£15,000 at 0% for 5 months from Egg

Reaper

Has anybody discovered whether asking for these increases results in lots of credit searches? I would hope not but can't afford to risk it unless sure.

Shinds

MarkyMark are you saying for example:

If I was out of the 0% period - I could still SBT money from Egg into an account and then basically pay it off with a BT from another 0% card..? and still not get charged anything?

funkymonkey

ive upped my limit with egg loads and they have never done a search - if they were to search your credit file there would have to be a notice on the web page telling you.

Derek_Duval

MarkyMark are you saying for example:

If I was out of the 0% period - I could still SBT money from Egg into an account and then basically pay it off with a BT from another 0% card..? and still not get charged anything?

You need to BT from another card first to put your egg card into positive balance, then SBT to avoid interest charges, ensuring that you don't go into negative balance until your next statement.

jonbrett

I thought that keeping it low would maximise my ability to get high limit cards from other companies.

When you apply for a new card, they usually ask how much you owe, not what the credit limit is on the cards you have.

Reaper

When you apply for a new card, they usually ask how much you owe, not what the credit limit is on the cards you have.

Your available credit limit does play an important part in deciding whether you will be given credit. They get the figures from the credit reference agencies which is why most companies don't even ask what other cards you have.

Presumably you can use the Egg screen to lower your credit limit at the end of the interest free period just as easily as you raise it.

mary

I applied for a card a few weeks ago and received a limit of £12,000.  I transferred the money out yesterday (now takes 7 days or so).  Hhowever, having read this thread, I went back in to try to up the limit to £15,000 - they rejected it.  I popped back later and went for £14,000 - again rejected.  Does anyone know whether the fact that the transfer is still going through affect this?

In my opinion I would not rush into up my credit limit too soon after the original application, as they would have made an assessment at that stage on the particular details you gave them at the time, so unless your circumstances have suddenly radically altered, they probably cannot see any reason to increase your original limit. I would wait at least until your third or fourth month. I have also found that it is safer to take one step at a time, make sure any money has cleared before you go on to the next. Better to be safe, than rush it and get it wrong.

akarobin

Yes, but reading elsewhere on the message boards, I don't think Egg will allow you to transfer more than your credit limit. ie. if you have, say, £3000 borrowing power, they won't allow you to BT more than £3000 even if you are £1000 in credit.

Someone may be able to verify this?

I tried this inadvertently, by applying for two new cards at once and asking for BT direct to Egg Card. I had a 5K credit limit on Egg (maxed out) and had two BT's arrive on the same day (15K).Egg now 10K in credit. I asked them to BT 15K to my Current Acct - No problem I got the acknowledgement email 30 mins later. Thanks Egg - what a MULE !

deemy2004

Even if egg arn't bothered about being used for balance transfers.

I'm sure a number of other card providers will be eyeing the balance transfer traffic to egg with interest.

What's the odds you'l get a lower credit limit if you elect an egg card to transfer to than any other credit card ?

jonbrett

As long as you're not breaking any rules, they may not like it but what can they do?

You do have a point though. I wouldn't be surprised if the rules do change soon. Recently on the news they said companies were looking at ways to keep existing customers rather than attract new ones, so that may change things a bit.

In the meantime, best to make hay while the sun shines...