Barclaycard initial and building my credit rating

geekonthepc

Hi all, I'm new to the forum and looking to get some advice.

I've had a barclaycard initial now since November 2012 with a £400 limit on an £8.5k salary (in full time education and working part time). I got it as I'd like to build my credit rating as I'm in my late teens and looking to get a head-start with a good rating.

I've used it fairly heavily (using up to £300) each month but it's been paid off in full EVERY month without fail and therefore I haven't paid a penny in interest on it.

With it coming up to 6 months old, I was wondering whether it is worth looking into getting it upgraded?

I monitor my credit rating with Callcredit each month and at the moment it's around the fair area. I currently have a phone contract with 3 (which I did originally pay a deposit on) which has so far been paid on time every month together with a £100 overdraft with my bank (HSBC) that I have never used as yet.

I don't really want to lower my score any more for the meantime but I was wondering if anyone had any advice. The only issue I have right now is that my credit rating advice says my score is being held back because I use a high percentage of the credit made available to me each month.

If Barclays call me and offer me an increase in limit I'll probably take it and ask for a better card too, but does anyone think it's worth me manually prompting it in a couple of months time to see what they say? Or would anyone advise it's better for me to wait and see whether they get in touch with me?

Really appreciate any advice given.

Many thanks

Alex

Jules2012

It sounds like you manage your finances really well, not using your overdraft is a good thing to.

I would wait 12 months and or until Barclays prompts you whichever comes first.

However as you are only on a part time income I think the credit limit you currently have is the correct amount to have just now and I wouldn't worry bout the credit/usage ratio just now.

greenlightluke

If you want to get it 'upgraded' I'd recommend Barclaycards Freedom Rewards. I have it - use it for every purchase, and love it. I recently cancelled my Barclaycard Initial CC because I never used it.

lawstudent

Provided you have had the card 6 months or longer (barclaycards requirement) I would ask for an increase in credit limit now. I work part time and am a student (just about to graduate) and I wish I had asked for an increase sooner. The first time I asked they added about £1500 then they just about doubled it the second time. Not that I actually use all that but its nice to bring the utilisation percentage down and especially useful now i have upgraded to the cashback card and put everything on it.

geekonthepc

Thanks for the advice folks. It'll be 6 months old next month. Based on what's been said, I think I'll leave it for now as it's working fine. It's not that I want more credit, it's more that I want to bring the utilisation percentage down as it appears to be lowering my score a tad each month.

I am not keen on actually using the card to borrow money (at least while its almost 30% interest), it is purely for credit building purposes.

I'll see if they call me in the next couple of months. If they don't, I'll leave it until a little later into the year and then perhaps chase them then.

If anyone has any other advice or experience with the card it'd be great to hear it. I can see there are tonnes of posts on the site with people in a similar situation to me.