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Gordon_Hose

Nope. Paying your bills on time is better.

samtoby

Gordon_Hose wrote: »

Nope. Paying your bills on time is better.

Well yes but you need the credit to do that first!

Gordon_Hose

You don't need £3600 worth of credit to build up your good credit lol!

samtoby

Larger limits and using them wisely do actually.

Gordon_Hose

Doesn't matter about the limit.

samtoby

How can it not matter - if you only have say £500 limit in total for all your credit - it represents your higher risk because you have low limits.

Years ago when I was a credit tart I had a limit of 15k on my MBNA card - I didn't even earn that but everytime I paid it off they rose it. I put it down every time I paid some money off it until it was clear then changed the limit to £500. It is the only card I have that i have had since before my credit disasters and after I lowered the limit incidently my credit score went to the floor (286) and it is only starting to pick up now.

I know the bla bla about credit scores.

But.....my Experian report says I am high risk because my highest credit limit indicates people are unlikely to lend to me due to my low limits AND available credit.

Gordon_Hose

samtoby wrote: »

How can it not matter - if you only have say £500 limit in total for all your credit - it represents your higher risk because you have low limits.

Years ago when I was a credit tart I had a limit of 15k on my MBNA card - I didn't even earn that but everytime I paid it off they rose it. I put it down every time I paid some money off it until it was clear then changed the limit to £500. It is the only card I have that i have had since before my credit disasters and after I lowered the limit incidently my credit score went to the floor (286) and it is only starting to pick up now.

I know the bla bla about credit scores.

But.....my Experian report says I am high risk because my highest credit limit indicates people are unlikely to lend to me due to my low limits AND available credit.

If you have higher limits you could be seen as a high risk because you could go and max yourself out in an hour.

Don't believe everything you read on Experien.

samtoby

I guess no one is right or wrong. But hey only time will tell.

stclair

Its in the terms and conditions:

Credit Limits

Your account will be subject to a credit limit which we may vary at any time (up or down). The outstanding balance of your account must not exceed your credit limit. If you exceed your credit limit you may be asked to pay the excess immediately. Your credit limit will be shown on each statement.

http://www.next.co.uk/WinTC.asp