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best way of icreasing credit limit
alo6
Posts: 185 Forumite
in Credit cards
hello, im looking to raise my credit limit of by about 2k to pay off a ridiculous welcome finance loan. 16% is a lot better than 60%.
Im a bit concerened as when they look at my credit report and see the loan on it worth £2500 and think i have enough outstanding debt although i want to pay it off with the limit increase.
Which one would be best:
BOS (my own bank) - credit limit £1250
Tesco - limit £1500.
Would i be best doing it online or talking to a person over the phone, is there any ways of bargaining your way through it?
Im a bit concerened as when they look at my credit report and see the loan on it worth £2500 and think i have enough outstanding debt although i want to pay it off with the limit increase.
Which one would be best:
BOS (my own bank) - credit limit £1250
Tesco - limit £1500.
Would i be best doing it online or talking to a person over the phone, is there any ways of bargaining your way through it?
0
Comments
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There shouldn't be a credit score for a credit limit increase, I know BOS at least only use internal underwriting procedures.0
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how long have you had your card for ???0
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bos - 3 years
tesco - 18months roughly0 -
There shouldn't be a credit score for a credit limit increase, I know BOS at least only use internal underwriting procedures.
They do use CRA's and do a search when the customer rings for an increment - all banks do and HBOS are no different. Ok, it may show unrecorded but they always check upon request. I can actually post my Experian report which will show you my request for increase - actually shows as unrecorded enquiry as opposed to credit search.
the exception to this is if they increase it as part of their 'monthly data feed' in which case no search would be done.
Bear in mind both the lenders mentioned by the OP will auto-increase every 6mths - can you confirm if this has happened because if not then i'd suggest you get your credit reports before applying to increase as all lenders tend to increase automatically every 6months....
2010 - year of the troll
Niddy - Over & Out :wave:
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the tesco hasnt increased in the 18months ive had it. and when i got the bos it was originaly £900.0
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have you ask welcome finance for a full and final settlement as it will be a lot less than £2k and it will save you some ££££ that what i did0
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no, not phoned them yet, didnt think it would be that little.0
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it sould be about 60 to 80 % of the loan dont forget that welcome finance are in trouble at the moment so they are happy to see people to pay off there loans0
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fantastic. :beer:
i will phone bos later on this morning and let yous know how i got on.0
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