Egg Money wont increase my Limit

ScoobyZ

Hi I have an Egg money card which I have had for about 2 years.

I used it to live on and pay it off every month. Normally about £1000 a month so not to incure any interest,

I havent missed a mortgage payment or credit card payment in my life. But they wont increase my limit when I do an online request ?

In 2 years (when im 41) I am aiming to be debt and mortage free (but to let house nearly clears my current mortgage.

I earn £25k a year. Seems harsh only allowed £2700 limit. I was looking to get a capital one card for its 4% cash back and ID Theft Protection. But they say I need a limit of £5000 on a current credit card.

I did apply for 5k got instant refusal then 3k (£300 more) also got instant refusal.

I wush I had kept my old MBNA now which they had bumped up to £12k and I had a zero balance.

Zebedee69

Two things at work here:

£2700 is actually a good limit for the Egg Money card, its not a traditional credit card, its a card that has some extra features such as positive balance that make it an effective budgeting/stoozing tool. The 1% cashback although not fantastic compared to Amex/Cap1 offerings is reasonable and its a great card to have for everyday spending.

My advice would be to look elsewhere for a normal credit card that offers 0% on BT's or Purchases depending on what your finances need at the moment. The egg card is a great little thing for stoozing and budgeting but its definately not the tool for long term borrowings.

To give you a heads up my Egg Money has a limit of £1000........ and I wouldnt want it any higher as its not a borrowers card......

Paul_Herring

Common problem - I managed to get an increase. Eventually; see http://forums.moneysavingexpert.com/showthread.html?t=428292

BASFORDLAD

i only got a limit increase by closiong my egg card with a limit of 4k and asking them to increase my money cards to 8 k from 4k due to closing my egg card!

lisyloo

I couldn't get them to increase my limit either (despite having much higher limits on other cards).
I appealed and was told that it was a different product and not meant to be used as a credit card i.e. it's designed to be pre-loaded.

However I did recently ask for an increase of £500 that was granted.

My advice is to ask for a smaller increase and see if you can build it up over time, but it's certainly not the easiest card to get a high limit on.

Have you tried appliying for the Egg card?

I was given £15K on the Egg card but only £3K on Egg money.
I think you are basically trying with the wrong card.

jamesd

Twice monthly take-home is normal and you seem to be there. Ask for increases of no more than 10% of your limit and you've a greater chance of being accepted. Both courtesy of a discussion after I asked for a human review of my limit that resulted in it being raised to twice take-home; apparently they didn't get an address match with the credit reference agencies for me so were comfortable with more than quadrupling my limit once they had sorted that out.

Don't try for at least three months since many applications in a short period of time decrease chance of acceptance for all credit.

gt94sss2

lisyloo wrote: »

Have you tried appliying for the Egg card?

I was given £15K on the Egg card but only £3K on Egg money.
I think you are basically trying with the wrong card.

I think the credit limit that one gets for the Egg Money card partly depends on when you applied for it..

I have a 10K limit on both my Egg Money Card and my Egg Card.

However, I got my Egg Money card when it was still called 'Egg Blue' and Egg hadn't started with any of this 'its not a traditional credit card' crap.. - even though all that has changed is the name/colour of the card.

I think what Egg do (or they used too anyway), is assign you a total 'credit limit' for all your accounts, regardless of whether its an Egg Card, Egg Money or a Egg Loan and you can have up to that limit - regardless of the product.

When my father wanted to make a large purchase on his Egg Money card, he closed his unused Egg Card and asked Egg to add the credit limit from that Card to his Egg Money Card.. which they did.

Regards
Sunil