Savings and Credit Cards

A4445

If you have savings with a bank are you more likely to get higher limits on cards or is it physically the amount of income you have?

System

I suspect it's income / debt / repayment history.

MEM62

Savings are irrelevant for this purpose.

A4445

I expected as much.

Thanks for replies.

Ben8282

MEM62 wrote: »

Savings are irrelevant for this purpose.

Agreed but if you have substantial savings/investments with a particular bank and you apply to them for a credit card, they make take all the information that they have on you, including the average balances of your accounts with them and your conduct of those accounts over the years, into consideration when making their decision with regard to your eligibility for a card and what credit limit they may give you.

fozmcfc

According to my credit report evaluation, I've not been likely to get accepted for a loan/credit card at all for many years.

It doesn't stop my bank, where I have savings with, from offering credit cards and loans. In the last few cases of applying I've been accepted for them at the representative APR.

If you get turned down for a product, you can always appeal and send in perhaps a statement, showing any long term savings and ask them to reconsider.

I'm sure I read somewhere, that you can offer companies access to accounts so they can take everything into considering, rather than someone having to appeal a decision.

Chino

fozmcfc wrote: »

According to my credit report evaluation, I've not been likely to get accepted for a loan/credit card at all for many years.

It doesn't stop my bank, where I have savings with, from offering credit cards and loans. In the last few cases of applying I've been accepted for them at the representative APR.

Which tells you everything you need to know about the relevance and usefulness of your "credit report evaluation".

A4445

My main bank it with Halifax and I’ve always found them very generous with credit card limits, not really looked at loans with them.

I also bank with Nationwide and have a bit of savings with them. They are the least generous with credit card limits but they seem more careful than banks.

[Deleted User]

fozmcfc wrote: »

According to my credit report evaluation, I've not been likely to get accepted for a loan/credit card at all for many years.

It doesn't stop my bank, where I have savings with, from offering credit cards and loans. In the last few cases of applying I've been accepted for them at the representative APR.

If you get turned down for a product, you can always appeal and send in perhaps a statement, showing any long term savings and ask them to reconsider.

I'm sure I read somewhere, that you can offer companies access to accounts so they can take everything into considering, rather than someone having to appeal a decision.

CRA's dont lend money.

Emily_Joy

A4445 wrote: »

If you have savings with a bank are you more likely to get higher limits on cards or is it physically the amount of income you have?

Not really, the providers you haven't had a card with in the past are more likely to offer you a higher limit.

Years ago I had some £20K of savings with Lloyds, they offered me a credit card with £1.5K limit. Around the same time I applied for an HSBC advance (at the branch), the manager said based on the result of the credit search they can offer me a credit card with £6K limit.

MEM62

Ben8282 wrote: »

Agreed but if you have substantial savings/investments with a particular bank and you apply to them for a credit card, they make take all the information that they have on you, including the average balances of your accounts with them and your conduct of those accounts over the years, into consideration when making their decision with regard to your eligibility for a card and what credit limit they may give you.

If your holdings were that substantial that they actually gave you an income maybe but that would apply in so few cases as to be irrelevant for most of us and certainly so in the context of this question. Income is the relevant consideration here.