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What is the largest credit limit someone has on one of their cards? Watch

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    200. only recently got it
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    (Original post by Duncan2012)
    Highest credit card is 5-digits. Another card is unlimited (a charge card which needs to be paid off each month). Having a large limit shouldn't be a goal. Generally speaking you shouldn't be using up the limit. Encouraging other people to get higher credit limits is frankly bizarre and borderline irresponsible.
    The charge card is not 'unlimited'. There is a background limit over which approval for purchases would be needed - you can't just go out and by an Audi R8 on your charge card because it's 'unlimited'. Apart from that, I agree with all that you've said, particularly about the one upmanship on card limits. Utterly bizarre to me why people are wearing the ability to get into unsustainable debt as a badge of honour.
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    (Original post by Reality Check)
    Wow, and I thought we'd stopped all that post 2008! You have £16,000 of available credit with a salary of just £21,000. Just for interest, and not for one minute suggesting you'd do this, your take home pay is roughly £1450 a month. If you'd maxed out your credit cards and they were a very average interest rate of 18%, you'd be paying £240, or 16% of your monthly take home pay just in interest!

    Scary. Just out of interest, why do you feel you need such high limits at such a age, given that were you to use that available credit you'd be crippled financially?
    My available credit is £70k and my income is 29k so if I maxed out, there is no way I could repay.

    I think they do it because they know from my previous use of credit that I'm not going to do that. If you are the type of person to max out, you would have done that and got yourself into trouble with your first card. Nobody becomes financially irresponsible over night.
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    [QUOTE=Reality Check;
    Scary. Just out of interest, why do you feel you need such high limits at such a age, given that were you to use that available credit you'd be crippled financially?[/QUOTE]

    Hi there! My limits have increased naturally, as I've had them since 18. I was actually in Sixth Form, when Santander offered me £1,800 overdraft (never used).

    My first credit card I had a month within turning 18, this was for £25 incentive to open and make one trans. Amex gave me pretty huge credit limits, I did it for the Avios. I have another credit card (Halifax) for £5 monthly reward + free purchases abroad.

    I don't think I'm a bad credit risk, despite having nearly eight-nine accounts, as most of the banks that I use, despite my age, have come to know me since I was ten.

    Believe me, I used to answer the phone to students crying with bailiffs or not being able to afford food, asking to see if there was any emergency funds available, so I have no intention to have any recurring debt. The only long-time debt I have would be PayPal's three month offer on purchases above £150.00 (nice £3.5k credit limit there

    It's a nice safety net. I'll review before I consider purchasing a mortgage if all is required though.
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    (Original post by DarlingtonViking)
    Hi there! My limits have increased naturally, as I've had them since 18. I was actually in Sixth Form, when Santander offered me £1,800 overdraft (never used).

    My first credit card I had a month within turning 18, this was for £25 incentive to open and make one trans. Amex gave me pretty huge credit limits, I did it for the Avios. I have another credit card (Halifax) for £5 monthly reward + free purchases abroad.

    I don't think I'm a bad credit risk, despite having nearly eight-nine accounts, as most of the banks that I use, despite my age, have come to know me since I was ten.

    Believe me, I used to answer the phone to students crying with bailiffs or not being able to afford food, asking to see if there was any emergency funds available, so I have no intention to have any recurring debt. The only long-time debt I have would be PayPal's three month offer on purchases above £150.00 (nice £3.5k credit limit there

    It's a nice safety net. I'll review before I consider purchasing a mortgage if all is required though.
    That's an interesting read - thank you!
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    (Original post by john2054)
    What is a punt credit card?
    the punt was the currency ireland had before the Euro (irish for pound)
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    I don't have a credit card, I'm only 21 and I don't want overdraft etc. I have a debit card
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    :facepalm:

    If you're not paying off the balance in full every month then don't use credit cards.
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    (Original post by PQ)
    :facepalm:

    If you're not paying off the balance in full every month then don't use credit cards.
    I agree, I don't think it's wise to have credit cards unless you have a full time job to pay the balance of in full on a monthly basis then fair enough. However, most of us on here are students as it's a student forum.
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    (Original post by Ishax)
    I agree, I don't think it's wise to have credit cards unless you have a full time job to pay the balance of in full on a monthly basis then fair enough. However, most of us on here are students as it's a student forum.
    It should be quite difficult to get one when you aren't working full time anyway,the only thing I could get on a part time income was an awful £300 limit with almost 40% interest. Whereas I ve been improved for something with half the interest now I m working full time.
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    (Original post by claireestelle)
    It should be quite difficult to get one when you aren't working full time anyway,the only thing I could get on a part time income was an awful £300 limit with almost 40% interest. Whereas I ve been improved for something with half the interest now I m working full time.
    John doesn't work full time and look at the amount of credit card he has. See, you're working full time which means you can pay for it etc. At the moment, I'm a full time student and working part time so I have no need for a credit card.
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    (Original post by claireestelle)
    It should be quite difficult to get one when you aren't working full time anyway,the only thing I could get on a part time income was an awful £300 limit with almost 40% interest. Whereas I ve been improved for something with half the interest now I m working full time.
    Credit card companies are dickheads though. They'll always try to give you more credit.

