Upping credit limits & applying for more cards

edited 30 November -1 at 1:00AM in Stoozing: Free Cash from Credit Cards
1 reply 799 views
Sibacky_2Sibacky_2 Forumite
31 Posts
I've had an Egg visa for years - never owing more than £500.
Today got my Virgin OK but they will only let me have 6K. BTed what I could to bank account - BTW all shockingly easy for a man who has lost a few quid gambling on spreadbetting shares (hmm, the market has plunged - maybe if I use the 6K to bet on it going up??!!!).
I guess the only way to increase the CL is to show I can pay it back etc so each card will give me a low limit at the moment?
Is it reasonable to apply for more cards straight away? I am planning to pay it into my mortgage during the overpayment window I have in Feb - so not as much use after that. Obviously I will now put down I owe Virgin 6k on any further apps and a monthly payment of £25 so will this be a help or a hindrance?
Feels iffy to me borrowing this money as I've never had CC debt but seems worth it if I can raise 6k at a time though.
Incidentally, my wife will cut coupons out of the paper to save pennies on things we dont need but thinks spending 10 minutes on the phone applying for a CC 'isnt worth the hassle for a few hundred quid"

Replies

  • BokkensBokkens Forumite
    505 Posts
    just remember you need to have in place savings or another credit card limit of £6000 to repay Virgin at the end of their 0% period.
    Previously known as Bokken,registered at MSE in Nov 04,computer glich deleted my access but it is fun building up my stars from scratch,again.:D
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