Do I stand a real chance to get more credit cards and to increase my combined credit limit?

Ajax67

Hi everyone. I am a single, childless, self-employed window cleaner. I live in a rented room in a house of multiple occupation and my average monthly income (after NI and zero income tax) is about £860. I have a credit card with a £2,100 credit limit, but I need access to an additional £3-4k.
Do you think someone will issue new credit card(s) for me so that I get access to £5-6k across the whole future "pool" of my credit cards? Will the credit card providers I will apply with be asking me about my currently held credit cards and their combined limit? Or will they be able to get this information elsewhere?
And is there any overall successful strategy for me to get access to a £5-6k combined credit card limit rather than to only damage my credit score via unsuccessful applications? Many thanks!

Brie

Second thread on this.....did you ever mention who the credit card is from that you already have?  If it's Aqua or similar with a standard APR of 40% then I would think it unlikely you would be given another card.  And would you really want a card that you are obviously going to use and pay off over a long period that has that high an APR?  Chances are you would never pay it off.

Sorry - but I think you're doing well to have the one card with your current income.

Nebulous2

You don't provide a lot of positives in your search for credit.

Are you on the electoral roll?
Are you registered with any of the credit reference agencies? If so - what do they show as your chances? 
Try to find credit cards that only do a soft search and it wont impact your credit history. You still stand a chance of rejection though - even if they give you a guaranteed acceptance. 

Ajax67

Nebulous2 said:

You don't provide a lot of positives in your search for credit.

Are you on the electoral roll?
Are you registered with any of the credit reference agencies? If so - what do they show as your chances? 
Try to find credit cards that only do a soft search and it wont impact your credit history. You still stand a chance of rejection though - even if they give you a guaranteed acceptance. 

I am on the electoral roll and I can register with credit agencies. Will I be asked about my other credit cards in the soft searches? And will they be asking me about them in the "hard" applications? Thank you!

HeinzVarieties

Ajax67 said:

Nebulous2 said:

You don't provide a lot of positives in your search for credit.

Are you on the electoral roll?
Are you registered with any of the credit reference agencies? If so - what do they show as your chances? 
Try to find credit cards that only do a soft search and it wont impact your credit history. You still stand a chance of rejection though - even if they give you a guaranteed acceptance. 

I am on the electoral roll and I can register with credit agencies. Will I be asked about my other credit cards in the soft searches? And will they be asking me about them in the "hard" applications? Thank you!

No, because they'll see them on your credit report.

It's very unlikely you're going to get much more in terms of credit when you're on a below-NMW salary. If you do it'll likely be a few hundred quid.

And again, debt is not an emergency fund.

Ajax67

@HeinzVarieties Finally something less patronising and more practical. Thank you.

HeinzVarieties

Ajax67 said:

@HeinzVarieties Finally something less patronising and more practical. Thank you.

None of my other posts were patronising or "unpractical" they were just things you didn't want to hear.

You can't create an emergency fund out of debt, so save a bit more money and buy your equipment then. Or roll the dice and YOLO it without an emergency fund in place for a few months.

Ajax67

I don't know what "YOLO" exactly means but I don't see anything rational in putting yourself in the situation when you have to sell your van and all the equipment in it with a huge loss for the sake of missing only a few quid at any point within the few months of "YOLOing".

HeinzVarieties

Ajax67 said:

I don't know what "YOLO" exactly means but I don't see anything rational in putting yourself in the situation when you have to sell your van and all the equipment in it with a huge loss for the sake of missing only a few quid at any point within the few months of "YOLOing".

Then if it's a matter of a "few quid" save up for it.

Again, debt is not an emergency fund.  If it was, every article advising on how to build up an emergency fund would just say "take out a credit card."  It'd certainly make those articles a lot easier to write, of course, but they don't because that's terrible advice.

Realistically you just don't have the money right now to finance your plans, so save up until you do.

If you were earning a decent wage I might be more inclined to agree, but you're not and realistically you won't be (by your own calculations) when you get this kit either.  You're still "YOLOing" it with the borrowing, you're just putting even more on the line if things don't go according to plan.