credit limit...

ACID

hi just wondering, if you have say a 5000 limit, then apply for a new card, does that automatically give you a similar limit or quite close, or does it start you with the minimum>>

also for rate tarts who trasnfer their balance but then close their old card (maybe due to boost their rating) does this affect the limit for the next card?

jonesMUFCforever

You are not automatically granted a similar limit with any new card.
It will depend on your circumstances and whatever credit scoring criteria the new card company has.
IMO It is not always a good idea to have lots of cards with a nil balance as this could potentially affect any new limit granted.

sundog

ACID wrote: »

hi just wondering, if you have say a 5000 limit, then apply for a new card, does that automatically give you a similar limit or quite close, or does it start you with the minimum>>

also for rate tarts who trasnfer their balance but then close their old card (maybe due to boost their rating) does this affect the limit for the next card?

some applications ask for you highest limit on your other cards- i dont think they can check or that you need to be entirely truthful-maybe 10% of income is a benchmark but preparing myself to be shot down.

YorkshireBoy

sundog wrote: »

some applications ask for you highest limit on your other cards- i dont think they can check or that you need to be entirely truthful-maybe 10% of income is a benchmark but preparing myself to be shot down.

Consider yourself shot down.

Providers will see your current credit limits from the credit search. They'll also compare your stated salary with the stated salary you gave in your previous applications for credit. They do this via the fraud prevention agencies, using services such as 'Hunter', from MCL (an Experian company). Falsifying application data WILL get you a CIFAS marker on your credit file, meaning mainstream (if any) credit will be very hard to obtain for the foreseeable future.

Zebedee69

Shot down bigtime ha ha!

current card limits and how much of that limit you have used shows up on your credit files updated monthly.

Different companies will view your record depending on what kind of customer they are looking for and what the offer is. If you have £5000 with on bank its not unheard of to get £10000 from another and £1000 from a different one again. Again some companies wont want to give you credit yet other will bite your hand off.

Like ejones said its not a great idea to leave cards hanging around with nil on them... Get them cancelled as they take up valuable credit that might be needed somewhere down the line.

sundog

YorkshireBoy wrote: »

Consider yourself shot down.

Providers will see your current credit limits from the credit search. They'll also compare your stated salary with the stated salary you gave in your previous applications for credit. They do this via the fraud prevention agencies, using services such as 'Hunter', from MCL (an Experian company). Falsifying application data WILL get you a CIFAS marker on your credit file, meaning mainstream (if any) credit will be very hard to obtain for the foreseeable future.

Is this based on what providers actually do or should do?

sundog

Zebedee69 wrote: »

Shot down bigtime ha ha!

current card limits and how much of that limit you have used shows up on your credit files updated monthly.

Do providers actually check this still? I know they were allowed to in the past but thought there may be a change in the legality of it?

jay78

sundog wrote: »

Do providers actually check this still? I know they were allowed to in the past but thought there may be a change in the legality of it?

Yes they do. How are they to make an accurate risk assessment otherwise? And yes it is stated on your credit report.