What limit to ask for? HELP!!

THE_ROCK84

Hi all, after graduting for university (no debt) my student barclaycard what upgrade to a standard Graduate Barclaycard. They give me a new £700 limit (previously £400 for 3 years).

For the last Three months I having been spenting up to the limit on my card

Mid Jan = Limit increase
Feb = £689 spent on on credit card PAID IN FULL ON STATEMENT
Mar= £675 spent on on credit card PAID IN FULL ON STATEMENT
April = £670 spent on on credit card PAID IN FULL ON STATEMENT

im looking to ask barclaycard for a limit increase as it has been 3 months till my last one (i bank with barclays).

What is the reasonable limit to ask for? I would have spent £2034 in the 3 month period!!

jimmyjim_uk

You usually have to wait 6 months to get a change in credit limit.

I have a Barclaycard Platinum. My limit was increased after 6 months but they choose the limit.

Theres no harm in asking for a limit increase I suppose.

THE_ROCK84

No you dont, It definatly 3 months, I have asked 4 different customer service repersenatives. I thinks its 6 months if your a new customer or you dont bank with barclays.

Im planning to spend another £670 next month (rent and council Tax) which will be paid in full, so i would have spent £2704 in 4 months. Is it worth waiting till 4 months till I ask for a limit increase or 3 months??

In looking for a £1500 credit limit at least.

jimmyjim_uk

This is from the Barclaycard website terms and conditions:

4. What is your credit limit?

4.1 Your credit limit is the maximum amount available on your account. You will be advised of your credit limit when you first receive your Barclaycard. Your credit limit will also be clearly shown on your statement each month together with your available remaining credit. Occasionally, we may change your credit limit depending on our assessment of your account.


From my experience of credit cards (7 years worth) they USUALLY review your limit every 6 months. If CS told you 3 months, then 3 months it is.

THE_ROCK84

So what the max i should ask for?

jimmyjim_uk

What ever you think you need

THE_ROCK84

i only need about 1500 to 1800, if i ask i dont want to be delined, i want to ask for a reaslist figure that im sure to get, my account account has been very good.

what do you think jimmy? :j

jimmyjim_uk

I would ask for the £1800 then. If that is more than they (the computer) are willing to give they will normally tell you what you can have.

My Intelligent Finance credit card has an option in the account details to request a bigger limit. I asked for £3000 and they said they could only give me £2520. So I wouldn't worry about being declined.

It all depends on your risk profile, credit history, etc..

THE_ROCK84

is that a reasonable request? should i wait for the 3rd month when i have paid £2034 or the 4th month when i have paid £2704?

almahadeus

THE_ROCK84 wrote:

is that a reasonable request? should i wait for the 3rd month when i have paid £2034 or the 4th month when i have paid £2704?

It doesn't really matter whether you have paid £2034 or £2704 in total on your credit card over the last 3/4 months. What matters is your credit rating i.e. what your salary is, whether you are a homeowner, whether you have ever missed payments or had big debts. These are the things that matter.

Having said that, a lot of the time your bank can just take the decision on the spur of the moment and there's not much logic in it. One day they might say have a £1000 limit and another day they may raise it to £5000. I am a student and when I was in my 1st year my limit was £500, after 6 months it was raised to £3000 without me even asking! And I was spending maybe £100 per month on my card and repaying in full each month. So you can see that it doesn't make much difference in my experience what you spend, the important thing is that you pay it back in full each month before you get charged interest.

If you need £1800 then ask for that, and they probably will agree, if they reject you just go and apply elsewhere!

THE_ROCK84

:mad: Doesnt credit utilisation affect what limit they are going to give to?