Aqua card - credit limit highier than £3750
Comments
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I have a £4000 limit with Aqua.
Started with a credit limit of £250 early 2014. Then bumped to £750 three months later, £1800 four months later, £3000 six months later and £4K just recently.
So yes, > £3750 is possible, although I'm curious myself how high it will go.
As to my own answer to suicidebob's comment - I want to bump my limits as high as possible because it increases my Experian score, and proves I'm credit worthy. I'd imagine it's the same for the OP.0 -
I have a £4000 limit with Aqua.
Started with a credit limit of £250 early 2014. Then bumped to £750 three months later, £1800 four months later, £3000 six months later and £4K just recently.
So yes, > £3750 is possible, although I'm curious myself how high it will go.
As to my own answer to suicidebob's comment - I want to bump my limits as high as possible because it increases my Experian score, and proves I'm credit worthy. I'd imagine it's the same for the OP.
Which means absolutely nothing!0 -
To be clear. A lender may thing positive things:As to my own answer to suicidebob's comment - I want to bump my limits as high as possible because it increases my Experian score, and proves I'm credit worthy. I'd imagine it's the same for the OP.
- They increased the limit recently, so we have recent information suggesting he is a good borrower.
- He has a high credit limit, they trust him.
- He is using a low percentage of his available credit, he is not going to go crazy if we him a bit more.
And also negative things:
- He already has too much available credit. If things start to go wrong, they can get really wrong. We don't want to be involved.
And neutral things:
- He uses only a 8% of his credit? Good, but not really a big difference over a 20%. If it isn't over 50% I don't care.0 -
BlueEyedGirl wrote: »Which means absolutely nothing!
Not exactly true.
Experian's internal scoring engine isn't directly used by lenders, but it's indicative of how lenders typically view applicants. This is one reason why tools like CreditMatcher can exist with a relative degree of accuracy.
An increase in credit limit is generally a good thing. It means that the lender is satisfied enough with the customer to trust them with additional borrowing. This is viewed favourably by many lenders.
The other benefit is that credit utilisation generally goes down with higher limits, because the overall percentage of debt vs. what is available to spend goes down.
Of course, too far the other way can increase the risk. If an applicant can get into £50,000 in unsecured debt tomorrow on a whim and they're applying for another £10K, the question will come up why they need the additional borrowing in the first place.
But if the usage patterns indicate stability and credit limits go up, then this usually indicates credit worthiness. After all, when you make payments on time, the natural lender response is to increase your value to them by way of a credit limit bump.0 -
RedDwarf82 wrote: »To be clear. A lender may thing positive things:
- They increased the limit recently, so we have recent information suggesting he is a good borrower.
- He has a high credit limit, they trust him.
- He is using a low percentage of his available credit, he is not going to go crazy if we him a bit more.
And also negative things:
- He already has too much available credit. If things start to go wrong, they can get really wrong. We don't want to be involved.
And neutral things:
- He uses only a 8% of his credit? Good, but not really a big difference over a 20%. If it isn't over 50% I don't care.
Very true.
I did an IT contract for a credit scoring system recently (unrelated to credit cards, but still consumer lending), and the scorecard had several of these variables quite prominent (amongst about 50 others!)0 -
I did an IT contract for a credit scoring system recently (unrelated to credit cards, but still consumer lending), and the scorecard had several of these variables quite prominent (amongst about 50 others!)
And also random things
- Bugs introduced by madein83 make things being basically random.
:rotfl:
Some consumers will suspect. But when they contact the lender they will only get a generic "check your Experian/Equifax/CallCredit report" reply.
Since nobody will ever actually check, those bugs will stay there forever.0 -
RedDwarf82 wrote: »And also random things
- Bugs introduced by madein83 make things being basically random.
:rotfl:
Some consumers will suspect. But when they contact the lender they will only get a generic "check your Experian/Equifax/CallCredit report" reply.
Since nobody will ever actually check, those bugs will stay there forever.
LOL!
if (DayOfWeek === "Thursday" && AteForBreakfast === "Cornflakes") {
acceptApplication();
} else {
immediatelyDecline();
}
:rotfl:
Not quite as arbitrary as that, but I imagine many of those legacy systems have accumulated some "dust" over the years.
I didn't have much to do with the scoring engine - my work was in implementation rather than credit management - so hopefully I didn't add to the chaos
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I have a £4000 limit with Aqua.
Started with a credit limit of £250 early 2014. Then bumped to £750 three months later, £1800 four months later, £3000 six months later and £4K just recently.
So yes, > £3750 is possible, although I'm curious myself how high it will go.
As to my own answer to suicidebob's comment - I want to bump my limits as high as possible because it increases my Experian score, and proves I'm credit worthy. I'd imagine it's the same for the OP.
What sort of Salary are you on (if you don't mind me asking!) I'm assuming this is one of the major factors on getting an increase when others haven't.0 -
thebritishbloke wrote: »If Aqua have upped your limit to £3750, I would drop them and apply elsewhere. You can probably get accepted for a more mainstream card, so if you did ever have to carry a balance you'd pay a lot less interest.
Better still apply for another card and keep the first.
Split spending between them and if you ever have to carry a balance for a while one option is you can still pay one in full, cheaper than either card on its own.0 -
I was going to cancel my Aqua due to the high APR. Currently on a limit of £800. But like someone previously said, the APR don't matter too much so long as you keep paying back in full.365 Day 1p challenge - £371.49 / 667.95
Emergency Fund £1000 / £1000 ( will enlarge once debts are cleared)
DFW - £TBC0
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