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Nationwide Credit Card Maximum Limit

VAP_Driver
Posts: 45 Forumite


in Credit cards
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?
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?
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Comments
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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.2 -
p3ncilsharpener said: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.0 -
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.3 -
VAP_Driver said:p3ncilsharpener said: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.
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.0 -
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.
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! 😂0 -
VAP_Driver 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.
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! 😂
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.2 -
p3ncilsharpener said:VAP_Driver 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.
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! 😂
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.
Thanks, @p3ncilsharpener. I’ve had a lovely afternoon.0 -
VAP_Driver 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.
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.1 -
VAP_Driver said:p3ncilsharpener said:VAP_Driver 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.
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! 😂
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.
Thanks, @p3ncilsharpener. I’ve had a lovely afternoon.
In future, just tell us what you want us to say so we can copy and paste it as a response. Ta.0 -
Nebulous2 said:VAP_Driver 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.
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.0
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