Chance of Increasing limit on new 0% card?

Malkytheheed
Malkytheheed Posts: 657
First Anniversary First Post Name Dropper
Forumite
edited 29 January at 6:35AM in Credit cards
Hi, 

Yesterday I applied for a 0% card to buy a car with. Only thing is I got a limit of £11k on the card and I really need £13,300. 

If I call them what are my chances of having it lifted? 

My credit history is impeccable for what its worth. 

Comments

  • jackieblack
    jackieblack Posts: 10,291
    First Post Name Dropper Photogenic First Anniversary
    Forumite
    Have you checked that the place you’re buying the car from will accept payment by credit card? Most won’t
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shading
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    MFW #4 OPs (offset): 2018 £866.89, 2019 £1322.33, 2020 £1337.07,
    2021 £1250.00, 2022 £1500.00, 2023 £1500
    Target for 2024 (offset) = £1200, YTD £0
    Quidquid Latine dictum sit altum videtur
  • Malkytheheed
    Malkytheheed Posts: 657
    First Anniversary First Post Name Dropper
    Forumite
    Have you checked that the place you’re buying the car from will accept payment by credit card? Most won’t
    Sorry, that's really not what I asked. 
    Yes they will accept credit card. 
  • Ayr_Rage
    Ayr_Rage Posts: 820
    First Anniversary First Post Photogenic Name Dropper
    Forumite
    If you're a new customer with no history with that card issuer I'd say your chances are slim to none.|


  • Malkytheheed
    Malkytheheed Posts: 657
    First Anniversary First Post Name Dropper
    Forumite
    edited 29 January at 7:49AM
    I've give them a bell anyway. It's not a disaster I can pay them cash for the rest if need be but at the moment that cash is earning some interest for me. Would just be cleaner having it all paid from the one place. 
  • jackieblack
    jackieblack Posts: 10,291
    First Post Name Dropper Photogenic First Anniversary
    Forumite
    Have you checked that the place you’re buying the car from will accept payment by credit card? Most won’t
    Sorry, that's really not what I asked. 
    Yes they will accept credit card. 
    I realise that, just thought that if you hadn’t checked (there have been a huge number of posts over the years from people who’d wrongly assumed, causing themselves problems later) and it turned out they didn’t, it would save you embarking on a pointless exercise trying to get the limit increased 
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shading
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    MFW #4 OPs (offset): 2018 £866.89, 2019 £1322.33, 2020 £1337.07,
    2021 £1250.00, 2022 £1500.00, 2023 £1500
    Target for 2024 (offset) = £1200, YTD £0
    Quidquid Latine dictum sit altum videtur
  • Malkytheheed
    Malkytheheed Posts: 657
    First Anniversary First Post Name Dropper
    Forumite
    Tried calling them there. They wont talk to me until I have the card and the 16 digit card number in my hand. Ah well. 
  • Malkytheheed
    Malkytheheed Posts: 657
    First Anniversary First Post Name Dropper
    Forumite
    Just as an update to this for completness. I called them once I had the card, they said I couldn't request an increase in the credit limit until after 3 months from opening. Pretty pointless considering the 0% purchase period is 2 months (60 days). So in short no, didn't get an increase. Funded the shortfall with cash which is a shame as it was earning me nicely elsewhere.

    Frustrating you can't see how much limit you are getting until you do a full application but hey ho. whatever. 
  • CliveOfIndia
    CliveOfIndia Posts: 1,188
    First Anniversary First Post Name Dropper
    Forumite


    Frustrating you can't see how much limit you are getting until you do a full application but hey ho. whatever. 
    I do appreciate it's frustrating, but there's a very good reason for this.  Your credit limit is decided by their computer algorithms and internal credit scoring (note, internal credit scoring, which has nothing whatsoever to do with the meaningless score you see on your credit report).
    Each lender will have different internal scoring criteria, a different risk appetite, a different target customer base.  It's not until they've run a full credit check, run all your data through their (usually very complex) algorithms that they are in a position to decide how much they're willing to lend you.
    Some lenders will give you an indicative limit when you do an eligibility check, but even that is subject to change once they've done a full search and have access to all your data.


  • Nasqueron
    Nasqueron Posts: 8,358
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    Just as an update to this for completness. I called them once I had the card, they said I couldn't request an increase in the credit limit until after 3 months from opening. Pretty pointless considering the 0% purchase period is 2 months (60 days). So in short no, didn't get an increase. Funded the shortfall with cash which is a shame as it was earning me nicely elsewhere.

    Frustrating you can't see how much limit you are getting until you do a full application but hey ho. whatever. 
    Some of them do - NatWest for example gave me an expected limit when I applied for a card with them some time ago, the limit was the same when I did the final credit check on application
Meet your Ambassadors

Categories

  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards