Increasing credit limit

aqueoushumour01

Hi. I often read on here about people with credit limits of several thousand. How do you build it up? I got my first credit card about 5 months ago with only a £500 limit as I had not previously used any credit (even during my student days!). I'd like to have a higher limit so I can get into stoozing to make some extra cash so best place to start is probably my bank. Is the credit limit easy to have increased?

1ec

It is worth trying to speak to a person in person if you have a bank that allows this. It all seems very illogical. I had financial difficulties which I resolved, then got a credit card which I paid on time but did not pay off fully, thus making the bank lots of safe money. I never asked for a credit increase but it kept creeping up £1000 at a time until it reached an alarming amount. Unless you are very strong, your borrowing does tend to rise and of course I could have insisted it was reduced. Situation now is I paid everything off - and they have raised it again. I suspect what they want these days is someone paying regularly every month, but not in full so they favour diligent payers who also make the banks money. I have heard of many people who pay off their credit cards in full who find it impossible to get new cards - no money for the bank, no card for the customer.

Dave_®f©

I would disagree with you 1ec.

I've not paid interest on a credit card for about 15 years. I always pay the full balance online even before the due billing date. I use the Halifax One card as I get a credit annually for using it and have just had an increase from around £8.5k to £10.5k without asking for it. I can assure you the banks make NO MONEY from me apart from the merchant fees they charge the suppliers.

To the OP....I would just keep the account in good order making regular purchases and payments and approach the issuer after a while and ask for an increase if required.

bomber0405

Alx_B wrote: »

Agree with the above, although 1ec may have a point in terms of the banks prefering customers who make them more profit, you should still be able to get your credit limit upped by running the card well and not paying interest.

Ditto. I always clear my credit card each month and quite often the issuer increases my limit when I haven't requested it.

In my experience when neccessary I have requested an increase online and it has been agreed instantly.

sarahs999

I am constantly getting my limits raised, but I am a serial tarter. I too haven't paid interest in many years, but I have large debts that I constantly pay (on time, that's the key) and always a little over the minimum. Just recently I BTed from Virgin to someone else (about £3k)). They have since given me two credit raises in quick succession, it now stands at £11,500. I have £36,000 available to me on various cards, which is crazy and not at all what I want. BUt I think they key is to never miss a payment, to always pay at least a little over the minimum, and just prove yourself to be a good customer.

londonuk2008

when you B/T a amount to a new card - would your old card issuer know itas a B/T or do they just see a payment?

clio

they will see it as a BACS payment thats all.

aqueoushumour01

that's all interesting stuff. i'll have to start using my cc more often. i tend to use my debit card automatically, but it looks like the more it's used to more willing a bank will be the raise the limit.