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What credit facilities do people have? Watch

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    I opened a basic card account with marbles credit card, about 4 months ago, and last week out of the blue i got a letter through the post saying they were increasing my limit up from £900 to £2100! What a stroke of luck! Has anybody else had any such joys with credit cards, and if so what?!?
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    I have a bank account, an ISA and a credit card with a limit of £2k.
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    (Original post by john2054)
    I opened a basic card account with marbles credit card, about 4 months ago, and last week out of the blue i got a letter through the post saying they were increasing my limit up from £900 to £2100! What a stroke of luck! Has anybody else had any such joys with credit cards, and if so what?!?
    Credit card companies will always increase your limit - quite often completely irresponsibly. Be careful not to consider it free money!

    Have you got your credit card set up to pay off in full every month by direct debit?
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    I have 3 current accounts with overdraft limits of around £1500 each and around £5000 limit on each of my 3 credit cards. With some banks' online banking service they let you choose how much to increase your limits by. Usually I just increase it by £500 each time I'm eligible (I think once every 6 months or so).
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    (Original post by john2054)
    I opened a basic card account with marbles credit card, about 4 months ago, and last week out of the blue i got a letter through the post saying they were increasing my limit up from £900 to £2100! What a stroke of luck! Has anybody else had any such joys with credit cards, and if so what?!?
    What have you taken out a credit card for - as in what do you intend to buy?
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    Several bank accounts - I believe it's 13 or so
    3 credit cards
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    Thanks everyone, I now have three credit cards and one student account with limits of 500, 1200, 2100 and 2000 so that's a total overdraft limit of 5800. I have had these cards for a couple of years now. I understand that banks like you to keep the money in them, and not max out (which negatively affects your score), but sometimes due to circumstances out of my control, such as in buying a new house, or when the missus could use a top up, the cards come out of the wallet and the cash gets flowing. I would like to think that within the next couple of years i can have a card with a £5000 limit, which would indicates the banks trust in my ability to manage my own money, but whether i actually ever reach this goal remains to be seen!!
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    (Original post by Death Grips)
    What have you taken out a credit card for - as in what do you intend to buy?
    I have a credit card for the cash back and it's a more secure way of paying for things.
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    I just have savings and current accounts.

    I keep meaning to get a credit card, if only to build my credit score, but I haven't gotten around to it.
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    I've spent over £3500 on my cards over the past two weeks. I really need to start repaying this now!
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    (Original post by john2054)
    Thanks everyone, I now have three credit cards and one student account with limits of 500, 1200, 2100 and 2000 so that's a total overdraft limit of 5800. I have had these cards for a couple of years now. I understand that banks like you to keep the money in them, and not max out (which negatively affects your score), but sometimes due to circumstances out of my control, such as in buying a new house, or when the missus could use a top up, the cards come out of the wallet and the cash gets flowing. I would like to think that within the next couple of years i can have a card with a £5000 limit, which would indicates the banks trust in my ability to manage my own money, but whether i actually ever reach this goal remains to be seen!!
    I don't think multiple cards with a credit limit of £5,800 is a good thing, if I am honest. a lot of credit from different providers probably means a poor credit rating. A better indication that you can manage your own money would be no credit cards and a tonne of savings. That's just my opinion, obviously.
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    (Original post by Ljayne89)
    I don't think multiple cards with a credit limit of £5,800 is a good thing, if I am honest. a lot of credit from different providers probably means a poor credit rating. A better indication that you can manage your own money would be no credit cards and a tonne of savings. That's just my opinion, obviously.
    That's not how it works.

    A credit rating is how dependable you are on PAYING back loans. More importantly, how PROFITABLE you are on paying back loans to the loan company.

    Save money and never take out a loan? Bad credit score.

    That being said, I'm not saying that missing payments/getting hit with charges is a good thing. That's much worse than being neutral and just saving.
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    (Original post by TrojanH)
    That's not how it works.

    A credit rating is how dependable you are on PAYING back loans. More importantly, how PROFITABLE you are on paying back loans to the loan company.

    Save money and never take out a loan? Bad credit score.

    That being said, I'm not saying that missing payments/getting hit with charges is a good thing. That's much worse than being neutral and just saving.
    I get that repaying your loans affects your credit score but so does having multiple/a lot of credit or being close to your credit limit. Applying to multiple credit agency's also affect your credit score - which is what the OP has done :/
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    Granted maxing out my cards is a bad idea. But I go on spending sprees when i like to do just that. And as long as i pay them back (in full), and don't go over my limits, my score and reports have gradually improved over the last two years, when i got my first credit card in this way! PS I also have a portfolio, but this doesn't seem to affect my credit score in any way.
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    (Original post by john2054)
    such as in buying a new house
    You won't be able to pay for the house or house deposit with a credit card..
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    (Original post by Reue)
    You won't be able to pay for the house or house deposit with a credit card..
    I have changed my mind about buying a property anyway. The markets look set to crash, in fact i think they already are, so it will be much better to buy when the dust has settled. And any crash, for example with the brexit, will seriously undermine any real estate assets, for the foreseeable future, imho!
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    (Original post by john2054)
    I have changed my mind about buying a property anyway. The markets look set to crash, in fact i think they already are, so it will be much better to buy when the dust has settled. And any crash, for example with the brexit, will seriously undermine any real estate assets, for the foreseeable future, imho!
    That doesn't really change the fact that you can't finance a house deposit through credit :s
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    (Original post by Reue)
    That doesn't really change the fact that you can't finance a house deposit through credit :s
    If the deposit was £10'000 and i had this on my cards, there is no reason why i couldn't extract this capital to pay for it in this way. However i only have half of that, and so not even near enough. Plus, as i said, i am not looking to buy in this market.
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    (Original post by john2054)
    If the deposit was £10'000 and i had this on my cards, there is no reason why i couldn't extract this capital to pay for it in this way. However i only have half of that, and so not even near enough. Plus, as i said, i am not looking to buy in this market.
    No mortgage provider or conveyancer will allow you to pay for a house deposit with credit obtained elsewhere. You can't use a credit card to pay towards it .
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    can i pay a house / mortgage deposit with a credit card?
    In theory nothing to stop you doing it but remember that most BTL mortgages require a 25% deposit on the property


    Please note i very recently nearly did buy a house, paying for the surveying with my credit card, but i pulled back at the last minute. This has nothing to do with my ability to pay, but rather my concerns about the position the market is at at the moment. Credit cards provide real secure money, and are backed up by credit reports and ratings, which demonstrate a person's ability to keep on top of his debts over a long term period, typically five years. I'm sorry to say but you sound to me like someone who doesn't have one, and so just thinks that it is 'easy money'!
 
 
 
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