Increasing my credit card limit- in the reccession ?

Danny_G

Now the banks have stopped lending - would there be a high chance of them to NOT giving a credit limit increase on my credit card?

I have a good credit history- have paid my minimum payments and full payments when i have a balance on the card, and use it well/frequently with NO defaults...... but due to the recession have credit card companies got tight with increaseing limits to peoples credit cards on requests?

Have you had any experience (acceptence of credit limit increase or rejection of credit limit increase- on request?) - share your experience....

MattLFC

It depends on the bank/lender and how they view your custom.

I got an increase, albeit without asking, from the HSBC, on my MasterCard, just before Christmas, from £2,000 to £3,000. I could not understand it, because I don't have an awful lot of money pass through my HSBC current account nowadays (all goes through my Abbey business account, so just my living go into the HSBC account), but from reading (and asking) on here, it seems they have given it to me, because first and foremost, they are a solid bank, the only major UK bank that isnt in trouble, secondly, they must see me as a "secure" customer, having been with them for 14 years for my bank account and 4.5 years for my credit card, and apart from the odd overdraft fee a few years back (all of which they were happy to refund to me straight away when I claimed the charges back, I should add), have never had any problems with my account, but also because I have been quite a profitable customer for them, as I don't pay off my limit each month in full, so pay anywhere between £15 and £30 per month interest, dependent on how much I have outstanding on my credit card.

If you have a good standing with everything, and have been profitable for them yet "secure", then you have a good chance of getting it imho, it just depends on the bank.

Im not 100% sure, but I think if you have had an increase, or indeed a rejection for one, within the last 6 months or so, it's not worth trying again just yet, as it will probably count against you. I can't say this for certain however, so maybe someone could clarify.

Volcane

Ulster bank increased my credit limit from £3000 to £4200 without any trouble at all.... I did have to ask though. Only had the card 6 months too and not paid a penny interest oni t.

Barclaycard however refused a request.

As the poster above says, depends on the bank.

NBE

Tesco increased my Clubcard credit card limit, I had to phone them up to do this but there was no problem. I think it all depends on how much of a risk their computers evaluate you to be. It's worth a try though, the worst they will say is no, and even then you can try again in 6 months

Kavanne

My Nationwide and Halifax cards just allowed me to increase my limits last week I pay off in full each month though. I did it through online banking for both. I clicked 'increase' and when I put a figure in it said 'sorry, we can only increase it to 4800, is this OK?' (I'd tried for 5000) lol

dhassen

Virgin (MBNA) have just this month upped my credit limit (again!, without me asking).

Danny_G

Were all these increases recent?

When were the dates of your credit limit increases?

dhassen

Mine was increased at the date of my last statement...... 15th of Jan I think...

MattLFC

My increase was at the end of November iirc.