increasing credit card limit?

my_definition

hi guys,

i have a halifax cashback card (only 1%) and my limit it currently £500. this is ok most of the time but i spend a lot on travel and would like to get the cashback on this. I've had the card since may. i would like to know if and when i should try to increase the limit or if it would be better just to leave as it.

im a full time student so getting another card might be a problem. My credit score should be ok have been paying phone bills ect for a couple of years and never missed a payment on anything. i have recently moved house (should be on electoral role by now) and i think my age counts against me when it comes to credit.

any help would be great

stephane_2

Too early to apply for a credit limit increase, most providers will require a minimum of 6 months worth of statements before you can apply for one.

ElkyElky

If you are in receipt of any 0% offers, Halifax wont let you increase your limit until it ends.

evanjonesaber

Give it til the end of the year then try for an increase in Jan

Moggles_2

Meanwhile, it might be an idea to check your credit files. Once you know what lenders see, you're in a better position to impress them. For help, see page 1 of the *How to obtain credit reports* sticky.

For tips to improve your chances, have a look at the *Credit Rating: how it works and how to improve it guide* especially Martin's *Manage and Improve your credit score* article, to make certain there's nothing else besides a lowish income working against you

http://www.moneysavingexpert.com/banking/credit-rating-credit-score#improve

my_definition

thanks guys ill prob wait till beginning of next year and ill try to have a look at my credit score. as i said it should be ok only my age counting against me but its worth a look

my_definition

oh can i just ask if i get rejected does this affect my credit score? eg do they do another credit check or does it just get assessed of my income ect

evanjonesaber

It will impact on your credit score - 1 rejection isn't much though, but I would highly recommend leaving a good few months before applying for another card. Too many rejections in one place make you look desperate and lenders will be put off.

EDIT: I'm an idiot - I somehow thought you were asking about new credit card applications. Sorry dude.

No, the application for an increased limit would not impact negatively on your credit score.

Moggles_2

my_definition wrote: »

Thanks guys I'll probably wait till beginning of next year.

Sounds like a plan

... and i'll try to have a look at my credit score, as i said it should be ok only my age counting against me but its worth a look.

Credit scores are at best a very rough guide and not worth paying extra for, tbh. It's easy to be lulled into a false sense of security by these numbers. Then it comes as a shock, when your application is turned down. (Equally, some forum users are put off applying at all, because of low scores.)

OTOH, credit reports, when ordered directly from Experian (or Equifax) are invaluable. It's known that most lenders use Experian, so that one matters more. Experian also sends guidance notes, which are a good read.

Once you know what lenders see, you're in a better position to impress them. For help, see page 1 of the *How to obtain credit reports* sticky

never-in-doubt

my_definition wrote: »

oh can i just ask if i get rejected does this affect my credit score? eg do they do another credit check or does it just get assessed of my income ect

A credit search is performed in the case of increased borrowing but only shows as a soft search and so will not be seen by other lenders, nor will it impact your ability to get credit.

Only a new credit application will affect you - not an increase in borrowing against an already active account.....

Regards to credit limit increase, Halifax are one of the few banks will that have a pre-approved limit so its deffo worth asking them for an increase, but usually no lender will increase your limit (except the sub primes) until after 6mths of activity. After this it would usually be automatic, especially with HBOS (so in Novembers statement you'll find it may be at £900 or thereabouts).......