Requesting higher credit limit

MrChips

Hello,

Advice needed please. I applied for a Mint card about 3 months ago for stoozing purposes. There was a bit of a misunderstanding about balance transfer fees (they had a misprint in their letter saying no fees :mad: ) and I wrote a letter asking them to give me a fee free BT because I had been misled and increase my credit limit saying I needed a higher limit than £4100 to pay off my Egg card (my mule).

They refused the fee free BT (but this didn't matter in the end as they give fee free BTs after 3 months anyway) and offered to increase my limit on production of evidence of savings. Just a couple of weeks ago I transferred the whole limit by cheque into a current account and then popped off a letter enclosing print outs of all my current accounts/isas/savings accounts (about £40,000 mixture of my money and stoozed money).

Got a letter back today saying "I have referred your request to our Increase Limits department who have reviewed your application in more detail. However before we can proceed we need to clarify the level of credit limit you require. In addition I note that you have withdrawn the balance of your new account and there are currently no available funds. In this respect I would be grateful if you could confirm why the balance has been withdrawn".

What should I say. Obviously I don't want to say I have transferred their money (£4100) to a high interest savings account. I assume an outright lie would be fraud?

My current thinking is that I should say that I have used it to pay off my Egg card. This is true indirectly as the 0% offer finishes on 1 October and I have to pay £7500 back on it by then. No sooner had the £4100 hit my Northern Rock savings than £7000 was leaving it headed to my current account to pay off Egg.

Have any MSEs had a similar experience and can offer their wisdom?

Also what credit limit should I ask for? Should I be bold and go for something outrageous (in the region of 10,000 - my highest other card is 10500 capital one) or am I more likely to get success by saying I want 7500 like my Egg card. The latter would tie in better with my story about paying off my Egg card which was also the reason I asked for a higher limit in the first place in my original letter. Is it a question of the more you ask for the more you get, or will they view a high request with suspicion and give me nothing?

Rafter

Sounds like they are onto your stoozing games - I'd quit while you area ahead!

Why would you need more limit given your savings? From the sounds of it you have other stoozed cards too, so the computer will probably say no on the grounds of the amount of credit you already have available.

More likely they will say they will review it in a few months (after your 0% offer expires)!

R.

Tr@cker

And im sure they must have read some of these posts! (the institutions that is)

MrChips

Sounds like I am heading for a fall :-(

YorkshireBoy

MrChips wrote:

Sounds like I am heading for a fall :-(

I doubt it but, with the benefit of hindsight, what you should have done is made the cheque out to your father-in-law (as long as things are OK with your marriage that is!).

Alternatively, you should have prepared a damned good reason beforehand (and rehearsed it) for your need for the money, like I did.

I really must put my memoirs to paper!

Stonk

Some you win some you lose. 9 months interest on an extra £3K say (if you were to ask for the same as your Egg), minus tax - it isn't worth the time and hassle you've gone to. Let it go.

Just my 2 pee's worth.