whats the likelyhood and could they reduce?

costaerer

i have a credit card with lloyds tsb, the interest rate is very good but the credit limit is pants! i have had i think 1 late payment in 2 years so its in good order, as well as my loan with lloyds tsb all is good apart from one late payment in december 2008.
maybe youve seen before on a post i have a joint account my wife screweed up on and is now on her dmp, and so having adverse effects on my credit file.

anyway i would like a credit limit increase with lloyds, would they consider if even with the AP's for my overdraft?
and if i request it could they reduce it instead or increase interest?

DarkConvict

Honestly I cannot say, i believe now a days you have to ask for an increase rather than them just giving you one without asking, as it led to overspending.

Your credit card interest can vary regards of if you take any actions. i.e. Note. i do pay in full every month. My Santandar card was £1500 at 14.9%. After 6 months it jumped to £2200. Then over the last 12 months the interest went to 16.9%, 17.9%, 19.9%, 25.9% and now 29.9%. Yet i have a good payment history, the only mistake was there system tired to take the DD out of the wrong bank account... But it shows regardless of history it will vary. I never asked for a single change on my account for the limit or interest.

They review accounts regularly so i do not see any harm in asking if that is what you want, if anything happens like higher APR it was going to be coming anyway.

Credit cards like overdrafts, i believe can have the credit limit cut down pretty quickly. Overdrafts can be cut to £0 within 30 days, and credit cards can reduce the limit to the balance of the card, effectively freezes all spending on it.

costaerer

i have a £500 limit at 15.9%apr..... i really only want about £1000 limit and if they increased the interest im not so bothered. im just scared theyll say oh sorry weve cancelled your card, then ill be stuck. ive had the card over 2 years and no limit increase though im sure thats to do with the overdraft!

DarkConvict

I would say no harm in asking. Just say you are looking to make a big purchase, and that given your payment history with the card are asking for an increase in order to make the purchase.