Getting a credit card with high limit Watch

Millie228
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I recently applied to increase the limit on my credit card in my bank (non UK).
I am a student and am applying for some part time work this semester. I own a flat back home (3 bed, in a high end area). Due to family circumstances I was a bit late putting it on the market so the rent I'm receiving is a bit lower than what I'm should be getting. Combined with a contract in London with a very high London rent, things are tight at the moment. I'm a business major and am probably going to select fewer majors this semester and take a part time job 3 days per week.
I'm fine for now, but I wanted a high limit as a back up, in case it takes slightly longer for me to find work. I am well aware of the unbeneficial conditions credit cards offers, I need no information on that.
Today, the bank turned me down saying that rental income does not count as 'income' in that sense. I own an apartment worth £550,000, but fortune doesn't count either. I don't get it entirely, as my sister was offered increasing her limit up to six grand, and she only has a rental income as well (although she is doing her master's, while I'm still an undergrad).

I keep hearing about people having credit cards thrown at them, and I don't get this? Again - I KNOW it's potentially major trouble if you don't pay back, but for me it's basically just a solution for a month or so.
If I would apply for any of this within the UK, how difficult would it be?
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Millie228
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nexttime
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As a non-UK citizen/resident? I have no experience, but likely very difficult. I await to be corrected by someone who knows more.

You own a flat - is there no way you could borrow against that?
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Millie228
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(Original post by nexttime)
As a non-UK citizen/resident? I have no experience, but likely very difficult. I await to be corrected by someone who knows more.

You own a flat - is there no way you could borrow against that?
I already have a mortgage on it, but I have a fixed interest which is very low so if added 10K to the loan it wouldn't result in major monthly costs.
My sister increased her own mortgage a while ago and she asked me to 'guarantee' for it. There is a chance I'd have to have someone guarantee for my loan if I increase it, and normally I'd ask her, but I'm not sure if she can if I have for her first (if I can't I'm going to be annoyed because I was not prepared for having to guarantee for her loan, and I wouldn't have if these are the consequences).
I can't ask my parents, they cannot know I'm borrowing more. I'm a little nervous about explaining to the bank lady (whom I already know). She has access to my account details and I'm afraid she'll see how much I've spent on traveling etc in the past semester
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CEKTOP
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If it is a non-UK bank it is going to be hard to help you as it is unclear where you come from and what are your bank's policies.
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CharlieSChaplin
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(Original post by Millie228)
If I would apply for any of this within the UK, how difficult would it be?
I got an American Express British Airways card with very little hassle a while ago which came with a limit of £4,000. I don't know how much your income is but it shouldn't be any problem if you fudge the numbers slightly in order to get it, so long as you can pay it off
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jacketpotato
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Overseas income/assets is more difficult for them to verify or get hold of if things go wrong, so banks might not like it.

Could you apply for a credit card with a higher limit in your home country? Most cards will charge a fee of something like 2% for transactions in GBP, but some cards do not, and if its only for a back-up a 2% charge wouldn't be too bad.

Try applying for a credit card online independently of your bank. Check www.moneysavingexpert.com for information on the best cards.
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Dragonista
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It's all to do with risk. I'm a British expat and I can't get credit in the UK or in the country I live. The UK wont assess non-sterling income and where I live they require me to earn double the money the locals do to be entitled to credit (£10k salary for a local, £20k for a foreigner). I've even heard stories of expats returning to the UK and having to wait years to be entitled to credit again, even though they're British.
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tehFrance
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(Original post by Millie228)
Getting a credit card with high limit?
Have you thought about applying for a German or Swiss Miles and More KreditKarte? if you have a German or Swiss bank account, Germany is easier with DKB and you will be granted a credit card with a high enough limit no problem. You obviously have the overseas usage fees but for the high limit and relative ease of securing said card compared to UK credit cards it is worth it.
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Millie228
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(Original post by CharlieSChaplin)
I got an American Express British Airways card with very little hassle a while ago which came with a limit of £4,000. I don't know how much your income is but it shouldn't be any problem if you fudge the numbers slightly in order to get it, so long as you can pay it off
Do you have a job in the UK? Did you "fudge" your own numbers?
Thing is, I'll be working this semester, from February on, when I (hopefully) get a part time job. I have some money in the bank and I own a flat, but this is not in the UK. My home country doesn't approve rental income as an "income", which is super annoying. So even though I'm actually 'well off', none of these things matter.
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CharlieSChaplin
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(Original post by Millie228)
Do you have a job in the UK? Did you "fudge" your own numbers?
Thing is, I'll be working this semester, from February on, when I (hopefully) get a part time job. I have some money in the bank and I own a flat, but this is not in the UK. My home country doesn't approve rental income as an "income", which is super annoying. So even though I'm actually 'well off', none of these things matter.
I have no job however under occupation I said student and yes I did as at the end of the day it doesn't make a difference as I can pay back the entire £4,000 at the end of the month if I wished to do so.

