BT but not enough clearance

oligopoly

Hi looking for some advice please. Have £6500 on a credit card from a kitchen purchase. When I applied I requested £8k I think it was, but they gave me £6500. I'm coming to the end of the card's promo period and so wanted to BT. I picked HSBC from MSE long period deals, and the eligibility checks were fine. Card came through and I activated it and £500 is my limit! Chat apologised and told me to cancel and close via phone.

So, I'm guessing I'm at the max of my borrowing power (inc mortgage), therefore unable to get a credit card with, say £7k to BT? Even if it's only a 12 month deal.

I will have to try and aggressively pay back either way, but would be preferable to do it without any interest repayments on top.

Thanks

Altior

I don't see much point in cancelling it. BT what you can, and you might get limit raises and further offers.

There's also no discernible pattern to what credit limit you'll be offered by each lender. A low one with this lender doesn't at all mean they'll all be low. But probably stay away from that banking group for the time being.

I would apply for another card personally where you have high probability indication. Don't forget that there can be a significant lag before the credit reference agencies get updated with the info. If you run your own reports, you'll probably see nothing about this application as yet.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81952565#Comment_81952565

The reports that individuals can request about themselves do indeed suffer from significant lag before searches are shown.

The data that the lenders can see is updated in near-real time (after all, it's lenders that are providing the data).

Altior

https://forums.moneysavingexpert.com/discussion/comment/81952603#Comment_81952603

The data isn't shared between different lenders in 'near-real' time as far as I know ie if the OP applied for HSBC today, I don't believe it will show in a MBNA application (but you'd expect it to impact FD). Especially out of business hours, there's probably a decent window over Easter weekend. From years of stoozing experience, it's best to carry out applications in batches, over the weekend.