Maxing out credit limits

martinpike

Although I'm fairly new to stoozing (under a year), I've managed to build up a fairly healthy stooze pot.

However, I have been knocked back recently by two companies, which could be because I've done too much too soon, or because I have simply reached the maximum credit related to my income.

I thought it would be useful to compare notes as to how much credit we have managed to raise, relative to our incomes. There's no need to mention numbers.

For example, to the best of my knowledge (I haven't looked at my credit file), I have 100% of my annual income currently available to me via credit card limits, but only 65% of it currently stoozed.

If this is at the higher end of what people out there have got, I know I can relax and just try and maintain my position.

To put it into context I'm lucky and have no debts other than my mortgage.

creditcardking_2

martinpike wrote:

Although I'm fairly new to stoozing (under a year), I've managed to build up a fairly healthy stooze pot.

However, I have been knocked back recently by two companies, which could be because I've done too much too soon, or because I have simply reached the maximum credit related to my income.

I thought it would be useful to compare notes as to how much credit we have managed to raise, relative to our incomes. There's no need to mention numbers.

For example, to the best of my knowledge (I haven't looked at my credit file), I have 100% of my annual income currently available to me via credit card limits, but only 65% of it currently stoozed.

If this is at the higher end of what people out there have got, I know I can relax and just try and maintain my position.

To put it into context I'm lucky and have no debts other than my mortgage.

I currently have 4 times my annual salary available to me on credit cards. I think this could be increased if I was a property owner. I only have 20% of this stoozed.

martinpike

creditcardking wrote:

I currently have 4 times my annual salary available to me on credit cards. I think this could be increased if I was a property owner. I only have 20% of this stoozed.

So you have 80% of your salary stoozed. That means there's possibly a little more mileage in it for me.

Cheers.

creditcardking_2

martinpike wrote:

So you have 80% of your salary stoozed. That means there's possibly a little more mileage in it for me.

Cheers.

Yes 80% is about right. I mainly rely on existing customer balance transfers rather than applying for new credit cards with 0% interest. I try to get the ones with a life of balance transfer rate.
I have built these credit limits up over a number of years, I would contact each credit card company every 6 months and ask for a limit increase, usually they will approve this over the phone if its just for 1 or 2 thousand, they do not conduct a search on my credit file so I guess each company doesn't know how much I have available. I have 15 credit cards and I also have a current account with most of the companies that I have cards with, I find that they are much more likely to approve a credit card with a larger limit if you have been banking with them for several months before. Its a bit of a faff but if you change your main bank to prepare for your next credit card application they seem to reward you with larger credit limits and overdrafts.

HelenR_3

creditcardking wrote:

I have 15 credit cards and I also have a current account with most of the companies that I have cards with,

you have the most appropriate user name on here :rotfl:

creditcardking_2

HelenR wrote:

you have the most appropriate user name on here :rotfl:

I live a double life, one in the UK and the other in Australia so I am able to do this in 2 countries. I couldn't do it without the internet. There used to be credit cards in Australia that awarded airmiles on balance transfers, so I have had quite a few flights for nothing.

martinpike

Well, I've achieved the 65% with very little hassle. I certainly can't be bothered to hold bank accounts with loads of people, let alone current accounts!

And I'm certainly not emigrating!

I think your mantle of 'creditcardking' is safe for quite some time!

:beer:

creditcardking_2

martinpike wrote:

Well, I've achieved the 65% with very little hassle. I certainly can't be bothered to hold bank accounts with loads of people, let alone current accounts!

And I'm certainly not emigrating!

I think your mantle of 'creditcardking' is safe for quite some time!

:beer:

Maybe there is a Creditcardqueen out there somewhere, I am still looking.