Barclaycard throwing their money around?
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If you have a lot of unsecured debt and a high credit utilisation percentage (i.e. Close to limits) I would be wary of increasing any of your limits. Do you actually want your limit to be increased? If not, just opt out and tell them you don't want an increase.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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You do seem to be anthropomorphising computer algorithms!0
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They are merely telling you that to approve the limit they will do a search - other lenders will see a hard search so you have an option to decline if you didn't want that to show like if you had a mortgage application coming up or something similar.
The data they pass back and forth, along with your account activity is what had led to the offer of an increase. This is also what leads to others having a credit limit reduction, APR increase etc.
Don't overthink it.
But if you go onto their site and request it yourself they do not carry out a hard search and just go by the regular feeds etc.
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Don’t worry, your request to change your credit limit won’t affect your credit score or interest rate.UNQUOTE0 -
Yes.....I thinkshortcrust wrote: »You do seem to be anthropomorphising computer algorithms!
I came into this world with nothing and I've got most of it left.0 -
I have received letters such as yours in the past from BC but they have never said a credit search would be carried out first. Must be a new thing.
Yes, me too.It reads as follows:
"Before we increase your credit limit, we'll do a few checks using the latest information we have, and information held by the CRAs, to make sure it's still right for you. Sometimes it isn't possible for us to increase your limit - for example, if your circumstances change, you miss a payment or you exceed your credit limit - and so we may withdraw this offer".
You said the letter was unsolicited, but from your quote it looks like you requested the limit raise. If you didn't, I'd contact them to see what happened.
As above, I have never had a letter offering to increase my limit subject to a credit check. They usually just increase the limit but give me the chance to opt-out.0 -
Just for fun, I logged into Barclaycard and asked to raise my limit. Current limit is £14K and I rarely use Barclaycard these days. (My balance is £11.)
It said that there wouldn't be a credit check, but they might need to ask me to call them to provide further information. It asked me the limit I wanted, my income and employment status. I asked for 20K and it came back with 19K.0 -
chattychappy wrote: »Just for fun, I logged into Barclaycard and asked to raise my limit. Current limit is £14K and I rarely use Barclaycard these days. (My balance is £11.)
It said that there wouldn't be a credit check, but they might need to ask me to call them to provide further information. It asked me the limit I wanted, my income and employment status. I asked for 20K and it came back with 19K.
I did the same thing but was declined for an increase. Probably because of my total limits on BC's being £22,000.0 -
I did the same thing but was declined for an increase. Probably because of my total limits on BC's being £22,000.
There used to be a regulatory limit of £25K, not sure if it still applies. Anyway you still have 3K to go even if it still applies.
Some years ago I had a little used MBNA card with a £24,000 limit. I got a letter from them saying they were increasing the limit to £24,500 which seemed a bit pointless.
Except for Barclaycard this time, I have never asked for limit rises because I always have more than I need. I have two cards (Natwest and a new MBNA) which have gradually increased limits to 20K, but not more than that.0 -
chattychappy wrote: »There used to be a regulatory limit of £25K, not sure if it still applies. Anyway you still have 3K to go even if it still applies.
Some years ago I had a little used MBNA card with a £24,000 limit. I got a letter from them saying they were increasing the limit to £24,500 which seemed a bit pointless.
Except for Barclaycard this time, I have never asked for limit rises because I always have more than I need. I have two cards (Natwest and a new MBNA) which have gradually increased limits to 20K, but not more than that.
Just totalled the total amount of the 4 BC's and actually comes to £23,200. I hasten to add some were obtained through migration.0 -
I didn't request one. I guess they just copied and pasted some wording from elsewhere.chattychappy wrote: »You said the letter was unsolicited, but from your quote it looks like you requested the limit raise.0
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