New credit card from nationwide

in Credit Cards
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I got preapproved from nationwide for £3600. I want to invest the money. Does this mean they will turn down a loan of £10K now?
Will I get refused personal loans? 
What other credit cards would give me a higher starting limit? 
Should I wait a while before applying for any more?  

Replies

  • zx81zx81 Forumite
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    1. Possibly.
    2. Possibly.
    3. Possibly.
    4. Depends on your circumstances.
  • dr_adidas01dr_adidas01 Forumite
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    I got preapproved from nationwide for £3600. I want to invest the money. Does this mean they will turn down a loan of £10K now?
    Will I get refused personal loans? 
    What other credit cards would give me a higher starting limit? 
    Should I wait a while before applying for any more?  


    1. Have you actually been accepted for the card yet? Preapproved doesn't mean you will be accepted they could still decline your application.
    2. Quite possibly.
    3. Who knows each lender has there own criteria and method of what starting limit they will give.
    4. Depends on your circumstances, though to many searches in one go can make you look desperate and may deter other lenders.

    Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:
  • cymruchriscymruchris Forumite
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    You want to invest your credit card limit? I'm sure you know what you're doing - but surely you should only invest what you can afford to lose? What if your investment flops? Will you have the ability to repay the debt?
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • digalumpsdigalumps Forumite
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    This I don't understand...

    you want to take money from a Nationwide credit card and pay pay god knows what interest and invest it to get a better return ?

    where are you going to invest it to get that kind of return i would love to know.
  • dr_adidas01dr_adidas01 Forumite
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    digalumps said:
    This I don't understand...

    you want to take money from a Nationwide credit card and pay pay god knows what interest and invest it to get a better return ?

    where are you going to invest it to get that kind of return i would love to know.

    You only need to check the threads they have been posting to notice they are always after a get rich quick scheme, so this is probably another one that will fail like others they have tried.
    Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:
  • paylesspayless Forumite
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    There was a time when you could get 0% rate, zero fee tfr to bank account, and then  deposit ( not invest) and get 3% pa interest.   I had over £50k at one stage on this.

    likely now to avoid the fee it’s a balance tfr ( so you already owe money) or divert spending To a 0% purchase card  so on drip.

    Any return above 1.5% return pa ( below12m tie) comes with a much greater risk  Than deposit accounts, one that only you know if you are prepared to take. 




    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
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