can't get credit limit increased

gogostar

Hi,
I have 2 credit cards:

1) Paypal mastercard (santander) with limit of £300, I have this for about 4 years

2)lloyds airmiles duo, limit £500, since september last year

I tried to get my limit increased on both of them but both declined.

My questiom is if i wold be better of closing santander card and try to apply for new card somewhere else, hoping i'll get better limit?
Would this have any negative effect to my credit score?
Would higher limit give me better credit rating?

BTW both cards are paid off in full every month (direct debit)

Thanks for any advise.

chanz4

try somewhere else best bet

CLAPTON

you have forgotten to tell us-what your credit files say
how much you earn
whether you are on the electoral roll
what other debts you have

gogostar

my income is about 25-30k gross, that includes investments income+wage
I'm on electoral roll, I have agreed overdraft with bank 3000, but not using that, no loans.

Thank you

drewwhonumba2

Sometimes if you pay off cards then you aren't paying interest so aren't profitable for the card company, if you have a good credit rating then you can prob get a bigger limit by getting another card

MartinSpoon

As long as there's nothing else lurking in your credit history, sounds like you'd not have any problems applying for a new card - your earnings to credit ratio is low, and you tick all the obvious boxes for a higher credit limit.

What ar you planning on doing with the extra credit (pay off every month or not?)

gogostar

Only thing i could think of is short residency, i have not stayed in same address for more than 2 years. Does recent change in address have big effect on my score?

I need to increase my available limit in order to invest the money. if i'll get available limit about 6-10k i can turn money over with 10-15% gain in 2 months.

And i want to take commercial mortgage so i need good rating.

What are the main factors for credit scoring? can i get good rating even if i have quite short history?

Thanks