Credit Limit Increase with Outstanding Balance
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washtenaw
Posts: 31 Forumite
in Credit cards
I will be making a request for a credit limit increase on my Barclaycard soon.
I recently had an increase on this card about 6 months ago and for the last 4 statements since then I have paid off my balance in full which was about £400-£500 each time.
For the most recent statement and for the next I am considering not paying the balance off in full and only paying part of it or maybe just slightly more than the minimum payment.
Will doing this (instead of paying my balance off in full as I have recently done) make a big difference in getting a credit limit increase accepted ? I am currently at £5,000 and want an increase to at least £8,000. If I only pay the minimum payments I will likely have an outstanding balance of approx £800-£900 when I request the increase, so only using a fraction of the £5,000 I have now anyway.
I recently got an increase on my HSBC credit card from £5,000 to £8,000 and that was when I had an outstanding balance of about £1,000, so it obviously didn't make a difference in that situation, but that's another bank so who knows . . .
I could easily pay the balances in full for the recent statement and for the next but if it's not going to make a difference in terms of a limit increase, then I might not bother . . .
I recently had an increase on this card about 6 months ago and for the last 4 statements since then I have paid off my balance in full which was about £400-£500 each time.
For the most recent statement and for the next I am considering not paying the balance off in full and only paying part of it or maybe just slightly more than the minimum payment.
Will doing this (instead of paying my balance off in full as I have recently done) make a big difference in getting a credit limit increase accepted ? I am currently at £5,000 and want an increase to at least £8,000. If I only pay the minimum payments I will likely have an outstanding balance of approx £800-£900 when I request the increase, so only using a fraction of the £5,000 I have now anyway.
I recently got an increase on my HSBC credit card from £5,000 to £8,000 and that was when I had an outstanding balance of about £1,000, so it obviously didn't make a difference in that situation, but that's another bank so who knows . . .
I could easily pay the balances in full for the recent statement and for the next but if it's not going to make a difference in terms of a limit increase, then I might not bother . . .
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Comments
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Clear in full. Starting to carry a balance will look like you're starting to struggle.0
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I could easily pay the balances in full for the recent statement and for the next but if it's not going to make a difference in terms of a limit increase, then I might not bother . . .
It is generally always worth bothering if you aren't on a promotional 0% rate and you have the money. The interest soon racks up.
£5k to £8k is a big jump. My last (unasked for) increase from Barclaycard was 15% It is very hard to second-guess them though. They'll do whatever the computer algorithm tells them to do.0 -
Deleted_User wrote: »Clear in full. Starting to carry a balance will look like you're starting to struggle.
Agree 100%
I know it's none of our business, but why do you want that increase if you pay off in full each month anyway?
Only logical answer I can come up with is to reduce the credit utilisation % while stoozing on 0% card.
Am I right?0
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