Spending limit on 0% purchasing credit card

juspsychojo

Hi, is there a way to find out the spending limit on 0% purchasing credit cards before application? I dont want to apply and find out its for a smaller amount than I need and have it affect my credit score for no reason.
Thanks in advance

Brie

No, not as far as I'm aware.  It will depend on what the card provider decides they can trust you with.  Might be £500 might be £15k.  

Ebe_Scrooge

^^^ This.  There is no way at all of predicting what limit you'll be offered.  Once your application is submitted, the lender will take data from your credit report, churn it through their internal algorithms, and the outcome will decide what limit they're prepared to offer you.  The only broad rule of thumb that you can potentially use to guesstimate is your previous credit history - a thin file, or one that contains less-than-favourable history will usually mean a lower limit than one that contains many months or years of perfect account management.

juspsychojo said:

I dont want to apply and find out its for a smaller amount than I need

This worries me slightly.  You should never be in the position where you "need" credit.  Yes, of course it's a useful tool, and if you can credit at 0% then even better.  But if you "need" rather than "want" a higher limit than you're offered, that starts to ring alarm bells in my mind.  I apologise if I've misunderstood your meaning, I have no wish to cause offence.

MrFrugalFever

IIRC in clearscore APP there’s a thing called ‘triple-lock’, which after selecting the offers then credit card and how much you are looking to get as a limit it will tell you if you’re likely to be approved and guaranteed rate and guaranteed credit limit.

i could be dreaming this all up but I’m certain I’ve seen it somewhere 😂

[Deleted User]

MrFrugalFever said:

IIRC in clearscore APP there’s a thing called ‘triple-lock’, which after selecting the offers then credit card and how much you are looking to get as a limit it will tell you if you’re likely to be approved and guaranteed rate and guaranteed credit limit.

i could be dreaming this all up but I’m certain I’ve seen it somewhere 😂

Clearscore are not the lender, they can double, triple or 100x lock whatever they like, the lender has the decision on what limit, what rate and if anyone is approved

MrFrugalFever

Deleted_User said:

MrFrugalFever said:

IIRC in clearscore APP there’s a thing called ‘triple-lock’, which after selecting the offers then credit card and how much you are looking to get as a limit it will tell you if you’re likely to be approved and guaranteed rate and guaranteed credit limit.

i could be dreaming this all up but I’m certain I’ve seen it somewhere 😂

Clearscore are not the lender, they can double, triple or 100x lock whatever they like, the lender has the decision on what limit, what rate and if anyone is approved

Yes of course, but a ‘guaranteed’ rate and credit limit has got to be better than a 70% chance of approval and a lucky dip on credit limit.

ultimately, as you say the lender has the final say and unfortunately the OP won’t know what that is until after they applied.

[Deleted User]

MrFrugalFever said:

Deleted_User said:

MrFrugalFever said:

IIRC in clearscore APP there’s a thing called ‘triple-lock’, which after selecting the offers then credit card and how much you are looking to get as a limit it will tell you if you’re likely to be approved and guaranteed rate and guaranteed credit limit.

i could be dreaming this all up but I’m certain I’ve seen it somewhere 😂

Clearscore are not the lender, they can double, triple or 100x lock whatever they like, the lender has the decision on what limit, what rate and if anyone is approved

Yes of course, but a ‘guaranteed’ rate and credit limit has got to be better than a 70% chance of approval and a lucky dip on credit limit.

ultimately, as you say the lender has the final say and unfortunately the OP won’t know what that is until after they applied.

It does not have to be anything, clearscore cannot guarantee anything as they are not the lender. They offer this nonsense because they get referral link fees if people follow the link and apply for the card (or maybe succeed in the card application) so they have an incentive to make people think they will get the card. Welcome to capitalism.

phillw

Ebe_Scrooge said:

You should never be in the position where you "need" credit.

Not everyone has the luxury of that.

Of course, it's not in the lenders interest to make it easier for people who do need credit.