How generous is M&S?

Options
okigen
okigen Posts: 88 Forumite
First Anniversary Combo Breaker First Post
edited 20 January 2019 at 2:07AM in Credit cards
Hi guys, I know this question has been asked a few times but the old threads I found here were all back to 5-10 years ago so just wanted to check any update ever since.. I need £3-4k for a purchase in the next few months, so applied for a M&S 0% credit card. Got approved immediately, but from reading MSE forum (really should have done this before applying!), it seems M&S gives very low credit limit. What is your experience with them? For a bit of background, my earnings is > 40k and my only other credit card is an Amex (7.5k limit, very low utilisation),

A bit worried I have shot myself in the foot and now left a stupid mark on my credit file for an useless card :(
«1

Comments

  • Bermonia
    Bermonia Posts: 977 Forumite
    First Post
    Options
    To be honest other people’s experiences aren’t going to help you in the slightest as everyone’s circumstances are different, also the commercial decisions a lender makes with regards to how it sets limits is ever evolving.

    Reality is you’ll just have to wait and see I’m afraid.
  • Craig1981
    Craig1981 Posts: 769 Forumite
    First Anniversary
    Options
    your question would be the same as "how long is a piece of string"

    will come down to your credit history and your individual circumstances.

    one application wont have a massive impact.
  • Emily_Joy
    Emily_Joy Posts: 1,242 Forumite
    First Anniversary First Post Name Dropper
    Options
    As others say, a single search on a credit file won't have any impact. You can cancel the card instead of activating it if the limit is too low for your purposes. £3K-£4K is a low limit and they do offer more than that.
  • No_6
    No_6 Posts: 835 Forumite
    First Anniversary Combo Breaker
    Options
    just take what you get and apply for another one or 2 TO-NIGHT
    you can always juggle your limits
  • kevChan
    kevChan Posts: 14 Forumite
    First Anniversary
    Options
    well, M&S bank is operated by HSBC.
    I have been a long time customer with HSBC and when I got my first job I applied their credit card, and they gave me a credit limit of 3 times of my monthly income.

    For a 40k income I cant see why you would not be offered around 4k limit, but again, it depends on your circumstance (like when they check your credit report etc).
  • okigen
    okigen Posts: 88 Forumite
    First Anniversary Combo Breaker First Post
    Options
    Ok thank you guys. My main concern is that having an application mark will hinder my ability inapplying immediately for another one if they don't offer me a good limit, but guess I'll just wait and see then.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Options
    One search is nothing in the scheme of things
  • okigen
    okigen Posts: 88 Forumite
    First Anniversary Combo Breaker First Post
    Options
    Hi guys, just wanted to update the status. M&S process took forever so I am still waiting for my card. That said, to hedge my bet, I have also applied for a Barclays card and also got accepted. So all is good. Thanks to everyone for your advice
  • maxximus75
    maxximus75 Posts: 555 Forumite
    First Anniversary First Post Name Dropper
    Options
    Did you get a decent limit from MBNA?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    You need to look at improving your financial circumstances so that you have some savings behind you so that £4k doesn't need a loan. This could otherwise be a slippery slope.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards