Interest free CC and obtaining a 20 to 30k credit limit at application

born_again

Why CC's & not a home improvement loan?

fergie_

Agree, best odds would be with the multi-application approach as others have said - done separately by you and your partner at the same time. ie both apply for several cards, but do have a look at the soft search sites first and see what they suggest your odds are and apply for those first.

Just be aware, that the outcome of several hard searches and new accounts being opened is it will make you look desperate and credit score will be toast for 6 months to a year.

Hoenir

lr1277 said:

There seems to be an impression that after Covid, card companies have been tightening up credit limits because it is no longer easy to find the money to lend out in an unsecured type of loan.

That's as a result of the FCA's responsible lending directive. Follows on from the Mortgage Market Review etc. Lenders having a regulatory duty of care towards consumers. 

Mr.Plinky

OK that's an approach I actually hadn't thought of spreading across multiple apps for both of us. I'll take a delve into clearscore. We had a 70k limit with Halifax and closed that a few years back but our mortgage was with them also so I'm guessing associated risk vs equity. 
Thanks for the ideas and opinions

Grumpy_chap

Extending the mortgage seems the obvious thing to do here.
£20k = £30k of unsecured borrowing from a salary of £78k (joint) seems unlikely.
Especially on top of the 5 credit cards already held.

Mr.Plinky

DullGreyGuy said:

Mr.Plinky said:

Thanks all. I think that's the main folly here on what and how which you have all pretty much confirmed my suspicion with what credit limit is realistically obtainable and if worth pursuing in talking with them so Ill leave it there. 
Thanks

Gut reaction is like others in that it's highly unlikely to happen for you. 

That said, banks vary massively in what they consider a good and bad risk. Was recently looking for a BT card and ClearScore gave a "guaranteed acceptance" with both Natwest and MBNA. The former allows you to do a soft search to get an indicative limit so went there first and they said limit was likely to be circa £1,500. Not a helpful amount for me so went to MBNA and they offered over what your top requirement is; that isn't to say they'd offer you the same, for my wife they also offered a good limit but below your lower requirement.

I am normally a naysayer when it comes to comparison sites and credit products but ClearScore seams to be the exception for me. Have even had their "guaranteed" rates lower than the soft search result on the lenders own website and after applying via ClearScore the lower rates did indeed apply (talking materially different rates). 

Clearscore seems to be bringing the results we're after on an 2 person individual basis. Funny enough one is with out current bank and the other with a former mortgage and CC lender. 
Clearscore is signposting minimum 10k over 15 months so that works for us financially, as someone else pointed out wife and I can do one each simultaneously. However I'm guessing this is personal credit so hopefully we can pull it off and avoided interest. 
We have further cash funds coming in regularly so whilst income appears a stretch, overall we are personally happy with the commitment. 
Initial home loan we took out 2 years ago and stashed in a 2
75% higher savings account. Which has helped terrifically. 
Recent price changes since April in materials for builds and a change in building regs last June have also contributed to tightening the projects budget. 
Almost there... 

Thanks for the wise words and opinions in the thread and guidance. All really helpful. 

Phoenix72

Mr.Plinky said:

DullGreyGuy said:

Mr.Plinky said:

Thanks all. I think that's the main folly here on what and how which you have all pretty much confirmed my suspicion with what credit limit is realistically obtainable and if worth pursuing in talking with them so Ill leave it there. 
Thanks

Gut reaction is like others in that it's highly unlikely to happen for you. 

That said, banks vary massively in what they consider a good and bad risk. Was recently looking for a BT card and ClearScore gave a "guaranteed acceptance" with both Natwest and MBNA. The former allows you to do a soft search to get an indicative limit so went there first and they said limit was likely to be circa £1,500. Not a helpful amount for me so went to MBNA and they offered over what your top requirement is; that isn't to say they'd offer you the same, for my wife they also offered a good limit but below your lower requirement.

I am normally a naysayer when it comes to comparison sites and credit products but ClearScore seams to be the exception for me. Have even had their "guaranteed" rates lower than the soft search result on the lenders own website and after applying via ClearScore the lower rates did indeed apply (talking materially different rates). 

Clearscore seems to be bringing the results we're after on an 2 person individual basis. Funny enough one is with out current bank and the other with a former mortgage and CC lender. 
Clearscore is signposting minimum 10k over 15 months so that works for us financially, as someone else pointed out wife and I can do one each simultaneously. However I'm guessing this is personal credit so hopefully we can pull it off and avoided interest. 
We have further cash funds coming in regularly so whilst income appears a stretch, overall we are personally happy with the commitment. 
Initial home loan we took out 2 years ago and stashed in a 2
75% higher savings account. Which has helped terrifically. 
Recent price changes since April in materials for builds and a change in building regs last June have also contributed to tightening the projects budget. 
Almost there... 

Thanks for the wise words and opinions in the thread and guidance. All really helpful. 

I'd only pay attention to Clearscore if they were lending the money. They are not and get paid to 'suggest' lenders.

I'd pay zero attention to whatever they say in terms of limits or interest free periods.

Mr.Plinky

Clearscore was a good shout for initial direction of product and where to go, it pulled up santander and virgin money. Spoke with Santander and have agreed we can kbtaib 18k over 13 minths so we got the balance over a shorter but still manageable period. Barclaycard we useless and unobtainable unless you already had a card so the offers a total fallacy.
Regardless will also check with virgin see what they're willing to do and take it from there. 

DullGreyGuy

Mr.Plinky said:

Clearscore was a good shout for initial direction of product and where to go, it pulled up santander and virgin money. Spoke with Santander and have agreed we can kbtaib 18k over 13 minths so we got the balance over a shorter but still manageable period. Barclaycard we useless and unobtainable unless you already had a card so the offers a total fallacy.
Regardless will also check with virgin see what they're willing to do and take it from there. 

Were they "guaranteed" by ClearScore or one with a percentage chance of acceptance?

ClearScore seem to operate differently to many of the others in that I've had a guaranteed rate, lets say 6% loan from ABC; I've gone direct to ABC and used their soft search and get told Id be accepted but at 12.9%. I've then clicked through from ClearScore on the guaranteed rate and ABC has given the 6% as "guaranteed"

Wyndham

For what it's worth (and I know you are now sorted) - my income is higher than yours, and my mortgage is smaller. No other credit, and credit cards paid off in full, on time, each month. Decided it was time to start stoozing again as rates have gone up. I've got £6500 on Barclaycard and OH has £7000 on M&S. Both a bit disappointing! But they are both long term, and may raise the limit later on - we shall see!