egg credit limit

sloth

hi,

egg green limit £15000
egg blue limit £5000

i have just come to the end of my first egg anniversary and have paid back the funds to the card so it now has a zero balance. whilst in the anniversary period i used the blue card as a router for other balance transfers and also for some daily spending. i am obviously keeping the green card for the next anniversary period in feb 06

my question is if i reduce the limit on the green card to £5000 now, how likely is it that i would easily be able to raise it back up to £15000 just before february. the reason i want to reduce the limit now is to make it easier to get other credit cards for stoozing as it would mean my available credit is not as large as it could be. i will probable reduce the blue limit to £1000 as well as this is not my main spending card.

has anyone reduced their credit limit on the egg card and subsequently been able to raise it back up when needed?

thanks in advance for any help

Chadsman

Personally I wouldnt take the risk. They probably would be willing to raise it again but if they only offered a limit of £10k that would be a big disappointment.
Email them and ask them what they would be likely to do- that may give you a hint.

daveboy

Some card companies might do another search before increasing your limit - so it would depend on what they find at the time you ask.

I'm not sure what Egg do as I think some companies just go off how your account is managed. Like Chadsman I wouldn't take the risk - you'd probably get an increase but not to the level you want - then you'd wish you'd never done it.

YorkshireBoy

I wouldn't even ring them to ask. I'd leave it at £15K and plan for a "guaranteed" 5 month stooze next year.

I'd probably use the Egg card for some purchases over the next 6 months or so (and obviously pay off in full each month), ensuring that there's a zero balance well before the 1st of the anniversary month.

In my experience there's "always a way around" explaining high available credit to future stooze card providers. For a start, all providers know that, simply by running your account properly, your limits are automatically raised. There are more "elaborate" explanations, although obviously I'd rather not state on here some of the reasons I've given for "high" available/used credit - lets just say you have to be quite creative sometimes.

When I first started stoozing back in March/April, I was carrying *unused* available credit (with my current account providers) of around £12K, split between my credit card and agreed overdraft. This has not prevented me from stoozing over 1.8 x salary in the last 3 months.

HTH
YB

super_mario_4

if you amend your limit it will be 6 months before you can apply to increaase it, regardless of what your limit was originally. You can appeal, but there not much guarantee it would be overturned

sloth

thanks everyone for your comments. fyi i did ring egg before i posted my original question but the woman i spoke to was not particularly helpful and couldn't understand why i would want to lower my credit limit (i didn't really want to explain why!!) and basically said if i did reduce my limit i would be able to apply to increase it again at a later stage but there were "no guarantee's" either way. was just really posting on here to see if anyone had any first hand experience of doing what i was thinking off

anyway, thanks again for your advice

Derek_Duval

I reduced my egg blue for the same reason, from 6.5k to 2k. A couple of months later I needed to increase it to 3K, & I didn't get an instant decision, the matter had to go for referal which took a few days.