Too much available CC credit for overdraft?

darren_5

Hi all,

I have just applied to change bank to Halifax and although i have been accepted, they have not approved my £500 overdraft (never use it, but just as security).

Could it be due to my available credit on Credit cards? I have:

A Creation CC - £0 balance but £3120 available (Had this one the longest)

A Nationwide joint CC with my finacee - £0 balance but £4200 available

And a Virgin CC with £1677 on (0%) - (Limit of 3300)


Should I close any of these? I didn't really want the nationwide as its the only one my partner has, but i guess the longest standing should stay?

Also have a loan of £2500.

Any advice would be great.

Darren

[Deleted User]

It could be that you have just opened the account and they will want to see how you manage it for a few months first.

[Deleted User]

Your limits are very low - it's unlikely to be an issue.

It's probably your indebtedness, with the card and loan. Pay some of it down before asking for further credit.

darren_5

Should I have 3 card though, or is it best to cancel one of them? As I have no intention to use them since 2 of them are now normal/high interest.

Nebulous2

3 cards shouldn't be a problem. That isn't a lot.

darren_5

is it best to cancel one of them? As I have no intention to use them since 2 of them are now normal/high interest.

YorkshireBoy

darren_5 wrote: »

is it best to cancel one of them? As I have no intention to use them since 2 of them are now normal/high interest.

There's no such thing as a joint credit card, so who's the primary cardholder on the Nationwide product?

What's your income?

Are you financially associated with your girlfriend, through the loan, current account, etc?

darren_5

YorkshireBoy wrote: »

There's no such thing as a joint credit card, so who's the primary cardholder on the Nationwide product?

What's your income?

Are you financially associated with your girlfriend, through the loan, current account, etc?

Yes we have a joint account wide nationwide.

Salary is £33,000

I am primary card holder

Ben8282

You do not have a joint credit card account. It is your credit card and you have authorised your girlfriend to be a supplementary card holder.
It is highly unlikely that the refusal of the overdraft is in any way connected to the available credit on your credit cards. Your credit limits are low and disproportionately low in relation to your income.
The most probable reasons for refusing the overdraft are:
Bad management of your existing credit card accounts.
Bad management of your existing overdraft facility (which again is disproportionally low in relation to your income).
You have indicated to Halifax OR Halifax have reason to believe that your income will not be paid into the new account.