Knowing credit limit before applying

tk1981

I don't know if I'm just searching wrong, but is there any way to determine what credit limit you're likely to get before applying? In particular for 0% balance transfer cards, it would be really handy!

Alternatively, is there a way to approximate?

Or, worst case scenario, are you more likely to get a higher limit on a shorter 0% period? E.g. do you expect the same person to get a higher limit on a 12 month 0% deal instead of a 24 month 0% deal?

All seems rather opaque and not very consumer friendly. Even if there was some guidance relating to amount of existing or recent credit / searches / etc. rather than the usual vague guidance.

Anyway, thanks!

MorningcoffeeIV

There's a couple of lenders who will give an indication, but basically you have to apply.

There are far too many variables to give accurate guidance and it wouldn't be very customer friendly to lead people down the wrong path. 

born_again

In reality no way to work out what you might be offered. Each lender has their own criteria & their risk appetite @ any given time.👍 

cymruchris

Even those that give indicative limits are only indicative and not guaranteed.

MalMonroe

But also if you apply for a card and they give you a low-ish limit and you handle it well, they may offer you limit increases over time. That's what happened to me, anyway, so I wouldn't be disheartened if you're being offered less than you want.

Plus they can continue to offer you 0% balance transfers - I got my Virgin card as a 0% BT card and it was paid off some months ago. But they still keep offering me new 0% balance transfer deals and 0% purchase offers. For me, the greatest achievement was to actually be accepted for a 0% BT card. As our Martin is always saying, even a low 0% BT offer is better than nothing. 

It does seem random but lenders have to be as responsible as they can be. And some of them do offer you better deals if you can prove that you are a responsible borrower. 

For lenders, there are a lot of factors to be taken into account. Starting with a potential customer's credit history. That's why it's important to check your credit reports regularly to ensure that they are up to date. 

maxximus75

If you go directly to these providers websites, MBNA, Halifax, Lloyds, Santander, HSBC, Nationwide (I’m sure there are more) - they will all show you an estimated credit limit and likelihood of acceptance, with only a soft search.

Fingerbobs

maxximus75 said:

If you go directly to these providers websites, MBNA, Halifax, Lloyds, Santander, HSBC, Nationwide (I’m sure there are more) - they will all show you an estimated credit limit and likelihood of acceptance, with only a soft search.

NatWest/RBS also give an estimated credit limit as part of their soft-search Eligibility Check.