are natwest tight with credit limits

wallet_2

i am just about to start my second cycle of stoozing.£12k currently in stooze cards , now i fear i may have probs cos it will teporarily mean my credit limit on 1 or two new cards will need to match 12k putting me at £24k until i close down the first two.

so far i seem to be getting the "responsible lender" attitude from nationwide are nat west a bit looser.

any suggestions or am i going to have to repay close and wait a month before applying again for a £12k stooze card

my salary =£16k

YorkshireBoy

ceeebeee wrote:

i am just about to start my second cycle of stoozing.£12k currently in stooze cards , now i fear i may have probs cos it will teporarily mean my credit limit on 1 or two new cards will need to match 12k .

I think its highly unlikely you'll be offered a single card with a limit of 75% of salary. You'll probably need 2 cards. Based on mine and Mrs YB's experience (7 cards in 9 weeks!), I'd say definitely apply for these 2 cards at the same time. This way, each new provider may not see that you've applied/been accepted for the other one when they do the searches.

ceeebeee wrote:

...putting me at £24k until i close down the first two.

At 150%, this is a high debt to salary ratio. Obviously you want to try and increase the size of your stooze pot over time so this is where the Egg and Virgin cards come in - with an additional home for your overall spare credit limit increase (on to your stooze pot via the current account). If you have either of these, I would pay off, say, £1K on each of your existing cards from your stooze pot (shows you've made some in-roads into your "debt") - leaving £5K on each. Then apply for the new cards asking for £8K on each (a reasonable limit based on the £6K you had before). Pay the remaining balances (total £10K) on the 2 original cards and put the remaining £6K through Egg or Virgin to your current account.

ceeebeee wrote:

...so far i seem to be getting the "responsible lender" attitude from nationwide are nat west a bit looser.

Are you saying you've applied and been rejected for the Nationwide card? If so, this might be a problem when applying for 2 more cards now. Regarding "responsible" lending, I'm not sure about Nat West but Lloyds TSB and M & S were our last cards applied for and, strangely, they gave us our highest limits (both 5 figures)

wallet_2

thanks yb - lot of work in that post.

i was thinking of going steady with this by just ambling quietly with £12k pot.
you answered my confusion of dwindling pot , i thought my new cards just bought out the remaining balance of my current cards and therefore year on year my pot would shrink!

am i wise to close the old mint but keep open the virgin for round 3 or do i just bounce the remaining £6k from new cards to virgin -> current a/c just before i close the virgin. wont i be charged for this transaction now 6 months into the deal.


nationwide have accepted me at £2.8k i have just appealed to the underwriter to raise it to above £8k

have you noticed at all what most peoples debt to income ratio is