We're aware that dates on the forum are not currently showing correctly, and that mobile users may see some extra spacing between threads. Please bear with us while we get this fixed.
We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly, and that mobile users may see some extra spacing between threads. Please bear with us while we get this fixed, and see Site Feedback for updates.

Nationwide Credit Card Maximum Limit

I’ve got a Nationwide Select Credit Card (which they no longer issue to new applicants). The banking app states I have a maximum credit limit of 10k, though my actual limit is slightly below that.

I neither need or want a higher limit (current utilisation is 3% for my business expenses, which are paid off monthly). However, I am looking to remortgage soon, so am looking for clues as to try and judge my Nationwide internal credit rating.

Do many Nationwide card holders have a maximum limit above 10k?
«1

Comments

  • I'm sure many do have a limit higher than that, and many do not.

    I don't think tying yourself in notes trying to figure out why Nationwide is particularly helpful.  If you're not going to remortgage with them then their views on your creditworthiness are completely irrelevant, and even if you are remortgaging with them, the criteria for a credit card will not be the same as a mortgage, loan or overdraft.
  • I'm sure many do have a limit higher than that, and many do not.

    I don't think tying yourself in notes trying to figure out why Nationwide is particularly helpful.  If you're not going to remortgage with them then their views on your creditworthiness are completely irrelevant, and even if you are remortgaging with them, the criteria for a credit card will not be the same as a mortgage, loan or overdraft.
    So you think how a credit card account with a bank/building society is managed will have no relevance as to how they will view applicants for their other products? I disagree. It won’t be the full picture by any means. But it will be part of the overall picture. And the limit they are willing to offer someone is reflective of that.
  • etienneg
    etienneg Posts: 533 Forumite
    Part of the Furniture 100 Posts
    Of course, how you manage your credit card with NW will have some relevance to how they view you if you apply there for a mortgage. But you say you use a small percentage of your credit limit and pay it off every month, so fine (assuming you have been doing this for some time and there are no late payments, etc.) - you have ticked that box. But what better can you do in managing your NW CC account?

    I think p3ncilsharpener just meant there was nothing more to do here, so don't get worked up about it. You will never work out enough about their algorithm to be of any use, and there are many factors other than your NW CC that will have a significant effect. All you can do is look for the obvious. Do you have any other debts (CCs, car finance, HP, expensive phone contracts, etc.)? Income and outgoings clearly matter (number of dependents, etc.). Any history of defaults or late payments is bad. But you're not going to get any further by taking a straw poll of other people's NW credit limits, so relax.
  • I'm sure many do have a limit higher than that, and many do not.

    I don't think tying yourself in notes trying to figure out why Nationwide is particularly helpful.  If you're not going to remortgage with them then their views on your creditworthiness are completely irrelevant, and even if you are remortgaging with them, the criteria for a credit card will not be the same as a mortgage, loan or overdraft.
    So you think how a credit card account with a bank/building society is managed will have no relevance as to how they will view applicants for their other products? I disagree. It won’t be the full picture by any means. But it will be part of the overall picture. And the limit they are willing to offer someone is reflective of that.
    Well you're wrong.  They'll offer a credit card but not a mortgage, or they'll offer people a £10,000 loan but only offer them £2,000 on a credit card.  It's comparing apples and oranges.

    As far as Nationwide go I'm not exactly sure by what you mean by a "maximum credit limit" as I don't see anything like that in my app.  There is a maximum I can increase my limit to if I wish to amend it to but that's not the maximum they'll ever give me.  My starting limit was £4200 and they've only ever offered me £1k above that whenever I've been eligible to increase it, but it's steadily increased a grand at a time every 6 months or so.
  • etienneg said:
    Of course, how you manage your credit card with NW will have some relevance to how they view you if you apply there for a mortgage. But you say you use a small percentage of your credit limit and pay it off every month, so fine (assuming you have been doing this for some time and there are no late payments, etc.) - you have ticked that box. But what better can you do in managing your NW CC account?

    I think p3ncilsharpener just meant there was nothing more to do here, so don't get worked up about it. You will never work out enough about their algorithm to be of any use, and there are many factors other than your NW CC that will have a significant effect. All you can do is look for the obvious. Do you have any other debts (CCs, car finance, HP, expensive phone contracts, etc.)? Income and outgoings clearly matter (number of dependents, etc.). Any history of defaults or late payments is bad. But you're not going to get any further by taking a straw poll of other people's NW credit limits, so relax.
    Thanks for posting. I have no concerns that they’ll offer me a remortgage when the fixed rate deal ends in a few months due to my credit profile. But of course, the rate they’ll offer will depend on their assessment of my risk as a creditor. So I’m just looking to plan ahead, and work out how much time effort I might need to explore other options in the wider market, or if I can expect a competitive rate from the easy option of staying with the same provider. Basically, I’m just hoping to be lazy, though I much prefer the term efficient.

    I am now off to max out my credit car and overdraft on apples and oranges though, safe in the knowledge this will in no way affect how they will judge me at mortgage time! 😂
  • etienneg said:
    Of course, how you manage your credit card with NW will have some relevance to how they view you if you apply there for a mortgage. But you say you use a small percentage of your credit limit and pay it off every month, so fine (assuming you have been doing this for some time and there are no late payments, etc.) - you have ticked that box. But what better can you do in managing your NW CC account?

