Credit limit increase

bpsp10

Hey all,

I've had letters from two of my Credit Card companies today about increasing my credit limit. Now, first there no chance of spending on those cards, they are on long-term 0% deals and I'm over paying the minimums each week.

So my question is, should I accept the new limits or keep them as they are? Will my credit score look better with a smaller %age of the overall limit or will it be better with less limit but therefore a bigger overall %age?

Thanks

Curr946

Well yes it will look good, but it will also reduce the amount of credit you can obtain else where. The way lenders look at affordability is, if you max all lines of credit could you meant all the minimum repayments and afford a basic standard of living.

giblet10

I'd accept them but then my circumstances are that I have all the cards I will ever want / be accepted for.

izools

Looking at your signature you have moderate to small limits and balances very close to them.

Taking the limit increases will help greatly, given your very high % utilization of available credit right now

bpsp10

thanks for the advice all!

@izools - the secondary figure for each credit card is my debt on signing up to MSE, not the credit available to me.

I think I'll accept one increase (on the card that often offers me 0% BT deals) and reject the other (so that I can continue to get new credit on 0% BT deals).

izools

bpsp10 wrote: »

thanks for the advice all!

@izools - the secondary figure for each credit card is my debt on signing up to MSE, not the credit available to me.

Yes, that's what I'm saying - your balances are close to your limits - having higher limits will help your credit worthiness greatly as it will serve to reduce your utilization percentage to acceptable levels