How to obtain more credit?

bigsaver28 · 19 June 2018 at 8:22AM

I currently have 10500 limit across 3 0pc cards. I have used around 7000. I am about to start making 500pm payment to clear one in full in the next 8 months before the 0pc ends. I am wondering, how can I obtain more credit? (For stoozing)

Do I have too much available credit to obtain more? Or will using it all make me look desperate and not able to get more?

I have a good annual income and currently my credit limit is about 25% of my annual salary. Does that play a part?

Thanks in advance for any replies

[Deleted User] · 19 June 2018 at 8:25AM

You have low limits currently, so you should be able to get further offers, dependent on your credit history.

Usage of available credit will play a part in how lenders view you, although they will also see the promo markers, so will know you're not paying interest.

chattychappy · 19 June 2018 at 8:44AM

bigsaver28 wrote: »

I am about to start making 500pm payment to clear one in full in the next 8 months before the 0pc ends.

Perhaps I have misunderstood stoozing. But surely you shouldn't be paying off the balance until the last minute - that £500 going into an interest bearing account??

bigsaver28 · 19 June 2018 at 8:54AM

Thanks for the reply. I did consider that, paying in full at the last minute, but also considered the fact that paying off a decent sum monthly will hopefully boost my credit history and make me more attractive in the future?

I have saved the 4K on the one card in high interest accounts for the last 22 months. Plus I have 3k from others earning interest and a further 3.5k to save.

That’s why I’m here asking for advice on how to get more! trying to figure out what makes you attractive to lenders to continue!

[Deleted User] · 19 June 2018 at 9:02AM

bigsaver28 wrote: »

Thanks for the reply. I did consider that, paying in full at the last minute, but also considered the fact that paying off a decent sum monthly will hopefully boost my credit history and make me more attractive in the future?

Lenders don't expect you to quickly pay off a 0% balance.

chattychappy · 19 June 2018 at 10:18AM

I think it's best to pay the minimum+£1.

The extra £1 will prevent a "minimum payment" marker. This might not matter given it is probably noted you are on a promo deal, but for the sake of £1 of cashflow, it's worth it IMHO.

bigsaver28 · 19 June 2018 at 11:26AM

Currently doing that. Thank you

How to obtain more credit?

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