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Credit card

  • 17-04-2017 6:28pm
    #1
    Ladyinthedark
    Registered Users, Registered Users 2 Posts: 633 ✭✭✭


    Would a bank approve a credit card if you had a lot of savings


Comments

  • #2
    Bubbaclaus
    Registered Users, Registered Users 2 Posts: 4,461 ✭✭✭Bubbaclaus


    A lot of savings would be seen as a major plus. They look at your capacity to repay your debts, so they would look at your income first and foremost.


  • #3
    Ladyinthedark
    Registered Users, Registered Users 2 Posts: 633 ✭✭✭Ladyinthedark


    Bubbaclaus wrote: »
    A lot of savings would be seen as a major plus. They look at your capacity to repay your debts, so they would look at your income first and foremost.

    Like a few thousand or ten or twenty


  • #4
    SteM
    Registered Users, Registered Users 2 Posts: 7,037 ✭✭✭SteM


    Ladyinthedark wrote: »
    Like a few thousand or ten or twenty

    The better your ability to repay the higher your credit limit on the card will be. Credit card providers look at your regular income, your outstanding debts as well as your savings.


  • #5
    mickmac76
    Registered Users, Registered Users 2 Posts: 400 ✭✭mickmac76


    Ladyinthedark wrote: »
    Like a few thousand or ten or twenty
    If you're in a full time permanent position then savings of about 3000 should get you a credit card.


  • #6
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    Ladyinthedark wrote: »
    Would a bank approve a credit card if you had a lot of savings

    A history of borrowing money and paying it back according to the agreed schedule is the principal thing they look for, that gets you a positive credit record. That's followed by having a steady job with a regular income and manageable outgoings i.e. you will have some money left over at the end of each month to pay some or all of the credit card bill. Savings don't really count for a lot in the game of credit.


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