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Aqua Card credit increase...
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# 61
guesswho2000
Old 08-08-2013, 9:01 PM
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Originally Posted by wizzywig27 View Post
Trust me, ignore this tripe, it gave me 30% chance of getting both Halifax and Sygma card, and guess what, I got them both!
However, it gave me a 70% to get the BA Amex - declined. However, you're right, best to ignore it, means very little!
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# 62
Wywth
Old 09-08-2013, 12:50 PM
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Originally Posted by Dovah_diva View Post
I've had an Aqua Reward card for just under a year. Limit is 250 and I've been rejected for an increase. No idea why, I use the card and pay it off i full every month. Maybe because I've not set up a DD? Whatever, I've now got a Barclaycard Initial which is interest free until November so I might wait until I get my cashback and then close it. Not sure. Wish I could set up a DD online...
I can't say why you've been rejected for a credit increase, other than to say Aqua are very stingy on their credit limits for their Aqua Reward card.
Also, as you were only given the 250 limit initially (rather than the higher 500 limit) then you were not considered a good risk anyway.
(Not implying you are a bad risk, else they wouldn't have accepted you in the first place - they have 3 levels at initial application: decline, 250 limit, 500 limit)

Perhaps check your credit history files to see why they don't consider you a good risk?

You presumably signed up for the chance of getting 100 cashback, so why don't you want to get another possible 100 next year???

Last edited by Wywth; 09-08-2013 at 12:58 PM.
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# 63
Calidad
Old 09-08-2013, 1:20 PM
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Quote:
Originally Posted by Wywth View Post
I can't say why you've been rejected for a credit increase, other than to say Aqua are very stingy on their credit limits for their Aqua Reward card.
Also, as you were only given the 250 limit initially (rather than the higher 500 limit) then you were not considered a good risk anyway.
(Not implying you are a bad risk, else they wouldn't have accepted you in the first place - they have 3 levels at initial application: decline, 250 limit, 500 limit)

Perhaps check your credit history files to see why they don't consider you a good risk?

You presumably signed up for the chance of getting 100 cashback, so why don't you want to get another possible 100 next year???
I'm not sure that's the case either. I've had the card 6+ months now, and they only agreed to up my limit to 350 from 250. This despite the fact I pay my it off in full each month. I've never actually failed to pay off a credit card in full ever, and I have about three other cards with limits of 3500-5500 none of which I have ever requested a limit increase for.

I don't want to say they arbitrarily increase limits, but I don't think they the most logical approach either. Perhaps they suspect people purely use it for the cashback? Which in my case would be true.
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# 64
Herbalus
Old 09-08-2013, 1:58 PM
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Originally Posted by Calidad View Post
I'm not sure that's the case either. I've had the card 6+ months now, and they only agreed to up my limit to 350 from 250. This despite the fact I pay my it off in full each month. I've never actually failed to pay off a credit card in full ever, and I have about three other cards with limits of 3500-5500 none of which I have ever requested a limit increase for.

I don't want to say they arbitrarily increase limits, but I don't think they the most logical approach either. Perhaps they suspect people purely use it for the cashback? Which in my case would be true.
Same here. Their standard policy is 250 to 350 after 6 months, then 500 after 10 months.

I'm at the 500 limit stage, but I've put over 2000 through in the last 2 months
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# 65
Wywth
Old 09-08-2013, 2:46 PM
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Originally Posted by Calidad View Post
I'm not sure that's the case either. I've had the card 6+ months now, and they only agreed to up my limit to 350 from 250. This despite the fact I pay my it off in full each month. I've never actually failed to pay off a credit card in full ever, and I have about three other cards with limits of 3500-5500 none of which I have ever requested a limit increase for.

I don't want to say they arbitrarily increase limits, but I don't think they the most logical approach either. Perhaps they suspect people purely use it for the cashback? Which in my case would be true.
Yes, I think that is further evidence of what I posted. As your other credit cards are only 3.5k-5.5k, then they obviously don't think you are a good risk either (again, not bad, but not good), hence why you too got the 250 initial limt, and it's only been increased to 350 after your request at 6+ months

I have other credit cards with limits 3x and more what you have, and I got the 500 limit initially. At 6 months, on request, I got an increase to 650 (despite having requested a much higher limit)

Last edited by Wywth; 09-08-2013 at 2:53 PM.
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# 66
JustinCredibleGillespie
Old 09-08-2013, 3:09 PM
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Maybe try and leave a small balance on the card, maybe 30 next month to see if that helps with a limit increase. It will be minimal interest, but it could help. My card went from 250 (initial limit in April) to 1050 on 24th July. I left a balance of 76 on the account in June.

JCG

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# 67
Herbalus
Old 09-08-2013, 3:15 PM
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Originally Posted by JustinCredibleGillespie View Post
Maybe try and leave a small balance on the card, maybe 30 next month to see if that helps with a limit increase. It will be minimal interest, but it could help. My card went from 250 (initial limit in April) to 1050 on 24th July. I left a balance of 76 on the account in June.

JCG

xx
The idea of paying a company interest to get a bigger credit limit is not one I will entertain. I'm not here for a big limit - I'm here for the profit of cashback. Paying interest decreases my profit, and I can spend several times my limit in a month without paying for it.
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# 68
JustinCredibleGillespie
Old 09-08-2013, 3:22 PM
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Fair point. I wasn't aware you had the cashback card, Aqua rarely increase the limits on those. My card is an Aqua Advance. It suits my needs with shopping in Ireland without any charges.

Happy profit making.
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# 69
aleph_0
Old 10-08-2013, 1:04 AM
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Originally Posted by Herbalus View Post
The idea of paying a company interest to get a bigger credit limit is not one I will entertain. I'm not here for a big limit - I'm here for the profit of cashback. Paying interest decreases my profit, and I can spend several times my limit in a month without paying for it.
Whilst I wouldn't be willing to pay a substantial amount of interest, there is the potential to make one purchase in a month near the statement date, and then pay almost-all off post-statement. Done right, one would only pay a few pence in interest.

I'm quite tempted by such a plan, but it would only be advisable if everything was calculated in advance. Of course, it is a bit of a gamble, we don't know how clever their rules are, but not having to pay off the card as many times does make life easier.
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# 70
izools
Old 10-08-2013, 12:46 PM
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Originally Posted by guesswho2000 View Post
However, it gave me a 70% to get the BA Amex - declined. However, you're right, best to ignore it, means very little!
Gave my mother 90% chance of every single card there is on the checker - but she was declined for the Clarity card. Weird I think as she owns her home outright, is retired but on a retirement income of over 20,000, has two cards totalling 6,700 limit at present, both with minute balances, and one loan with Ikea for under 100 a month (interest free kitchen).

Although to be honest I think that was more an issue with Halifax's credit scoring than the checker; she had no trouble getting a 7.9% Barclaycard Simplicity and an Amex Platinum; I've read about Halifax declining people online and later approving them in branch.

Meh.
Cashback Earned Nectar Points 68 Natoinwide Select 62 Aqua Reward 100 Amex Platinum 48
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# 71
Herbalus
Old 11-08-2013, 9:26 AM
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Originally Posted by aleph_0 View Post
Whilst I wouldn't be willing to pay a substantial amount of interest, there is the potential to make one purchase in a month near the statement date, and then pay almost-all off post-statement. Done right, one would only pay a few pence in interest.
Remember there is only an interest free period if you pay off in full, so you paying minimally under the full balance means you'll get charged interest on the whole amount, with daily interest on that ipad you bought at the start of the month....

Careful with your calculations!
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