Too early to request limit increase?

benbay001

I have a Barclaycard 0% 26 month purchases card that i am using for daily spends and the money i would have spent is going into repaying a personal loan.
The card has a £4k limit and ive held it since the end of August.
Its nearly maxed out (£3600)

Looking around im pre approved for MBNA with a credit limit of £7000 which would be perfect however its only on purchases within 60 days, which i recon i will spend no more than £2000 in the next 60 days (managed to rack up the £3600 due to fitting a shower in my flat, so an exceptional expense)

What do you think the chances of being approved for a limit increase for the barclaycard are, and how my damage to my credit report will there be if i get rejected?

Thanks

Edit: Another idea would be to get the purchased card, which also allows balance transfers and transfer the balance from the barclaycard allowing me to continue spending on that, as well as the new MBNA card.
Any thoughts? Ultimately trying to reduce the interest paid on the loan (6.7%)

[Deleted User]

You probably won’t get the increase.

But the real question is what plans do you have to tackle all this 0% debt before the end of the term/s?

benbay001

Currently repaying £1000 per month towards the loan so once its gone that will move onto repaying the 0% cards.

Is there any issue in me taking the Mbna card and balance transfering the Barclaycard and then continuing to spend on the Barclaycard?

[Deleted User]

I think you need to look at clearing existing debts before getting more cards and just shuffling stuff around.

Willing2Learn

I agree with Gary, as I am also somewhat concerned about your plans to actually repay the debt. All you are currently doing, is increasing the amount of money you owe. I'm sorry, but I think your strategy is flawed.

benbay001 wrote: »

Currently repaying £1000 per month towards the loan...

You are not repaying £1,000/month. You are simply shifting the debt. In fact, by my calculations, your debt is increasing as you have used £1,200/month of credit on the Barclaycard.

benbay001 wrote: »

I have a Barclaycard 0% 26 month purchases card that i am using for daily spends and the money i would have spent is going into repaying a personal loan.
The card has a £4k limit and ive held it since the end of August.
Its nearly maxed out (£3600)

benbay001

The £1000 is excluding the money ive saved from the credit card.
I borrowed £19500 (£22000 including interest)mid august, i now owe less than £12200. (I say less than because the balance showing on tesco doesnt take into account that my £383 per month repayment now tackles much more of the principal and less of the interest).
The loan was used to buy a car, the car is nearly 20 years old so no depreciation left to go.
If in 2 years time i dont have the money to repay the cards, i can at worse sell the car.

As to why i didnt have the cash saved, i completed an apprenticeship in September and my pay has subsequently doubled from where it was 2 years ago.

I take on board your points about not getting overrun with short term debt but i feel my situation isnt the norm that this sub forum usually sees. Im not looking to shift it to 0% because its unaffordable but because i don't want to be paying interest.

The loan is very affordable, however ive never paid interest before, other than my mortgage and its driving me crazy knowing money is going out unnecessarily.

msallen

Leaving to one side the issue of whether you should be getting more debt, to answer your original question, it highly unlikely that Barclaycard will increase your limit. The 0% offer was a loss leader to attract you as a customer. You are now a customer so there is no incentive for them to offer you more free money.

Vortigern

benbay001 wrote: »

Is there any issue in me taking the Mbna card and balance transfering the Barclaycard and then continuing to spend on the Barclaycard?

No issues with that. Just heed the warnings about having the means to repay. Don't assume you'll get another offer.

benbay001

Thanks everyone.

Ben8282

benbay001 wrote: »

Looking around im pre approved for MBNA with a credit limit of £7000
)

Who exactly has told you that you are pre-approved for an MBNA card with a £7000
credit limit? How did you find this out?

maxximus75

Ben8282 wrote: »

Who exactly has told you that you are pre-approved for an MBNA card with a £7000
credit limit? How did you find this out?

If you go to the MBNA website and do a soft check, it will tell you your estimated credit limit on approval and also, if you are pre-approved.


When I did mine and went onto application, my credit limit was exactly as was estimated.