Upping credit limits

The_Boss

Last september I reduced my MBNA and Morgan Stanley limits down from almost £6k on each to £2k on each to help boost my credit rating for a mortgage.

Now I was wondering - MBNA and MS used to up my credit limit every 6 months or so automatically. But since I asked for a large reduction, will they still do this? I would quite like to increase my credit limits but am not that fussed and would certainly not waste a credit check by asking them to up it.

grumbler

Not the answer to your question, just my recent experience with MBNA.
Half a year ago I moved most of my Conran CC limit to A&L CC with aim to maximise profit of A&L existing customers BT offer. I left only £2K limit on Conran. About 5 months later they automatically increased it to £2900.

The_Boss

Yeah, they used to up mine by £900 a time, but not sure if they will do so after I have instructed them to reduce the overall limit.

[Deleted User]

The_Boss wrote:

Yeah, they used to up mine by £900 a time, but not sure if they will do so after I have instructed them to reduce the overall limit.

If you would like a higher limit, what's your objection of phoning them up and ask them. I fail to see your reasoning of wondering whether or not they will review it. Just tell them you are planning some expenditure larger than your credit limit and would they increase it. I'm sure they would, particularly if you have been a good customer for them. So go on - give it a try. And please let us know how yo get on. Good luck

nuttyrockeress

I know that when you call Capital One for a credit limit increase they advise that they will look at your credit file to help make a decision as to if they are able to increase your limit however they only look at it and do not make any ammendments.

As far as I am aware from personal experience so long as you have left a gap of 6/7 months from reducing your limit to requesting an increase, they should be prepared to review this for you.

The_Boss

lindabea wrote:

If you would like a higher limit, what's your objection of phoning them up and ask them. I fail to see your reasoning of wondering whether or not they will review it. Just tell them you are planning some expenditure larger than your credit limit and would they increase it. I'm sure they would, particularly if you have been a good customer for them. So go on - give it a try. And please let us know how yo get on. Good luck

Problem is, when I did that, I was told they would do a search.

Now someone on here mentioned that if you ask for a small increase they wont do it. So I'm confused. Do I wait for them to up it (when it could take months) or ask for a small increase of £500 and hope?

pcyam

I dont no if this helps, but I work for a high street bank, and come across credit checks all the time, with regards to increasing credit limits, i know that MBNA will decrease your limit if you request it, and they will increase your limit every year if you have ran the account well, and if you request to increase your limit youself they will do a credit search on you and also take into consideration of your income. I have personally phoned MBNA and asked them to increase to x amount and they said on my salary they were willing to give me a higher balance than what i wanted.

Hope this helps

The_Boss

I think this can be summed up by saying "a credit search for £500 is a waste of time".

Thanks guys. I'm just going to wait it out and see if they up it themselves at any stage.

vwman_3

My good lady wife has a Lloyds TSB Platinum card with £5k limit well she did up til last Friday, when she opened the mail there was a letter from the bank upping her limit to £10k, as in their words she is a good customer.
I have never heard of such a large increase before and neither has she, apparently she has never requested a rise they just come every 6 to 8 months but usually £500 at a time, but £5k in one go thats a hell of a rise.

The_Boss

I'm now after the same advice but with Halifax. Anyone have any experience of checking their CRA files after asking for an increase? I'm hoping that for an increase of £1300 they would just do an ID check as opposed to a search.

For the record, MBNA just carried out an ID search on Equifax when I got my increase last month.