Anyway to identify which bank will give higher credit limit?

throughtheblue

I went to pay off my car PCP with a joint loan, however I'm not getting the advertised loan rates, despite strong credit rating.

However, I've got pre-approved money transfer credit cards, with a 3/4% transfer fee ad 12 months free interest. My plan is for me and my partner to use one of these each, then pay the rest with our cash.

My main trouble is deciding who will likely provide a higher credit limit. I know it comes down to credit scores and other factors, but in the past some lenders would limit me 2/3k and others 8k.

It's between MBNA, Virgin and Tesco at the moment.

BoGoF

Not really, you won't know till you apply and also remember you normally can't money transfer 100% of available balance.


What is your plan to clear the cards once the 12 months is up?

throughtheblue

BoGoF said:

Not really, you won't know till you apply and also remember you normally can't money transfer 100% of available balance.


What is your plan to clear the cards once the 12 months is up?

Yeah, it would be to clear or balance transfer the remaining credit.
I'm working overtime so I can pay it off quicker, hopefully.

MorningcoffeeIV

throughtheblue said:

My main trouble is deciding who will likely provide a higher credit limit. I know it comes down to credit scores and other factors, but in the past some lenders would limit me 2/3k and others 8k.

Nothing ever comes down to credit scores.

If you're struggling to get headline loan rates, you may struggle to get he best offer on a card. Choose  one to apply for and go from there. If accepted but with a insufficent limit, you could try for a second card.

throughtheblue

MorningcoffeeIV said:

throughtheblue said:

My main trouble is deciding who will likely provide a higher credit limit. I know it comes down to credit scores and other factors, but in the past some lenders would limit me 2/3k and others 8k.

Nothing ever comes down to credit scores.

If you're struggling to get headline loan rates, you may struggle to get he best offer on a card. Choose  one to apply for and go from there. If accepted but with a insufficent limit, you could try for a second card.

Thanks.

I can afford to pay for the car cash, but it means using a large chunk of a deposit I had for a house saved.

I'd rather pay half, then pay the other half over the space of a year.

BoGoF

throughtheblue said:

MorningcoffeeIV said:

throughtheblue said:

My main trouble is deciding who will likely provide a higher credit limit. I know it comes down to credit scores and other factors, but in the past some lenders would limit me 2/3k and others 8k.

Nothing ever comes down to credit scores.

If you're struggling to get headline loan rates, you may struggle to get he best offer on a card. Choose  one to apply for and go from there. If accepted but with a insufficent limit, you could try for a second card.

Thanks.

I can afford to pay for the car cash, but it means using a large chunk of a deposit I had for a house saved.

I'd rather pay half, then pay the other half over the space of a year.

Hopefully you aren't intending buying anytime soon as having a big chunk of credit card isn't a good look when applying for a mortgage

throughtheblue

BoGoF said:

throughtheblue said:

MorningcoffeeIV said:

throughtheblue said:

My main trouble is deciding who will likely provide a higher credit limit. I know it comes down to credit scores and other factors, but in the past some lenders would limit me 2/3k and others 8k.

Nothing ever comes down to credit scores.

If you're struggling to get headline loan rates, you may struggle to get he best offer on a card. Choose  one to apply for and go from there. If accepted but with a insufficent limit, you could try for a second card.

Thanks.

I can afford to pay for the car cash, but it means using a large chunk of a deposit I had for a house saved.

I'd rather pay half, then pay the other half over the space of a year.

Hopefully you aren't intending buying anytime soon as having a big chunk of credit card isn't a good look when applying for a mortgage

What's considered a big chunk?

If I was ever interested in a property and went ahead, my plan was always to pay off the debts in cash before a mortgage application. Would this be ok in principle?

Emmia

throughtheblue said:

BoGoF said:

throughtheblue said:

MorningcoffeeIV said:

throughtheblue said:

My main trouble is deciding who will likely provide a higher credit limit. I know it comes down to credit scores and other factors, but in the past some lenders would limit me 2/3k and others 8k.

Nothing ever comes down to credit scores.

If you're struggling to get headline loan rates, you may struggle to get he best offer on a card. Choose  one to apply for and go from there. If accepted but with a insufficent limit, you could try for a second card.

Thanks.

I can afford to pay for the car cash, but it means using a large chunk of a deposit I had for a house saved.

I'd rather pay half, then pay the other half over the space of a year.

Hopefully you aren't intending buying anytime soon as having a big chunk of credit card isn't a good look when applying for a mortgage

What's considered a big chunk?

If I was ever interested in a property and went ahead, my plan was always to pay off the debts in cash before a mortgage application. Would this be ok in principle?

So why not just buy the car for cash now, or indeed after you've bought the property? 3-4% in fees still adds to the cost of the car / amount you need to repay.

BoGoF

throughtheblue said:

What's considered a big chunk?

If I was ever interested in a property and went ahead, my plan was always to pay off the debts in cash before a mortgage application. Would this be ok in principle?

No easy answer to that, depends on many factors. But I'm confused, if the intention was to pay it off in cash before any application then surely that's going to reduce the deposit that you don't want to touch just now because it's for a mortgage.

How much do you need to pay off the PCP?

throughtheblue

BoGoF said:

throughtheblue said:

What's considered a big chunk?

If I was ever interested in a property and went ahead, my plan was always to pay off the debts in cash before a mortgage application. Would this be ok in principle?

No easy answer to that, depends on many factors. But I'm confused, if the intention was to pay it off in cash before any application then surely that's going to reduce the deposit that you don't want to touch just now because it's for a mortgage.

How much do you need to pay off the PCP?

BoGoF said:

throughtheblue said:

What's considered a big chunk?

If I was ever interested in a property and went ahead, my plan was always to pay off the debts in cash before a mortgage application. Would this be ok in principle?

No easy answer to that, depends on many factors. But I'm confused, if the intention was to pay it off in cash before any application then surely that's going to reduce the deposit that you don't want to touch just now because it's for a mortgage.

How much do you need to pay off the PCP?

12k to pay off the PCP, however, my partner's savings are tied up in an HTB ISA, so I said to leave that alone and I'd cover the payment.

We'd still have money for a deposit, but during the planning stage of buying the car, we'd intended on making monthly payments and keeping cash back. If my partner got a pre-approved money transfer, it would allow her to repay me a chunk sooner rather than later.

throughtheblue

Emmia said:

throughtheblue said:

BoGoF said:

throughtheblue said:

MorningcoffeeIV said:

throughtheblue said:

My main trouble is deciding who will likely provide a higher credit limit. I know it comes down to credit scores and other factors, but in the past some lenders would limit me 2/3k and others 8k.

Nothing ever comes down to credit scores.

If you're struggling to get headline loan rates, you may struggle to get he best offer on a card. Choose  one to apply for and go from there. If accepted but with a insufficent limit, you could try for a second card.

Thanks.

I can afford to pay for the car cash, but it means using a large chunk of a deposit I had for a house saved.

I'd rather pay half, then pay the other half over the space of a year.

Hopefully you aren't intending buying anytime soon as having a big chunk of credit card isn't a good look when applying for a mortgage

What's considered a big chunk?

If I was ever interested in a property and went ahead, my plan was always to pay off the debts in cash before a mortgage application. Would this be ok in principle?

So why not just buy the car for cash now, or indeed after you've bought the property? 3-4% in fees still adds to the cost of the car / amount you need to repay.

Partly because I'd be having to pay my partners half upfront as well.

A house purchase is our intentions, but probably not imminent, as what we want in the area we want doesn't come up very often, and we also have quite an affordable/secure setup where we are.