Where is your home country? I know in Dubai and Russia I could easily walk into my bank and get a high limit credit card with extreme ease. Do you have a good banking relationship with your home bank as if you do they should be more lenient.
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Millie228
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(Original post by CharlieSChaplin)
I have no job however under occupation I said student and yes I did as at the end of the day it doesn't make a difference as I can pay back the entire £4,000 at the end of the month if I wished to do so.

Where is your home country? I know in Dubai and Russia I could easily walk into my bank and get a high limit credit card with extreme ease. Do you have a good banking relationship with your home bank as if you do they should be more lenient.
I'm Danish. They are really, really strict over there (probably why it wasn't hit as hard by the recession - people aren't actually able to loan that much). As I have a mortgage and my income is not "traditional" (some family support, rental income, student support), it does not qualify for a high credit limit.
I sent an application for the Platinum Cashback Credit Card. They say they will get back to me within 10 days. I put independent income and said I had £30,000 a year (which is true all in all, but not counted for some tax and stuff). I am going to be working but haven't got a job yet, which is why I need to extra cash in between!
How long did it take for you to get it? What kind of documentation did you have to give?
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Millie228
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(Original post by CharlieSChaplin)
I have no job however under occupation I said student and yes I did as at the end of the day it doesn't make a difference as I can pay back the entire £4,000 at the end of the month if I wished to do so.

Where is your home country? I know in Dubai and Russia I could easily walk into my bank and get a high limit credit card with extreme ease. Do you have a good banking relationship with your home bank as if you do they should be more lenient.
Crisis averted. I have two banks back home - the first one is the one acting difficult. The second I tried to apply online and they gave me a credit limit of £7000! So I padded my income slightly assuming I'd get a part time job very soon. At least I'm covered. And perhaps I'll get that fox trim cashmere coat I've been craving It's an investment after all.
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marco_salinas
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Maybe you can try this strategies:

Ask your self Why should they give you a higher credit limit? If you think it would be beneficial to discuss any of the following, then do it…Strategy #1: Plead your case

  • Income: Has your income on file been updated since you’ve had the card? If you have a higher income now make sure to tell them. But don’t fib – they might ask for tax returns as proof!
  • Occupation: Each occupation has a different risk rating assigned to it (or in other words, the chance you could be laid off from your job). So keep that in mind when discussing your occupation. I have read posts on the forum where people have accidentally screwed up by misclassifying their occupation – i.e. Saying “manufacturing” when what they actually do is information technology (IT) for a manufacturing company. When you just say “manufacturing” it sounds like you might be an assembly line worker, and hence have less job security.
  • Account History: How long have you been their customer? Play this aspect up and remind them how great of a customer you’ve been.
  • Credit History: If you have an amazing credit history, say it and give specifics – i.e. I’ve never made a single late payment in my life.
  • Current Debt: If you’re in an attractive situation and currently have little to know debt, make sure you tell them.
  • Balance Transfers: A lot of times they will make special exceptions for those who are going to be doing a balance transfer to the account.

And as the cardinal rule, banks like giving money to people that don’t need it. If you act desperate and say something like “I need this to pay my car repairs otherwise I won’t be able to get to work” you probably won’t get very far when you request your credit limit increase. To get a higher credit limit, you need to act like you want it but not like you need it.

Strategy #2: The backdoor double-trouble

Are you troublemaker? If so, the backdoor double-trouble may be right up your alley…
Have you already attempted to get a higher credit limit and was denied? Or maybe it was increased, but it wasn’t raised as much as you would like? Well, that’s where the backdoor double trouble can save the day…
In a nutshell, the backdoor double is applying for a second (new) credit card from the same bank and then after you are approved, transferring that credit limit to your other card.


For example, let’s say your current credit card has a $14k limit and that is the max they will give you. You can try applying for a second (different) card with them and then re-allocating your credit lines. Assuming you have great credit and no reason to be denied for a new card, the odds of approval are good. I have used this strategy a number of times to increase my credit card’s limit by tens of thousands of dollars.


One word of caution: The credit card backdoor double has become a lot harder to do in today’s economy. Some banks have banned it, others have not.

How much should you ask for?

Don’t try asking the person on the other end of the phone how much you should ask for; all credit card companies prohibit their employees from giving guidance on choosing an amount for a credit card limit increase. You will be on your own with this one.
My advice is to shoot for the moon but not for the stars. If you aim too low, you get less than what was possible. If you aim too high, for an outrageous amount, you might get your account flagged as suspicious (meaning, an account review). But if you go for a credit limit increase that is high, but not high enough to raise concerns, then the worst that can happen is they might come back with a lower approved amount than what you asked for.

Hope this ideas can help you.
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CharlieSChaplin
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(Original post by Millie228)
Crisis averted. I have two banks back home - the first one is the one acting difficult. The second I tried to apply online and they gave me a credit limit of £7000! So I padded my income slightly assuming I'd get a part time job very soon. At least I'm covered. And perhaps I'll get that fox trim cashmere coat I've been craving It's an investment after all.
Ah bravo and with your new found credit limit you wish to buy an expensive coat :lol: have fun
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