Aqua

vintagegirl

Just got home to find a letter from Aqua upping my credit limit from £550 to £750.

Ive only had one increase from them before and thats because i asked for it.

The card at the moment has a balance of £510 that im paying off. Should i take the increase or reject it?
DOes this indicate my credit rating is getting better?

BugsyBrowne

vintagegirl wrote: »

Just got home to find a letter from Aqua upping my credit limit from £550 to £750.

Ive only had one increase from them before and thats because i asked for it.

The card at the moment has a balance of £510 that im paying off. Should i take the increase or reject it?
DOes this indicate my credit rating is getting better?

Don't take this the wrong way but there must be adverse on your credit report at the moment to have an Aqua card in the first place.

It shows that your managing Aqua's card very well and they're pleased to offer you an increase.

vintagegirl

no its fine, yeah my credit file has been bad for a long time, and the last default falls off next year, so thats what i figured

BugsyBrowne

vintagegirl wrote: »

no its fine, yeah my credit file has been bad for a long time, and the last default falls off next year, so thats what i figured

Yep as soon as that default falls off 'as you know you'll see a massive improvement but you're doing the right thing in building your credit history up in the mean time.

fozmcfc

I would say, to reject the increase, if you feel you will be tempted to use it, particularly with Christmas around the corner.

You are near your current limit, that could suggest, Aqua are just looking to hook you in a bit more. Go up to £750 and use the limit, it'll be £1000, then before you know it £2000 at high APR and your stuck.

Cards like Aqua are fine if you keep it under control, spend on them and pay them off in full each month, or at least keep to 50% of your limit and pay it off over 2 or 3 month.

I would say at £510 on a £550 limit, you need to think very carefully, before you accept.

vintagegirl

fozmcfc wrote: »

I would say, to reject the increase, if you feel you will be tempted to use it, particularly with Christmas around the corner.

You are near your current limit, that could suggest, Aqua are just looking to hook you in a bit more. Go up to £750 and use the limit, it'll be £1000, then before you know it £2000 at high APR and your stuck.

Cards like Aqua are fine if you keep it under control, spend on them and pay them off in full each month, or at least keep to 50% of your limit and pay it off over 2 or 3 month.

I would say at £510 on a £550 limit, you need to think very carefully, before you accept.

thanks that was initially my thinking but i lost the original card 2 months ago and when the new one arrived, i didnt activate it, ive cut it up to take away the temptation

ffacoffipawb

BugsyBrowne wrote: »

Don't take this the wrong way but there must be adverse on your credit report at the moment to have an Aqua card in the first place.

No no no no.

I have lots of credit cards, all cleared every month and I believe my credit rating to be excellent.

I applied for the Aqua card for the 3% cashback, and I got one with a measly £500 credit limit. I pay my spending off weekly by fast payment so I can get the maximum £100 annual cashback as soon as possible and I don't want to exceed the credit limit as that would forfeit all cashback earned for the year.

I am only interested in the very generous 3% cashback. I get 3% on Santander for fuel (though the card costs £24 per annum but I got the first year free as I also opened their 123 current account for direct debit cashback) and 3% on everything else thanks to aqua.

Happy days!

BugsyBrowne

ffacoffipawb wrote: »

No no no no.

I have lots of credit cards, all cleared every month and I believe my credit rating to be excellent.

I applied for the Aqua card for the 3% cashback, and I got one with a measly £500 credit limit. I pay my spending off weekly by fast payment so I can get the maximum £100 annual cashback as soon as possible and I don't want to exceed the credit limit as that would forfeit all cashback earned for the year.

I am only interested in the very generous 3% cashback. I get 3% on Santander for fuel (though the card costs £24 per annum but I got the first year free as I also opened their 123 current account for direct debit cashback) and 3% on everything else thanks to aqua.

Happy days!

When someone starts a thread asking if getting an increase in their credit limit helps their credit rating we can assume their credit rating was only good enough for the Aqua card.

sicker

I'm with ffacoffipawb, I have nothing adverse on my credit report and use the card all the time for the 3% cash back. Can't wait for a limit increase which apparently 'may' come sooner than the 6 months. At the moment it is £500 which is somewhat curtailing.
Vintagegirl I would accept the offer of the increase BUT only if you can manage to clear the balance each month which from the tone of your post I think might not be an option for you.

Best of luck

sicker

ffacoffipawb

BugsyBrowne wrote: »

Don't take this the wrong way but there must be adverse on your credit report at the moment to have an Aqua card in the first place.

ffacoffipawb wrote: »

No no no no.

I have lots of credit cards, all cleared every month and I believe my credit rating to be excellent.

I applied for the Aqua card for the 3% cashback, and I got one with a measly £500 credit limit. I pay my spending off weekly by fast payment so I can get the maximum £100 annual cashback as soon as possible and I don't want to exceed the credit limit as that would forfeit all cashback earned for the year.

I am only interested in the very generous 3% cashback. I get 3% on Santander for fuel (though the card costs £24 per annum but I got the first year free as I also opened their 123 current account for direct debit cashback) and 3% on everything else thanks to aqua.

Happy days!

BugsyBrowne wrote: »

When someone starts a thread asking if getting an increase in their credit limit helps their credit rating we can assume their credit rating was only good enough for the Aqua card.

I have an aqua card and my rating is excellent. To repeat your first comment:-

BugsyBrowne wrote: »

Don't take this the wrong way but there must be adverse on your credit report at the moment to have an Aqua card in the first place.

Clearly untrue.

BugsyBrowne

ffacoffipawb wrote: »

I have an aqua card and my rating is excellent. To repeat your first comment:-



Clearly untrue.

Well I'm glad you're getting £2 a week cashback congratulations don't spend it all at once but the point I am trying to make is that Aqua is not just a cashback card it's also a credit building card.