If your history's right....have some more credit!!!

Sea_Shell

I use 0% cards for Stoozing. Only got approx. £4000 balance at the moment, but the deals are nearing their end, so I thought i'd see what's out there and apply for new ones.

Having been accepted (for 2) I now have, wait for it, total available credit of £27,950 on a part-time salary of £12,000. I must be doing something right then! Seems pretty bonkers to me.

I have 2 cards that are empty, but used for small purchases each month to generate DDs.
2 cards with the £4000 0% balance between them. Will close once cleared.
2 new cards with 20-27 month new 0% periods.

One of the new cards is Santander. I'm sure i've read it right that the £0 fee for 0% balance transfers lasts the whole of the 27 month introductory period. Is this right? Unusual, they are normally only fee free in the first 90 days or so.

[Deleted User]

Other than the Santander question at the end, is there another question to this?

Or are you just saying you have more available credit than salary?

MisterP123

!!! wrote: »

Other than the Santander question at the end, is there another question to this?

Or are you just saying you have more available credit than salary?

They're looking for a medal!

Chino

Sea_Shell wrote: »

I'm sure i've read it right that the £0 fee for 0% balance transfers lasts the whole of the 27 month introductory period. Is this right?

How can anyone else answer without sight of your card's terms and conditions? Why don't you contact Santander and ask for confirmation?

MABLE

!!! wrote: »

Other than the Santander question at the end, is there another question to this?

Or are you just saying you have more available credit than salary?

Or just bragging how clever you are!:rotfl:

Sea_Shell

Sorry if you thought my post was bragging, and no, I'm not looking for a medal.

It was posted as an observation as to the nature of banks decision making when offering credit, which can all seem so very random to us.

Many times people on here are wondering if they have too much available credit, and whether that will stop them opening a new account, and should they close down some of their cards, or reduce their limits.

My post was an example of "anything's possible" on low salary with already (relatively) high limits, if you happen to tick all the "right" boxes. Similarly people with much higher salaries, and lower limits will be turned down. That's why the whole thing is like the "dark arts".

As for Santander, yes I have spoken with them and received an answer, thanks. I just wondered if anyone had had it clarified already.

Have a nice day!

Verityspinelli

Sea_Shell wrote: »

Sorry if you thought my post was bragging, and no, I'm not looking for a medal.

It was posted as an observation as to the nature of banks decision making when offering credit, which can all seem so very random to us.

Many times people on here are wondering if they have too much available credit, and whether that will stop them opening a new account, and should they close down some of their cards, or reduce their limits.

My post was an example of "anything's possible" on low salary with already (relatively) high limits, if you happen to tick all the "right" boxes. Similarly people with much higher salaries, and lower limits will be turned down. That's why the whole thing is like the "dark arts".

As for Santander, yes I have spoken with them and received an answer, thanks. I just wondered if anyone had had it clarified already.

Have a nice day!

Your post didn’t come off as bragging to me. Sometimes the written word can be misinterpreted.
Glad you got it sorted out with Santander.

NaughtiusMaximus

Chino wrote: »

How can anyone else answer without sight of your card's terms and conditions?

It's been one of the the top rated balance transfer cards on the main MSE site since at least September, quite possibly far longer than that. You don't think there's a chance some people here will already have the same card?

onlyfoolsandparking

Sea_Shell wrote: »

Sorry if you thought my post was bragging, and no, I'm not looking for a medal.

It was posted as an observation as to the nature of banks decision making when offering credit, which can all seem so very random to us.

Many times people on here are wondering if they have too much available credit, and whether that will stop them opening a new account, and should they close down some of their cards, or reduce their limits.

My post was an example of "anything's possible" on low salary with already (relatively) high limits, if you happen to tick all the "right" boxes. Similarly people with much higher salaries, and lower limits will be turned down. That's why the whole thing is like the "dark arts".

As for Santander, yes I have spoken with them and received an answer, thanks. I just wondered if anyone had had it clarified already.

Have a nice day!

I think you make a very valid point and I don't think there is a definitive answer as to how and why Banks do this, I guess most of it is down to what your credit file shows (NOT SCORE!!) and how much of a risk you pose to whoever your lending from, then a few internal scoring questions and bingo! some people get offered lots of credit, some a marginal amount and others very little.


The one mantra I have lived by for years now is a quote I once heard that Banks love to give you a nice big umbrella on a red hot sunny day and then whip it away from you when it starts raining:D


We all have to try and play the game the way its been set up, pay on time, set up DD,s, NEVER miss a payment or pay late, use less than 30% of your available credit, be on the ER, have a CC a long time etc etc etc and then you should be getting the very best deals available.


Oh and no need to apologise to the judgemental squad:D