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  • FIRST POST
    • DenABac
    • By DenABac 8th Oct 16, 11:46 PM
    • 7Posts
    • 0Thanks
    DenABac
    Credit search when auto increase offered?
    • #1
    • 8th Oct 16, 11:46 PM
    Credit search when auto increase offered? 8th Oct 16 at 11:46 PM
    Hi community,

    Among others I been using a Aqua Card to improve my credit rating (8 months in the U.K.)

    The Aqua card comes of cause with a ridiculous APR and I always leave about 50£ on the card so they get interest off me. I was hoping this will trigger an auto increase.

    Yesterday I got a letter saying they'd like to increase the limit by 150%. I now can ask them to increase immediately or just wait some time for them to increase it.

    I understand that a limit increase in general leads to better credit. Hence I'd like to take it.
    The important question to me is will the increase trigger a credit search (hard pull)?
    Even more important does it make any difference in the process if I tell them to increase it immediately?

    As always thank you for any advice in advance.

    Bests
Page 1
    • Marcio45
    • By Marcio45 8th Oct 16, 11:56 PM
    • 108 Posts
    • 49 Thanks
    Marcio45
    • #2
    • 8th Oct 16, 11:56 PM
    • #2
    • 8th Oct 16, 11:56 PM
    No, there will not be a credit search as its the credit card company offering the increase. Aqua are quite good at increasing limits. Mine started at £450 and one year after its over £3000.
    If you want to apply their increase immediatelly just ring the number on the letter, follow the prompts until you get to the point that you "received a letter about a credit increase and want to apply it now". It is an automated process and the new limit is applied instantly.
    • FluroFrancis
    • By FluroFrancis 8th Oct 16, 11:57 PM
    • 32 Posts
    • 5 Thanks
    FluroFrancis
    • #3
    • 8th Oct 16, 11:57 PM
    • #3
    • 8th Oct 16, 11:57 PM
    companies wont hard search you if they've offered you the increase
    • Nasqueron
    • By Nasqueron 9th Oct 16, 9:55 AM
    • 2,988 Posts
    • 1,624 Thanks
    Nasqueron
    • #4
    • 9th Oct 16, 9:55 AM
    • #4
    • 9th Oct 16, 9:55 AM
    Even credit cards from sub prime lenders want you to be responsible - buying and paying off in full every month shows you are a good borrower, leaving £50 on the card and paying stupid levels of interest on it doesn't achieve anything.

    Also, so what if they do a credit search on you? It's not going to cause any issues, if you've only had the card 8 months it won't be long enough to build up a good credit history anyway so having them search your record just in case you had more credit elsewhere is meaningless.
    Last edited by Nasqueron; 09-10-2016 at 9:57 AM.
    • jonesMUFCforever
    • By jonesMUFCforever 9th Oct 16, 11:51 AM
    • 23,193 Posts
    • 10,541 Thanks
    jonesMUFCforever
    • #5
    • 9th Oct 16, 11:51 AM
    • #5
    • 9th Oct 16, 11:51 AM
    I agree its not a good thing to pay high interest on £50 because for the following month's spending you don't get the 56 day interest free period on purchases.
    You are paying a lot of interest for nothing.
    What goes around - comes around
    give lots and you will always receive lots
    • redux
    • By redux 9th Oct 16, 3:51 PM
    • 15,580 Posts
    • 18,378 Thanks
    redux
    • #6
    • 9th Oct 16, 3:51 PM
    • #6
    • 9th Oct 16, 3:51 PM
    Remember you are paying interest not only on the £50, but also all transactions between the time you make them and when payment actually arrives.

    So if you have significant spending I suspect your interest is rather more than £1 or £2.

    Much better to pay the statement amount in full.
    • zx81
    • By zx81 9th Oct 16, 4:10 PM
    • 9,400 Posts
    • 9,234 Thanks
    zx81
    • #7
    • 9th Oct 16, 4:10 PM
    • #7
    • 9th Oct 16, 4:10 PM
    I always leave about 50£ on the card so they get interest off me.
    Originally posted by DenABac
    Stop doing this ASAP.
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