If i take out 50% + on my credit cards, and then pay them back, is this a sure way to

john2054

If i take out 50% +, say £300 on a £500 card, and then pay it back as soon as i can (probably in 2/3 days when the debit registers), is this a sure fire way to get the limit increased when the credit limit next comes round for review>?

Because that was what the call centre lady, told me i had to do when i called her a couple of days ago. Not just make small withdrawals, that is what i was previously doing?

What does tsr think??

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Reply 1

Abdukazam

Was she from Wonga by any chance

Reply 2

john2054

Original post by Abdukazam

Was she from Wonga by any chance

No from Vanquis, the credit card i have an overdraft of £500 on. it is now my goal to withdraw roughly 60% from each of my cards, and then pay them all back asap, using this same money.

This way i should be maximising my chances for credit limit increases, when they are all reviewed again, which for my capital one cards, is later this month.

This plan may fail, or it may work, but if you have your head screwed on the right way, you can do anything folks...

Reply 3

Quady

Whyd you need/want a credit limit rise...?

Why'd you effectively pay for one?

Just use the cards to build up credit rating then get a proper credit card.

Reply 4

ddrrzzeerr

I never heard of that but I don't use Vanquis. Normally its just a case of using the card (purchases not cash) and meeting the minimum monthly payments and companies will put your limits up. If you are desperate for an immediate limit increase and they have told you it will work, it does sound plausible but it will cost you money to try it.

Reply 5

john2054

Original post by Quady

Whyd you need/want a credit limit rise...?

Why'd you effectively pay for one?

Just use the cards to build up credit rating then get a proper credit card.

Original post by Sternumator

it will only cost me a few quid in interest to use this tactic, assuming it does work. i will be withdrawing the money, and the paying it back right away...

Reply 6

ddrrzzeerr

Original post by john2054

vanquis is a proper credit card. so is capital one, and marbles and ocean and american express and barclaycard, and i have cards with all of them. i can try this same strategy with each of them as well, except for american express, which don't let you make cash withdrawals.....

it will only cost me a few quid in interest to use this tactic, assuming it does work. i will be withdrawing the money, and the paying it back right away...

If you have all of those cards, why are you resorting to desperate tactics to get a rise?

Just use the cards for purchases and build it up that way. I have found barclaycard to be very generous on their limits.

Reply 7

biglad2k16

Lol you and credit cards...

Reply 8

john2054

Original post by Sternumator

Have you got one with them Sternnumator, i wasn't supposed to be allowed one, because i'm not working, and their standard policy is only to give them to people who have work income. But after getting turned down six months prior, i waited six months (for my credit ratings to go up), and then tried again, and i got accepted the second time round. I still can't quite figure out why they accepted me, but i think the fact that i have a £3.3k limit now on my marbles card may have helped?

What is your limit btw, if you don't mind me asking?>?

Reply 9

ddrrzzeerr

Original post by john2054

I had a similar thing with Nationwide when I was a student. My only income was student loan but because I had that coming into my account they pre-approved for a 4.5k card. Their computer system obviously wasn't fussy.

I think it is 11 or 12k for Barclays. I have my fair share of cards so I can't remember exactly.

Reply 10

john2054

Original post by Sternumator

Wow are you working now then? I've just been to the machine and taken out £950 on four of the cards.

I will continue this, until they are all at 50/60% then pay it back,

How much is your total credit line Sternumator, barclays only gave me 1.5 k. Nevermind huh, they will all be going up, if this plan works off/out?!?

Reply 11

Quady

Original post by john2054

Its 3% with Barclaycard for a cash withdrawl even before interest.

Vanquis isnt a proper card, its a card for plebs with poor credit history. Now Amex is a proper card, I made £250 cashback last year, plus the offers statement credits.

Reply 12

ddrrzzeerr

Original post by john2054

Yeah. I'm working now.

I have 67k over 7 cards and another 15k in overdraft facilities. It stupid because I'm never going to use that amount of credit because I couldn't afford to pay it back but I am a complete sucker for a credit card offer. If I see an ad for a 0% card I get tempted in thinking it's not going to cost me anything to apply so I might as well get it just in case even though I know that I don't need it. I also get tempted into requesting limit increases when I'm checking my statements purely out of curiosity to see how much they would give me.

I'm going to stop it now though. I'll hopefully be applying for a mortgage in a few years and it can't look great to have so many cards on my report.

(edited 7 years ago)

Reply 13

john2054

Original post by Sternumator

I only have about 11 or 12k on my 7 cards. But then i have only been collecting them for 2/3 years, and before that i was unable to get one.

What is your job btw, and do you have a partner, and is she working?

Also do you drive, if so, what do you drive, and if not why not?

Also how much do you owe on all of your cards atm, and how much do you earn, if you mind me asking?

Thanks again, John.

Reply 14

Doones

Read this:

UK credit binge approaching levels not seen since 2008 crash
Debt charities issue warning to government after unsecured consumer credit grew at fastest rate in more than 11 years
https://www.theguardian.com/business/2017/jan/04/uk-credit-cards-borrowing-debt-economic-crash-fears

Reply 15

john2054

Original post by jneill

sure, i think we are in a period of growth now, however. i understand the some of the forecasters, government etc have been very cautious in the event of the brexit, which has now happened. But despite all of this, the most recent figures for our economy, seem to be looking up.

Who knows how long this will last however? And if there is another crash, god knows who's going to foot the bill this time???

Reply 16

estel

Rather than take a cash withdrawal, why not just use them for your usual expenses for a week or two?

Reply 17

john2054

Original post by estel

Rather than take a cash withdrawal, why not just use them for your usual expenses for a week or two?

I could do that, but bearing in mind that i am going to need to spend about £1800 on one of my cards, in order to reach this limit, 'card expenses' just won't cut it. This way i will have taken the money out and paid it back in, in one week, two tops....

Reply 18

Tiger Rag

I'm not sure I understand why you'd just withdraw (which I've been told is more expensive than using your bank card) to get a higher limit? Or am I missing something here?

Reply 19

Doones

Original post by john2054

That will cost £54 plus any interest.

Alternatively go and take five £10 notes out of your wallet and set fire to them. Then put four £1 coins in a charity box.

And think again why you want to do this.

Posted from TSR Mobile

(edited 7 years ago)