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  • FIRST POST
    • GeorgePowerFinch
    • By GeorgePowerFinch 10th Sep 17, 10:53 AM
    • 9Posts
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    GeorgePowerFinch
    M&S Credit limit increase?
    • #1
    • 10th Sep 17, 10:53 AM
    M&S Credit limit increase? 10th Sep 17 at 10:53 AM
    Good afternoon,

    I've recently been accepted for an M&S Credit Card which I'm going to use to buy some camera gear for my business, I got accepted for £2000 which is annoyingly low, I was expecting £3k-£4k minimum.

    My credit is mostly always on the 4/5 or 700/1000 in terms of the scale so its pretty good, I've had credit of over £3000 in the past which was all paid off early without ever missing a payment.

    How easy would it be to get a credit increase straight away? I've heard people have literally just phoned up in the past and they've raised it straight away but I want to hear if others have had a similar situation?

    I used to have a credit card which HSBC and I literally clicked the "increase limit" button on the website and it added an extra £1000 so I hope M&S is similar.

    Many thanks
Page 1
    • zx81
    • By zx81 10th Sep 17, 10:54 AM
    • 14,046 Posts
    • 14,738 Thanks
    zx81
    • #2
    • 10th Sep 17, 10:54 AM
    • #2
    • 10th Sep 17, 10:54 AM
    It's unlikely until they see how you manage the account, but nothing to stop you trying.
    • Somerset La La La
    • By Somerset La La La 10th Sep 17, 11:01 AM
    • 439 Posts
    • 122 Thanks
    Somerset La La La
    • #3
    • 10th Sep 17, 11:01 AM
    • #3
    • 10th Sep 17, 11:01 AM
    M&S website has a "increase credit limit" too - given how long they've taken to send my friend her card, I assume it's all the same backend as HSBC.

    She got referred, and asked some more questions by Underwriting. Was eventually accepted for 2k (surprisingly high for her circumstances). In her online servicing, increase limit comes up as currently unable to increase... phone if you want to discuss your limit.

    As zx81 says, I guess if you feel you have a solid case there is nothing to stop you asking - worst they can do is say no. I doubt they'd formally credit search you again, given that you applied so recently.
    Ex-Bankrupt, Discharged 09/2015
    Capital One - Jul 2016, £3,750 Never ending 0%....
    Aqua Reward (0.5% Cashback) - Nov 2016 - £1,950
    Vanquis Chrome 24.7% - July 2017, £1,000
    Car Loan - Sept 2017 - £15k outstanding, early settlement = £10k....
    Rebuild for Mortgage (10/2018)
    • GeorgePowerFinch
    • By GeorgePowerFinch 10th Sep 17, 11:04 AM
    • 9 Posts
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    GeorgePowerFinch
    • #4
    • 10th Sep 17, 11:04 AM
    • #4
    • 10th Sep 17, 11:04 AM
    I guess when you say it was high for her circumstances it means her credit history isn't great or something has happened to make her credit bad?

    Mine is really good, in fact its actually quite high for my age, I guess age does factor in but even £2k for me is low (I'm 21 years old) and I know people younger than me with a lower credit rating and they've been accepted for £4k, and that was on an interest free card.
    • zx81
    • By zx81 10th Sep 17, 11:08 AM
    • 14,046 Posts
    • 14,738 Thanks
    zx81
    • #5
    • 10th Sep 17, 11:08 AM
    • #5
    • 10th Sep 17, 11:08 AM
    Credit ratings aren't a factor in gaining credit. Only how lenders view you.
    • Somerset La La La
    • By Somerset La La La 10th Sep 17, 11:15 AM
    • 439 Posts
    • 122 Thanks
    Somerset La La La
    • #6
    • 10th Sep 17, 11:15 AM
    • #6
    • 10th Sep 17, 11:15 AM
    Yea, from what you say, if my friend can get 2k, you should be able to push for more - but obviously it's all about income, job stability, home ownership, linked people on your credit report, searches etc.

    She can easily manage the £2k, in isolation or combined. They've clearly either assumed equity available in her house (if she defaulted), or used her husband's profile as part of scoring.

    Her credit profile isn't 'bad' but it's thin (or was, until recently!) - we've opened so many cards and bank accounts for her over last 6 weeks (in excess of 10 easily) - taking advantage of the £50 nectar points, £125 Halifax & £100 Nationwide switching offers, lots of long 0% deals etc. Searches and the speed at which she's racking up limits (from nothing to £10k) must be concerning - Yorkshire Bank gave her a massive £500 0% for 2 years (very helpful that'll be I'm sure!!!! ), and that was before another 5 searches were added!

    Average limit is about £1,250, so all things considered I was pleasantly surprised to hear 2k from M&S. I'd have fallen off my chair at 4k - but for you it sounds like that's an option - assuming you don't have too much outstanding debt and have a decent income.

    Always worth an ask - but generally they give you what they think you can afford. If you happen to have any high savings/investment statements etc, it might be worth sending that in. Luck of the draw really!!
    Ex-Bankrupt, Discharged 09/2015
    Capital One - Jul 2016, £3,750 Never ending 0%....
    Aqua Reward (0.5% Cashback) - Nov 2016 - £1,950
    Vanquis Chrome 24.7% - July 2017, £1,000
    Car Loan - Sept 2017 - £15k outstanding, early settlement = £10k....
    Rebuild for Mortgage (10/2018)
    • GeorgePowerFinch
    • By GeorgePowerFinch 10th Sep 17, 11:19 AM
    • 9 Posts
    • 0 Thanks
    GeorgePowerFinch
    • #7
    • 10th Sep 17, 11:19 AM
    • #7
    • 10th Sep 17, 11:19 AM
    Yea, from what you say, if my friend can get 2k, you should be able to push for more - but obviously it's all about income, job stability, home ownership, linked people on your credit report, searches etc.

    She can easily manage the £2k, in isolation or combined. They've clearly either assumed equity available in her house (if she defaulted), or used her husband's profile as part of scoring.

    Her credit profile isn't 'bad' but it's thin (or was, until recently!) - we've opened so many cards and bank accounts for her over last 6 weeks (in excess of 10 easily) - taking advantage of the £50 nectar points, £125 Halifax & £100 Nationwide switching offers, lots of long 0% deals etc. Searches and the speed at which she's racking up limits (from nothing to £10k) must be concerning - Yorkshire Bank gave her a massive £500 0% for 2 years (very helpful that'll be I'm sure!!!! ), and that was before another 5 searches were added!

    Average limit is about £1,250, so all things considered I was pleasantly surprised to hear 2k from M&S. I'd have fallen off my chair at 4k - but for you it sounds like that's an option - assuming you don't have too much outstanding debt and have a decent income.

    Always worth an ask - but generally they give you what they think you can afford. If you happen to have any high savings/investment statements etc, it might be worth sending that in. Luck of the draw really!!
    Originally posted by Somerset La La La
    Ah okay thanks for your help! Technically I'm living with parents so I don't have any major monthly outgoings, no outstanding debt at all, all previous debt (my car, and other camera gear) was paid off early and with this credit card id be spending around £150 a month paying it off which is completely fine so I hope they are nice and give me a bit more. I don't think I'm asking for so much that they have to credit check me again, I'm talking £1k-£1.5k, not £5k so yeah fingers crossed.

    Got a wedding I need to photograph in the Caribbean so I need this camera gear asap haha!
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