Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • clear_as_mud
    • By clear_as_mud 11th Mar 17, 12:35 PM
    • 66Posts
    • 75Thanks
    Credit Limit increase
    • #1
    • 11th Mar 17, 12:35 PM
    Credit Limit increase 11th Mar 17 at 12:35 PM
    I have just got a letter saying one of my providers is increasing my credit limit on a card I have.

    I don't know whether to accept it or reject it. I have done a bit of research online but I get conflicting thoughts. Looking at my credit files I seem to have a great rating/file, with no defaults, no CCJs, bankrupt status, CIFAS, and all my accounts up to date etc.
    The new MSE credit club thing is showing green everywhere and a hit rate of 86%. Does anyone have any ideas how a credit limit increase might affect me? Or is this a finger in the air guess?

    My only concern is I already have a lot of available credit/ income ratio. I earn £30k

    I have the following limits
    1) £3300 with a current balance of £2550
    2) £4000
    3) £2000
    4) £4000
    5) 1 car loan with about £11k left to pay.

    I also have several bank accounts with agreed overdraft facilities that combined equal about £5k.

    The card with the £2550 balance is on 0% and this is the provider who has written to increase my limit. They want to double it to £6600.

    What do people think? Is this likely to affect me negatively?
Page 1
    • zx81
    • By zx81 11th Mar 17, 12:38 PM
    • 11,208 Posts
    • 11,170 Thanks
    • #2
    • 11th Mar 17, 12:38 PM
    • #2
    • 11th Mar 17, 12:38 PM
    Won't have much of an impact either way. I'd take it if it's a card you plan on using.
    • YorkshireBoy
    • By YorkshireBoy 11th Mar 17, 12:45 PM
    • 28,938 Posts
    • 16,716 Thanks
    • #3
    • 11th Mar 17, 12:45 PM
    • #3
    • 11th Mar 17, 12:45 PM
    Maybe do a swap? Take the limit increase and close the £2K card. That would both increase your average credit limit and reduce the number of cards you hold, thereby presenting you in a better light should you wish to apply for another card in future.

    That's assuming the £2K card isn't a specialist card that you'd wish to retain, eg Halifax Clarity/Nationwide Select/Santander Zero etc?
    • clear_as_mud
    • By clear_as_mud 11th Mar 17, 12:50 PM
    • 66 Posts
    • 75 Thanks
    • #4
    • 11th Mar 17, 12:50 PM
    • #4
    • 11th Mar 17, 12:50 PM
    The £2k card is the N/W select. It was my first ever credit card when I was 18 so its my longest term relationship with a provider. That was one thing I noticed on the MSE credit club, it said it looks good if you have long standing relationships over 6 years with the same provider, so I would rather keep this open. But a good suggestion, I might get rid of one of the £4k cards at some point.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

66Posts Today

3,310Users online

Martin's Twitter
  • RT @EmmaDark30: @MartinSLewis off on holiday next month all paid for with free cash for switching bank accounts! Thank you!

  • MSE weekly email: Big Energy Switch 7, £5 Next/Zara etc, buy euros now?, 10xNectar, 2for1 gardens, urgent easyjet

  • Today's Twitter poll 2: following on, which of these professions would you trust least if you were using their services?

  • Follow Martin