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current thinking on auto-limit increase
cgk1
Posts: 1,300 Forumite
in Credit cards
What is the current thinking on automatic credit card limit increases?
A friend has just had a letter saying his limit is increasing from £6000 to £8000 - he has a balance of about £1500 which he plans to clear within three months (he's being paying off at £600 a month) - he asked me if he should decline as it might have impact on credit score.
However I've heard so many different things about this I'm not sure what to say to him?
A friend has just had a letter saying his limit is increasing from £6000 to £8000 - he has a balance of about £1500 which he plans to clear within three months (he's being paying off at £600 a month) - he asked me if he should decline as it might have impact on credit score.
However I've heard so many different things about this I'm not sure what to say to him?
0
Comments
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Depends on total debt, total limits and income ratios.
But on the face of it seems like he has a reasonable amount of available credit for emergencies, so all things being equal, he may want to decline it.0
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