Increased credit limit, should I wind it in to help future applications?

tomstickland

Lloyds have kindly written to tell me that they'd like me to spend more of their money for them. It's no use though, the 0% deal ends next month. Should I phone up (got to use saynot0870) and ask them to, instead, reduce the limit to the current outstanding balance? I want to maximise any future credit limits on new cards now that this has outlived it's welcom.

YorkshireBoy

They've been very good to me with repeat 0% fee-free offers, so I'd be tempted to get it increased now - just in case!

Having a higher limit sometimes does help with other applications. For example, the Co-op run cards say they'll 'look' to match your highest limit elsewhere.

Either way, if you do close the account, whatever limit you finish up with will still take the usual 1-2 months to be shown as 'settled', and therefore no longer available to you, with the CRA's.


EDIT: When/if you do come to make the 'repeat' call, the retentions department can be contacted on 0800 032 2044.

tomstickland

OK, thanks, so just leave it alone is best you think?

YorkshireBoy

tomstickland wrote:

OK, thanks, so just leave it alone is best you think?

I would......