fashioned and pay for everything using cash by withdrawing money from the atm using my debit card. Just seems a hassle otherwise having transactions pending on my credit card online banking for days where as my debit card it's mostly instantly taken from my balance. You know exactly what you got, Plus not having to worry about x amount of direct debits coming out throughout the month... The worry of a payment not going through for whatever reason. So yeah it's clear to say I prefer cold hard cash!

ThursdaysChild

Total available around £41k of which the highest single one (Amex) is £13k. 6 cards (I have opened them for bonus features like 0% on purchases, nectar points, etc etc and haven't closed the old ones with zero balances in case of an emergency!!!)

I pay them off every month

I have never actively asked for a limit increase or for a specific limit. They started me off with an amount and then increased it from their side.

I've found that even though I never go anywhere near the limit, I get limit increases fairly often due to using the card frequently (I use cards for everything -- daily shopping, Amazon/Ebay, train tickets etc etc - I only ever use my debit card to draw cash out and for things that don't allow a credit card or where there is a CC fee) with the occasional large purchase.

I put bills (that aren't on a Direct Debit) on credit cards where there is no CC fee (like my electricity and gas with EON)

... I (and people like me) probably contribute to those figures we all hear about like "X number of people are putting their shopping on credit cards and this shows that people are living at the edge"...

I've found the limit often seems to get increased shortly after a spell of spending more than usual even though the card isn't anywhere near maxed out!

It's frightening really that I am in a situation where I could spend over £40,000 in unsecured debt tomorrow if I wanted. It's not frightening to me personally as I am quite disciplined, but scary that 'the system' allows that!

jessnat995

How do you guys get such high Limits?

When i did have a credit card i think my max was 4k. never been bad wth credit cards, but the limit never seemed to go up.

I am now credit card free, for now ahah

ozaz

22K (Nationwide 11K, Santander 6K, Paypal 5K)

My total balance is rarely above 1K which I always pay off in full each month.

I'm considering starting stoozing to boost money earned through savings (Nationwide is interest free on purchases for 10 more months). However, I'm planning to apply for my first mortgage within the next 12 months. Is stoozing (high credit utilisation) something I should avoid with mortgage application in mind?

takman

jessnat995 wrote: »

How do you guys get such high Limits?

When i did have a credit card i think my max was 4k. never been bad wth credit cards, but the limit never seemed to go up.

I am now credit card free, for now ahah

You won't get high limits if you have limited history of credit. By not having a credit card when you come to apply for one you will get a low limit because you have no recent information in your credit report showing you can pay on time.

Everyone should have atleast 1 credit card because it's essential for section 75 protection on any purchases over £100. Plus then you can also get a cashback card if you plan to pay it off each month and earn some money!.

TheShape

TheShape wrote: »

I've finally got some respectable numbers to put up now:

Total Credit £38k, Highest Limit £8k, Balance £27k.

Approx £19k fast stoozed during March. Approx a third each to cash, S&S ISA and p2p. Need no more cash savings now so can concentrate on p2p, S&S ISA and pension.

jessnat995 wrote: »

How do you guys get such high Limits?

When i did have a credit card i think my max was 4k. never been bad wth credit cards, but the limit never seemed to go up.

I am now credit card free, for now ahah

Perhaps what this thread needs is some context to go with the available credit/balances.

So to add some context to my post:

-Income 27K
-Homeowner with mortgage (£269pm)
-No dependents
-On the Electoral Register
-2 years at current address(only two addresses in last three years)
-7+ years in current employment.
-Oldest Credit Card 10+ years
-No debts other than Credit Cards and Mortgage.
-No defaults, late payments or CCJs (lots of minimum payments on cards but at promotional rates).

Those are the answers to some of the questions asked on application forms and/or showing on credit files. Perhaps anyone else posting should add some details alongside limits/balances for context.

PixelPound

ozaz wrote: »

22K (Nationwide 11K, Santander 6K, Paypal 5K)

My total balance is rarely above 1K which I always pay off in full each month.

I'm considering starting snoozing to boost money earned through savings (Nationwide is interest free on purchases for 10 more months). However, I'm planning to apply for my first mortgage within the next 12 months. Is snoozing (high credit utilisation) something I should avoid with mortgage application in mind?

Could you show that you have enough savings to pay off the CCdebt, pay the deposit, and pay all assoc fees like conveyancing. If so there shouldn't be a problem as the mo co would want to know whether to take monthly repayments into account when conducting affordability.

ozaz

nic_c wrote: »

Could you show that you have enough savings to pay off the CCdebt, pay the deposit, and pay all assoc fees like conveyancing. If so there shouldn't be a problem as the mo co would want to know whether to take monthly repayments into account when conducting affordability.

Thanks. Yes, I could demonstrate all this.

20aday

The largest credit limit I've ever received is £2,400 on a former Santander 123 MasterCard.

At the moment it's £1,500 on a BarclayCard Platinum.