How to renew high limit credit cards?

moneywow1

I have £30k in credit, £15k with Lloyds Platinum (0%), £10k (0%) with Barclaycard Platinum and £5k With Amex Everyday Cashback. My salary is about £25k

Lloyds has £8.5k on it, Barclaycard has about £8k on it. AMEX has barely anything on it and is paid off in full each month. I have the money in savings to pay the others off when the 0% periods end.

The only problem is, I won't be able to get a new high limit 0% purchases credit card before I close these first. What's the best way to do it?

After closing one, will I need to wait a few months before re-applying or will be credit to income ratio show up immediately after closure?

Should I pay one off in full a couple months early, then when I pay off the other one, open a new one?

Thanks

Fighter1986

It takes four to twelve weeks from paying off your card to this actually reflecting on your credit file. Keep an eye on your files to ensure the balances do actually show £0 before applying elsewhere.

You'll probably find yourself better able to obtain a card with a high limit elsewhere if you leave one of your existing high limit cards open, with a zero balance, when you apply.

born_again

moneywow1 said:

I have £30k in credit, £15k with Lloyds Platinum (0%), £10k (0%) with Barclaycard Platinum and £5k With Amex Everyday Cashback. My salary is about £25k

Lloyds has £8.5k on it, Barclaycard has about £8k on it. AMEX has barely anything on it and is paid off in full each month. I have the money in savings to pay the others off when the 0% periods end.

The only problem is, I won't be able to get a new high limit 0% purchases credit card before I close these first. What's the best way to do it?

After closing one, will I need to wait a few months before re-applying or will be credit to income ratio show up immediately after closure?

Should I pay one off in full a couple months early, then when I pay off the other one, open a new one?

Thanks

There is no way to guarantee that you will.
While you have that limit now, credit is getting harder to get now. Any lender is going to look at income v expenditure & debt now. Old credit card limits mean nothing..

So it really is "Do you feel lucky"

block10

The days of 0% purchase credit cards are practically over. Better to try and get a rewards card instead. Its hard enough trying to get a decent BT card these days.

dr_adidas01

block10 said:

The days of 0% purchase credit cards are practically over. Better to try and get a rewards card instead. Its hard enough trying to get a decent BT card these days.

Perhaps in your mind they are, there’s currently quite a few 0% purchase credit cards on the market at the moment. 

I would suggest that Rewards Cards are becoming practically over as there are very few rewards cards available as of late. 

Fighter1986

block10 said:

The days of 0% purchase credit cards are practically over. Better to try and get a rewards card instead. Its hard enough trying to get a decent BT card these days.

They really aren't, there's a large number of 0% purchase cards on the market. OH is doing a slow stooze on a 26 month 0% purchase card as we speak. 

Nebulous2

There is no need to close your cards before applying. I’ve had over my salary in credit limits for over 20 years.  

There may well be a need to reduce your debt however. Debt over 50% of your income is a red flag. Credit is becoming increasingly difficult to get and lenders are wary. They are still making some selective offers though.  

I got a 0% interest 0 fee credit card from NatWest a year ago. I loaded it up and I’ve only made minimum payments, they phoned me twice to ask how I was doing through the pandemic. I have a current account with them, but put very little money through it so they don’t know much about my finances. In the last 6 weeks I’ve paid £1500 off and a BT offer has just popped up on the app. 

Chrysalis

Barclays in particular have hardened up, my limit got ravaged, and I see posters on here been asked to send in documents to prove earnings.
But this will vary from bank to bank.
Just apply for a new card, if you turned down or the limit is rubbish, then consider using some of those savings to get your utilisation lower, wait a while then try again.

Alex9384

Fighter1986 said:

It takes four to twelve weeks from paying off your card to this actually reflecting on your credit file.

What?  I thought these things are updated immediately and it's just your free report snapshot that takes ages to update.

dr_adidas01

Alex9384 said:

Fighter1986 said:

It takes four to twelve weeks from paying off your card to this actually reflecting on your credit file.

What?  I thought these things are updated immediately and it's just your free report snapshot that takes ages to update.

No as stated it can take up to 12 weeks for it to reflect on your credit file as lenders don't update your report everyday its usually on a set day each month. As many threads on this forum have posted lately there have been delays by some lenders reporting to the CRA's due to the pandemic so may even take a bit longer.

Fighter1986

dr_adidas01 said:

Alex9384 said:

Fighter1986 said:

It takes four to twelve weeks from paying off your card to this actually reflecting on your credit file.

What?  I thought these things are updated immediately and it's just your free report snapshot that takes ages to update.

No as stated it can take up to 12 weeks for it to reflect on your credit file as lenders don't update your report everyday its usually on a set day each month. As many threads on this forum have posted lately there have been delays by some lenders reporting to the CRA's due to the pandemic so may even take a bit longer.

"Due to the pandemic" is an excuse that is wearing very thin right now. We're nearly a year in, organisations have been given plenty of time to adapt.

We had over 500 staff provisioned and trained with new IT equiptment inside a fortnight of the very first lockdown on 23rd March so I allow other organisations no excuses whatsoever this far down the line. 

Equifax especially like to use covid as an excuse, but Equifax have historically been notoriously c***. 

I've got accounts still missing from Equifax over three months after they've been opened and everyone is throwing the hot potato around making excuses refusing to take responsibility but the bottom line is unfortunately exactly that; updates can take upto twelve weeks to reflect on your credit file but usually occur within a month.