Limit on Credit Cards Query

20
Found 20th Jul 2011
Right I have had a credit card with Natwest now for years, which has a limit of over 5k and all the promo rates etc have expired so I am wanting to change to the Barclay Card promotion.

Is it best to cancel this card before applying for another? As a few months ago I applied for the Tesco card and they would only give me a £600 limit, is this because my natwest one has 5k limit? As a side note my current credit card only has about £50 on it!

Please only respond to this thread if you are going to genuinely give advice!
Community Updates
MiscCardCredit Card
20 Comments
Limits on new cards are always low. Don't cancel your other card - there's no point.

If you wanna take the BC promo - is it going to benefit you as you only have £50 outstanding balance?
So long as your credit rating is good, ie no arrears and regular payments honoured, you should have no problem getting further cards. Requirments for credit cards are far less rigorous than for any other type of borrowing.
Original Poster
moob

Limits on new cards are always low. Don't cancel your other card - … Limits on new cards are always low. Don't cancel your other card - there's no point.If you wanna take the BC promo - is it going to benefit you as you only have £50 outstanding balance?



Its not my balance I'd like to transfer its my OH's, shes got a 30% apr card with £1000ish on it and can't get a new card , I know your advised not to transfer other peoples debt but we've been together long enough now that it shouldn't be a problem!
I done this recently and didnt think id get enough credit limit but what i wanted to transfer (£2350) was covered and given an extra hundred. You can only try.

Right I have had a credit card with Natwest now for years, which has a limit of over 5k and all the promo rates etc have expired so I am wanting to change to the Barclay Card promotion.

Is it best to cancel this card before applying for another? As a few months ago I applied for the Tesco card and they would only give me a £600 limit, is this because my natwest one has 5k limit? As a side note my current credit card only has about £50 on it!



Its not my balance I'd like to transfer its my OH's, shes got a 30% apr card with £1000ish on it and can't get a new card , I know your advised not to transfer other peoples debt but we've been together long enough now that it shouldn't be a problem![/quote]

You've completely changed your story.
Original Poster



You've completely changed your story.[/quote]

How? My Other Half?
Your initial post suggests you want a new card for yourself. Your later post suggests that you are trying to reduce the interest payable from your OH's card. Is that right
Original Poster
Fozzy1957

Your initial post suggests you want a new card for yourself. Your later … Your initial post suggests you want a new card for yourself. Your later post suggests that you are trying to reduce the interest payable from your OH's card. Is that right



Yeah a new card for myself, so that I can shift my OH debt on to it!
feeder16

Yeah a new card for myself, so that I can shift my OH debt on to it!



But how are you going to transfer the debt?
Banned
Balance transfer

It's not rocket science
dimebars

Balance transferIt's not rocket science



It obviously is to you. You cant effect a balance transfer with someone elses debt
Banned
Yes you can.
moob

Limits on new cards are always low.



No they’re not. My first Barclaycard I got they gave me an initial limit of £6k.

OP – credit card companies, in fact any type of lenders in general are being really strict of late.

A lot depends on;
a) what your salary is
b) do you have any debts
c) do you have any other loans/credit cards/store cards/overdraft
d) have you had any missed payments in the last 3 years

If say your annual salary was 20k and you had 3 credit cards; 1 with 5k limit, 1 with £600 and 1 with a 1k limit and an overdraft of 1k, even if you had a nil balance on all 3 cards, you are using up £7600 of your ‘available’ credit. As a quick rule of thumb, most lenders won’t lend out more than 50% of your annual salary so in this example, out of the possible 10k you could be loaned, only 2.5k would be left.

Also worth mentioning that even if your credit history is impeccable, you may still run into difficulties with regards to getting a good credit limit. Tesco are usually generous with their limits but I see that you've already tried them. Have you tried calling them and asking them to 'up' your limit?

But the best place to start would be your bank, they know how you manage your financial affairs and many offer long 0% periods. I’m sure you already know not to apply for lots of cards in a short space of time as the footprints left lower your credit score albeit temporarily.

Another good thing about Barclaycard is they will do a soft search on you to check if you are eligible for one of their cards, which saves a footprint being left on your file unnecessarily (especially if you get rejected).
letmechoose.barclaycard.co.uk/
I applied for balance transfer with the Barclay Card promotion I inputted all my details with the transfer amount. The application was accepted, I understand that the amount I'm able to borrow will brought to my knowledge when the card is received.

What I now don't understand is if all my balance of my current card will transferred to the Barclay card, would I have received information stating they would not be able met my request.
Edited by: "antony4462" 20th Jul 2011
If you call Nat West and tell them you're cancelling the card in order to transfer a balance to a Barclaycard they'll most likely match the deal, and may even offer you a few squiddies for staying with them

I did this with my Barclaycard recently and they gave me a £20 credit to my account if I kept it open.
dimebars

Yes you can.



Utter rubbish.

fluffyundacrakas

No they’re not. My first Barclaycard I got they gave me an initial limit … No they’re not. My first Barclaycard I got they gave me an initial limit of £6k.



Well, I'm speaking from personal experience of having had one or several for over 20 years.

I have a few with limits over 4-5k, and certainly recently in the past few years, I've noticed the limits given out for new cards have been substantially less. This with my having an increased salary and continued excellent credit history.
Banned
To confirm you can 100% shift a balance from someone elses card.

My friend did 6 grand for me once on his virgin card.
Of course you can balance transfer from someone else's account
Fozzy1957

It obviously is to you. You cant effect a balance transfer with someone … It obviously is to you. You cant effect a balance transfer with someone elses debt



Course you can! It becomes your debt though.
Post a comment
Avatar
@
    Text

    Top Discussions

    Top Merchants