Highest Santander credit limit

600sqn

After reading on the forums the highest Santander credit limit I have seen £7000 when a lot of companies like Barclaycard are issuing credit limits of £17,000 and above . I’m trying to establish whether Santander always offer slightly lower credit limits to their competitors ?

JES_F1

You asked an almost identical question yesterday: https://forums.moneysavingexpert.com/discussion/5818295.

Do the replies there help?

TheEffects

What the hell?


17K credit limit.


I never knew companies give out this much?


Are the government clamping down the loophole of self certified credit card applications, like they have clamped down on self cert mortgages.

What to stop someone from over inflating incomes, ( I know we have national hunter etc)


But then we had people inflating self cert mortgages,

To avoid, people from inflating incomes, they actually should prove their incomes, like we have to for mortgages now. I find it hard to believe someone could hold so much unsecured credit.

RG2015

TheEffects wrote: »

What the hell? 17K credit limit. I never knew companies give out this much?

I find it hard to believe someone could hold so much unsecured credit.

Do you you mean on one card or in total?

I have £40k on 6 cards and that is after recently reducing one by £10k and I am sure that others here have much more. If banks are willing to give out high limits especially at 0% long term then people will take advantage.

Most will not use anywhere near their limits but will show low utilisation on their credit reports despite having a high amount of stoozing debt.

pantaiema

TheEffects wrote: »

What the hell?


17K credit limit.


I never knew companies give out this much?


Are the government clamping down the loophole of self certified credit card applications, like they have clamped down on self cert mortgages.

What to stop someone from over inflating incomes, ( I know we have national hunter etc)


But then we had people inflating self cert mortgages,

To avoid, people from inflating incomes, they actually should prove their incomes, like we have to for mortgages now. I find it hard to believe someone could hold so much unsecured credit.

It will depend on personal circumstances, banks and the one who is accessing the application. Having said that limit of £17,000 in one card is not uncommon. Lying about income is one thing but they occasionally check the stated income asking you to send proof of income. You fail you might be having CIFAS mark on your credit file.

Ben8282

TheEffects wrote: »

I find it hard to believe someone could hold so much unsecured credit.

A £17K credit limit on a single card is quite high but not all that uncommon, although I'm not sure that it would be a realistic expectation as an initial credit limit for most people. I don't recall an instance of ever being given that sort of limit straight off.
But as total available credit £17K is nothing.

chattychappy

I've had limits of £10Kish "straight off" from Barclays, Natwest and MBNA. MBNA once gave me £19K "straight off". I later closed that account and subsequently got £12K from them. That has since risen to over £20K (forget exactly).

Santander started at £7K and had risen to £9K.

BTW, I've found that credit limit increases have little to do with my spending on the card concerned. The last rise I got on MBNA (20K to 22K or something) was despite only having spent £35 on the card during the preceding 12 months. Perhaps they are seeing my spend via the CRAs.

surreysaver

TheEffects wrote: »

To avoid, people from inflating incomes, they actually should prove their incomes, like we have to for mortgages now. I find it hard to believe someone could hold so much unsecured credit.

Would it be worth the credit card companies doing that, though? It wouldn't be cost effective, so would mean no 0% deals

Nebulous2

surreysaver wrote: »

Would it be worth the credit card companies doing that, though? It wouldn't be cost effective, so would mean no 0% deals

If you look at Zopa, they tell you how many of their loans they expect to default, and build that in to the expected returns.

Credit card companies charge much higher interest and again will have modelled it to accept the risks associated with who they lend money to. The interesting thing will be how their models stand up to a downturn in the economy.

Having said that I've always found it very easy to get credit. Late 2016 I took on over £30k of debt to stooze and it was very simple - a few new applications and wait for the money to be transferred to my bank account.

[Deleted User]

What I find annoying is that companies don't seem to take promotion etc into account, unless you apply for another product (and even then it might not "stick" in the system). Also in certain industries you have more job titles, TUPE's and salary adjustments than you do hot dinners!

So a lot of the time they are actually increasing limits based on old salary info. I know some places let you adjust it though online servicing, and others probably expect you to write/phone in and tell them, but in reality who does?

My salary went down for a few months as part of a long term plan to earn more. I'm not going to phone every bank & card company and say "oh by the way, I've just lost 10k of income". At a time when the credit would be most useful to me! If I applied for new credit, of course I'd have to declare new figures.

Also when it goes up this month (several thousand above what it was BEFORE I took the drop), will I take the time to message to every company and let them know it's gone up? Probably, because I want higher limits and it's in my interests to. But will the companies actually do anything with that info (apart from file it under B.I.N) - probably not!!!

chattychappy

People lie about salaries and the CCs use NHunter to collate salary claims on applications to look at stories that don't add up.

But frankly, it's so easy to fake salaries. From simple fibbing to producing photoshopped payslips. What can they do? Employers aren't in the business of giving out this information to lenders, whether or not they have permission. People can give friends as employers. These days so many people are self-employed, retired or students etc.

The law is a bit hopeless. It's a fraud to lie to get credit. But I wouldn't mind betting that there hasn't been a single prosecution for this in recent years (except, perhaps, as part of a wider investigation).

To do proper checks would be disproportionately expensive for the amount banks make from CCs. More economical to take the increased risk.