    I think p3ncilsharpener just meant there was nothing more to do here, so don't get worked up about it. You will never work out enough about their algorithm to be of any use, and there are many factors other than your NW CC that will have a significant effect. All you can do is look for the obvious. Do you have any other debts (CCs, car finance, HP, expensive phone contracts, etc.)? Income and outgoings clearly matter (number of dependents, etc.). Any history of defaults or late payments is bad. But you're not going to get any further by taking a straw poll of other people's NW credit limits, so relax.
    Thanks for posting. I have no concerns that they’ll offer me a remortgage when the fixed rate deal ends in a few months due to my credit profile. But of course, the rate they’ll offer will depend on their assessment of my risk as a creditor. So I’m just looking to plan ahead, and work out how much time effort I might need to explore other options in the wider market, or if I can expect a competitive rate from the easy option of staying with the same provider. Basically, I’m just hoping to be lazy, though I much prefer the term efficient.

    I am now off to max out my credit car and overdraft on apples and oranges though, safe in the knowledge this will in no way affect how they will judge me at mortgage time! 😂
    Except I didn't say anything about maxing out your credit card did I?

    I said that they're entirely different products, with different lending criteria and you can't assume that being offered a high credit card limit means you'll also be offered a large overdraft or a large loan, or even be offered any other product at all.  And I stand by that as, unlike you, I actually have professional experience in this area.

    As far as you knowing whether Nationwide's offer is competitive or not, the only way to know that is to do the legwork and "explore the wider market."  There are no shortcuts.
  • etienneg said:
    Of course, how you manage your credit card with NW will have some relevance to how they view you if you apply there for a mortgage. But you say you use a small percentage of your credit limit and pay it off every month, so fine (assuming you have been doing this for some time and there are no late payments, etc.) - you have ticked that box. But what better can you do in managing your NW CC account?

    I think p3ncilsharpener just meant there was nothing more to do here, so don't get worked up about it. You will never work out enough about their algorithm to be of any use, and there are many factors other than your NW CC that will have a significant effect. All you can do is look for the obvious. Do you have any other debts (CCs, car finance, HP, expensive phone contracts, etc.)? Income and outgoings clearly matter (number of dependents, etc.). Any history of defaults or late payments is bad. But you're not going to get any further by taking a straw poll of other people's NW credit limits, so relax.
    Thanks for posting. I have no concerns that they’ll offer me a remortgage when the fixed rate deal ends in a few months due to my credit profile. But of course, the rate they’ll offer will depend on their assessment of my risk as a creditor. So I’m just looking to plan ahead, and work out how much time effort I might need to explore other options in the wider market, or if I can expect a competitive rate from the easy option of staying with the same provider. Basically, I’m just hoping to be lazy, though I much prefer the term efficient.

    I am now off to max out my credit car and overdraft on apples and oranges though, safe in the knowledge this will in no way affect how they will judge me at mortgage time! 😂
    Except I didn't say anything about maxing out your credit card did I?

    I said that they're entirely different products, with different lending criteria and you can't assume that being offered a high credit card limit means you'll also be offered a large overdraft or a large loan, or even be offered any other product at all.  And I stand by that as, unlike you, I actually have professional experience in this area.

    As far as you knowing whether Nationwide's offer is competitive or not, the only way to know that is to do the legwork and "explore the wider market."  There are no shortcuts.
    You seem to enjoy slightly inconveniencing a lot of electrons answering a question that wasn’t asked. But this is why I love forums, submitting a post is almost always an adventure, sometimes you get the information you ask for, or sometimes you can occupy yourself for hours reading the tangents that’s people desperately want to go on! A win-win! I think it’s the mix of my amusement and bemusement that’s so appealing. And the content!!! Amazing, It draws me in. The more simple and straightforward the question, the better the rollercoaster, I find.

    Thanks, @p3ncilsharpener. I’ve had a lovely afternoon.
  • Nebulous2
    Nebulous2 Posts: 5,501 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    etienneg said:
    Of course, how you manage your credit card with NW will have some relevance to how they view you if you apply there for a mortgage. But you say you use a small percentage of your credit limit and pay it off every month, so fine (assuming you have been doing this for some time and there are no late payments, etc.) - you have ticked that box. But what better can you do in managing your NW CC account?

    I think p3ncilsharpener just meant there was nothing more to do here, so don't get worked up about it. You will never work out enough about their algorithm to be of any use, and there are many factors other than your NW CC that will have a significant effect. All you can do is look for the obvious. Do you have any other debts (CCs, car finance, HP, expensive phone contracts, etc.)? Income and outgoings clearly matter (number of dependents, etc.). Any history of defaults or late payments is bad. But you're not going to get any further by taking a straw poll of other people's NW credit limits, so relax.
    Thanks for posting. I have no concerns that they’ll offer me a remortgage when the fixed rate deal ends in a few months due to my credit profile. But of course, the rate they’ll offer will depend on their assessment of my risk as a creditor.
     This isn't right, as far as I'm aware. They will have standard remortgaging products that they offer to all their customers remortgaging. If you want something unusual, a further advance or to change your term then they will fully underwrite it, but again their rates are widely available - hidden in plain sight as you could say. 

