We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Barclaycard credit limit problems...

2»

Comments

  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    My apologies, from your original posting it appeared you were stoozing rather than just moving a genuine debt around.

    Sounds like you have come up against the 100% of income rule that has been mentioned elswhere: If you have combined credit limits above your annual income certain lenders seem to be reluctant to give you any more.

    There has also been press discussion about the 6 card max rule, although nobody has confirmed or denied whether this is real or not.

    I suggest you close some accounts then call Barclaycard and ask for a credit limit increase.

    From what you say there is nothing wrong with your rating - just the amount of unused credit you have available.

    Good luck, and apologies again for my mistake. See my thread on stoozing ethics on the discussion board. I just get frustrated about some people thinking they have a right to endless freebies when I believe that less financially astute customers, or customers really in debt end up paying more as a result.

    The tide seems to be turning against stoozing though and I think the days of being able to borrow 'silly' amounts on credit cards at 0% are numbered.

    R.


    PS. I prefer https://www.goodvalueformoney.com rather than https://www.moneyfornothing.com. I'm all for saving money - otherwise I wouldn't be here. But there is a limit. These credit card offers only work for the banks if a certain percentage of people don't stooze, run up big debts and end up paying high interest rates in the future. These rates HAVE to be higher than they would otherwise be if stoozing didn't go on.

    It is not for consumers to try and change things though. Regulators and the banks should put a stop to this practice so people genuinely in debt can save money NOT so financially savvy individuals can make £100's of pounds a year through opportunism.
    Smile :), it makes people wonder what you have been up to.
  • Apology accepted Rafter, no worries.

    I have intended to close a couple of unused cards but it's one of those (easy 5 minute) things you just never get round to. I am seriously considering calling MBNA (with whom I have a card) and seeing if they can offer me a lower interest rate for a balance transfer. I have always found them really heplful in the past and would be willing to pay low interest (like 5%) on the transfer to save the hassle of applying for another.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245K Work, Benefits & Business
  • 600.6K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.