Credit Card Limit

caveman38

I am 55 retired with a pension of 20K and own a house valued at 350K.
I have never had a credit card in my life but am now toying with the idea of stoozing. I know stoozing is covered on a sub - board but I want to ask you guys what you think I might be offered as a credit limit on CC's and up to how much would they put a ceiling if I was to ask for a number of CC's from different banks.

marksandsparksgal

How long is a piece of string!?! Different lenders have varying criteria, also depends on your personal circumstances, e.g. where you live, credit rating (which may be low if you've never had a cad before).

Also be aware that there is a good chance of being rejected if you ask for too much credit at once, as you will appear risky. An ideal timeframe is one aplication every 5-6 months, although I appreciate this isn't so convenient for when you want to get stoozing asap!

Best thing is to start with your own bank, they have had a financial relationship with you, then you can use that card to build up a better rating and apply for more.

empfun

Nice pension. But the house value won't come into play. They'll usually ask if you're renting or a home owner on the application but it's irrelevant to your credit score whether or not it is a £150K or a £1.5mil home or renting a super-lux pad.

steviesteve_2

Hi,
Just been through setting up Barclay's supposed amazing credit card.
First I didn't get the freebies then they only gave me 460 credit limit - pretty useless.
If I hand the card back (I've not registered it yet) will my credit scoring benefit? or is it too late and I may as well use what I've got & try for another?
I'm dead annoyed that they've added their footprint to my score and I've got nothing for it!

mrg9999

I on the other hand only wanted a £200 credit limit, Barclays say that the £9800 limit they gave me without asking has to stay. Egg gave me a £400 limit when I said i was closing the account if they didn't.

I have got back at barclays, by "losing" 20 cards in their cash machines, and making them courier them to my office address, Lloyds TSB. I hate to think how much this costs them. I hope they soon see reason.

janbanan

I had never had any credit but had been banking with Barclay's for 7 years so I they would give me a good offer. I've always been spotless with my finances, with a good salary paid into the account every month, only been overdrawn once for a few days. I was offered a £260 limit!!! I don't think the credit card department bothers to look at your other banking products.

I have applied for two other credit cards since, and they both instantly offered me 20 times what Barclays offered, and I've never had any dealings with them whatsoever.

So, don't expect anything from Barclay's just because you already are a customer.

benf90

mrg9999 wrote: »

I on the other hand only wanted a £200 credit limit, Barclays say that the £9800 limit they gave me without asking has to stay. Egg gave me a £400 limit when I said i was closing the account if they didn't.

I have got back at barclays, by "losing" 20 cards in their cash machines, and making them courier them to my office address, Lloyds TSB. I hate to think how much this costs them. I hope they soon see reason.

I think you should maybe check your Egg Card... the minimum credit limit they allow is £500. Not too sure why you had to threaten to leave though, its something that can easily be done online through the website, I've done it myself.