    Whether their rates are competitive with other lenders is the $64,000 question. Is it worth going through the hoops to change lender? That can be a difficult calculation. 
  • etienneg said:
    Of course, how you manage your credit card with NW will have some relevance to how they view you if you apply there for a mortgage. But you say you use a small percentage of your credit limit and pay it off every month, so fine (assuming you have been doing this for some time and there are no late payments, etc.) - you have ticked that box. But what better can you do in managing your NW CC account?

    I think p3ncilsharpener just meant there was nothing more to do here, so don't get worked up about it. You will never work out enough about their algorithm to be of any use, and there are many factors other than your NW CC that will have a significant effect. All you can do is look for the obvious. Do you have any other debts (CCs, car finance, HP, expensive phone contracts, etc.)? Income and outgoings clearly matter (number of dependents, etc.). Any history of defaults or late payments is bad. But you're not going to get any further by taking a straw poll of other people's NW credit limits, so relax.
    Thanks for posting. I have no concerns that they’ll offer me a remortgage when the fixed rate deal ends in a few months due to my credit profile. But of course, the rate they’ll offer will depend on their assessment of my risk as a creditor. So I’m just looking to plan ahead, and work out how much time effort I might need to explore other options in the wider market, or if I can expect a competitive rate from the easy option of staying with the same provider. Basically, I’m just hoping to be lazy, though I much prefer the term efficient.

    I am now off to max out my credit car and overdraft on apples and oranges though, safe in the knowledge this will in no way affect how they will judge me at mortgage time! 😂
    Except I didn't say anything about maxing out your credit card did I?

    I said that they're entirely different products, with different lending criteria and you can't assume that being offered a high credit card limit means you'll also be offered a large overdraft or a large loan, or even be offered any other product at all.  And I stand by that as, unlike you, I actually have professional experience in this area.

    As far as you knowing whether Nationwide's offer is competitive or not, the only way to know that is to do the legwork and "explore the wider market."  There are no shortcuts.
    You seem to enjoy slightly inconveniencing a lot of electrons answering a question that wasn’t asked. But this is why I love forums, submitting a post is almost always an adventure, sometimes you get the information you ask for, or sometimes you can occupy yourself for hours reading the tangents that’s people desperately want to go on! A win-win! I think it’s the mix of my amusement and bemusement that’s so appealing. And the content!!! Amazing, It draws me in. The more simple and straightforward the question, the better the rollercoaster, I find.

    Thanks, @p3ncilsharpener. I’ve had a lovely afternoon.
    I answered the question that was asked, it's just that you, like a lot of people who post on here, came for a specific answer and got all upset when you didn't get it.

    In future, just tell us what you want us to say so we can copy and paste it as a response.  Ta.
  • VAP_Driver
    VAP_Driver Posts: 45 Forumite
    Part of the Furniture 10 Posts Photogenic Name Dropper
    edited 24 July 2021 pm31 1:22PM
    Nebulous2 said:
    etienneg said:
    Of course, how you manage your credit card with NW will have some relevance to how they view you if you apply there for a mortgage. But you say you use a small percentage of your credit limit and pay it off every month, so fine (assuming you have been doing this for some time and there are no late payments, etc.) - you have ticked that box. But what better can you do in managing your NW CC account?

    I think p3ncilsharpener just meant there was nothing more to do here, so don't get worked up about it. You will never work out enough about their algorithm to be of any use, and there are many factors other than your NW CC that will have a significant effect. All you can do is look for the obvious. Do you have any other debts (CCs, car finance, HP, expensive phone contracts, etc.)? Income and outgoings clearly matter (number of dependents, etc.). Any history of defaults or late payments is bad. But you're not going to get any further by taking a straw poll of other people's NW credit limits, so relax.
    Thanks for posting. I have no concerns that they’ll offer me a remortgage when the fixed rate deal ends in a few months due to my credit profile. But of course, the rate they’ll offer will depend on their assessment of my risk as a creditor.
     This isn't right, as far as I'm aware. They will have standard remortgaging products that they offer to all their customers remortgaging. If you want something unusual, a further advance or to change your term then they will fully underwrite it, but again their rates are widely available - hidden in plain sight as you could say. 

    Whether their rates are competitive with other lenders is the $64,000 question. Is it worth going through the hoops to change lender? That can be a difficult calculation. 
    Yeah, the problem is you’ll only really know if it’s worth the effort to go to the wider market is if you go and do it. When, of course, you could find out it wasn’t but it’s too late then, you’ve already done it. So do I understand you correctly that, for a standard type remortgage product at least, the rate they offer is standard too- there’s no variation depending on credit profile other than a simple qualifying yes/no? (I get that they will have different products for different profiles, with corresponding interest rate variation etc., so that will affect which product they offer). But I thought it would be more nuanced than a simple ‘banding’ type assessment. Thanks for the post, very useful.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.9K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.