    I got a CC last yr for a trip abroad - asked for £3k limit (which was more than enough), they ignored my request completely and set the card up with £6.5k. (Halifax btw).

    Credit card companies are not responsible lenders.
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    (Original post by PQ)
    Credit card companies are dickheads though. They'll always try to give you more credit.

    I got a CC last yr for a trip abroad - asked for £3k limit (which was more than enough), they ignored my request completely and set the card up with £6.5k. (Halifax btw).

    Credit card companies are not responsible lenders.
    They do that on purpose, so you get into debt as they know you won't be able to pay "balance" of in full. They're very sly and sneaky too.
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    (Original post by PQ)
    Credit card companies are dickheads though. They'll always try to give you more credit.

    I got a CC last yr for a trip abroad - asked for £3k limit (which was more than enough), they ignored my request completely and set the card up with £6.5k. (Halifax btw).

    Credit card companies are not responsible lenders.
    Oh it is almost a months worth of wages that I do have as a limit, it's not exactly responsible really. I only have it for the purpose of building up my credit rating to get a mortgage.
    I can't say I ve ever had a request to change anything ignored though,my bank removed my student overdraft very easily for me.

    (Original post by Ishax)
    John doesn't work full time and look at the amount of credit card he has. See, you're working full time which means you can pay for it etc. At the moment, I'm a full time student and working part time so I have no need for a credit card.
    I don't actually need one really,I m deliberately using it so that I get a better credit rating, couldn't get a mortgage with the little record I had in the past, not that I could now but fingers crossed in two years time we ll be in a good place to get one.
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    (Original post by claireestelle)
    Oh it is almost a months worth of wages that I do have as a limit, it's not exactly responsible really. I only have it for the purpose of building up my credit rating to get a mortgage.
    I can't say I ve ever had a request to change anything ignored though,my bank removed my student overdraft very easily for me.



    I don't actually need one really,I m deliberately using it so that I get a better credit rating, couldn't get a mortgage with the little record I had in the past, not that I could now but fingers crossed in two years time we ll be in a good place to get one.
    That's differerent as obviously when I'm graduated and work full time. I'll need a credit card for mortgages etc but at least then I'll have means to pay for it lol. At the moment, I live with my parents so I've just stuck with debit card for now.
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    Credit cards are for short-term borrowing, i.e. an amount that can be repaid in 2-4 months. Problem is that people either see them as a long-term borrowing solution, where a personal loan would be more appropriate or, worse, a source of essentially free money, where as long as the minimum payment is being made, the balance can exist in perpetuity.
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    Don't own one, don't plan on owning one. I'm a firm believer in the phrase "don't live beyond your means". I've got savings to fall back on should I need them.
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    (Original post by Ishax)
    That's differerent as obviously when I'm graduated and work full time. I'll need a credit card for mortgages etc but at least then I'll have means to pay for it lol. At the moment, I live with my parents so I've just stuck with debit card for now.
    Although I wouldn't advocate you get a credit card as a student. you should consider getting something like a utility bill in your name otherwise you ll have no credit record at all (for 3 plus years of your life) and we ve just been fully credit checked just to rent a house and it seems landlords are getting stricter,otherwise you might struggle finding somewhere that would rent to you with nothing to your name.
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    (Original post by claireestelle)
    Although I wouldn't advocate you get a credit card as a student. you should consider getting something like a utility bill in your name otherwise you ll have no credit record at all (for 3 plus years of your life) and we ve just been fully credit checked just to rent a house and it seems landlords are getting stricter,otherwise you might struggle finding somewhere that would rent to you with nothing to your name.
    Oh okay. At the moment I'm 21, so I'll probably do that around 24/25 as I don't plan on getting a mortgage till roughly 28ish so that'll be ideal.

    Thanks for your advice
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    (Original post by Ishax)
    Oh okay. At the moment I'm 21, so I'll probably do that around 24/25 as I don't plan on getting a mortgage till roughly 28ish so that'll be ideal.

    Thanks for your advice
    No problemo
    Well I can't say how much history they want you to have for mortgages but apparently an average account age of 36 months or over is a good thing according to Experian.
 
 
 
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