Raised Aqua Credit Limit

KaiserBill

It is now some seven years since I was made bankrupt. I am now in the process of rebuilding my credit profile.

I got an Aqua card in February with a credit limit of just £ 250.

I have just received a letter from them saying that..........my limit has been increased to £ 1050 . :T Needless to say I am very happy to hear that. It means that I am now well on track to getting back to having a reasonable credit profile once again. My next step will be to apply for a " full " current account, something which I have missed.

When I got the card I set up a direct debit for 25 % , I then did a bank giro credit every time to pay off the balance each month in full.


I am posting this to try to encourage others who are now it the position I was a while back. There is life after bankruptcy, it does take time though and lots of patience too. But if I have done it you can too.


Good luck.



Edit, if a mod feels this should be in the bankruptcy section please move it. I was not sure where to post it.

Herbalus

You are either fortunate, or Aqua are encouraging you to spend more than you can afford to repay! Although I thought that was a Vanquis trick....

I had to wait 6 months and then another 4 months for my increases from £250 to £350 and then £500. I don't need more than that though.

adindas

KaiserBill wrote: »

It is now some seven years since I was made bankrupt. I am now in the process of rebuilding my credit profile.

I got an Aqua card in February with a credit limit of just £ 250.

I have just received a letter from them saying that..........my limit has been increased to £ 1050 . :T Needless to say I am very happy to hear that. It means that I am now well on track to getting back to having a reasonable credit profile once again. My next step will be to apply for a " full " current account, something which I have missed.

When I got the card I set up a direct debit for 25 % , I then did a bank giro credit every time to pay off the balance each month in full.

I am posting this to try to encourage others who are now it the position I was a while back. There is life after bankruptcy, it does take time though and lots of patience too. But if I have done it you can too.

Good luck.

.

Well done mate.
It seems to me the limit increase will depend on who is assessing it. I got an increase of £150 to make it £650 after waiting six month.

I asked them to increase to £1000 but they did not agree.

Now a little bit of my background,
- I have a good credit records never although not excellent.
- Has not had any defaults or loan.
- I could normally get credit card with high credt limit from high street banks.
- I could normally open current account with overdraft with high street banks.
- I am currently holding many credit cards and with significantly higher limit than this Aqua Card.

If you could get much higher limit with bankruptcy on your file than you must have been very lucky.

KaiserBill

Herbalus wrote: »

or Aqua are encouraging you to spend more than you can afford to repay!


I had to wait 6 months and then another 4 months for my increases from £250 to £350 and then £500. I don't need more than that though.

I doubt it given that I pay it off in full each month. I actually have no real need for a credit card now. My situation has now changed and I am comfortably off now, I normally pay in cash or use a debit card to pay for everything.

As stated, I only got this card to re-establish a credit history / profile.

KaiserBill

adindas wrote: »

Well done mate.
It seems to me the limit increase will depend on who is assessing it. I got an increase of £150 to make it £650 after waiting six month.

I asked them to increase to £1000 but they did not agree.

Now a little bit of my background,
- I have a good credit records never although not excellent.
- Has not had any defaults or loan.
- I could normally get credit card with high credt limit from high street banks.
- I could normally open current account with overdraft with high street banks.
- I am currently holding many credit cards and with significantly higher limit than this Aqua Card.

If you could get much higher limit with bankruptcy on your file than you must have been very lucky.

Thanks. I was hoping for a small increase, perhaps to £ 350 or even to £ 500.But I was nicely surprised to get what I did.:)


My bankruptcy was seven years ago so off my CRA files. I waited for everything to go before I tried to apply for anything. I was playing safe, didn`t want to take any chances and mess it up !

Herbalus

KaiserBill wrote: »

I doubt it given that I pay it off in full each month. I actually have no real need for a credit card now. My situation has now changed and I am comfortably off now, I normally pay in cash or use a debit card to pay for everything.

As stated, I only got this card to re-establish a credit history / profile.

I don't doubt you, just saying that as you have troubles in the past, they might think that offering you more might tempt you into spending more than you can repay.

Obviously they can't tell what your income is at the moment and don't know that you have every intention of paying in full each month, but they could say that you're more likely than a person who hasn't had these troubles before.

Good stuff though.

wizzywig27

I had mine for about two years, never got above £500. Closed it last week as I am now mainstream after being accepted by Halifax, woohoo!

KaiserBill

[QUOTE=wizzywig27;62633843I_am_now_mainstream_after_being_accepted_by_Halifax,_woohoo![/QUOTE]



That will be my next step, but in a while . One step at a time.....:o

Herbalus

adindas wrote: »

You should use this more often instead of paying in cash or by debit card to get cash back of up to £100 a year.

£100 for doing nothing as you will use your debit card for purchase anyway.

He didn't say it was the Reward card, so it might not apply. Aqua do two other cards.

TheEffect

I opened my Aqua Card in December 2012 as a student. Was initially given a £250, which they increased to £600 in February. I received a letter yesterday saying they're increasing it to £1400 within the next 30 days unless I advise them otherwise.

TBH my credit rating is fine apart from 1 missed payment. I only applied as I had a lower income (due to being a student). Not sure I'd want to have £1400 on a card at 35%.

I've had a CapitalOne progress card for 3 years now and have only ever had 1 increase to £800 in the first year. Nothing since. Interest is quite low compared to the Aqua card however, so I use it for day to day purchases.

Aqua card I've mainly used for big purchases and paid them off in full, as well as use it for hotel deposits.

What I love about Aqua is faster payments are added to your balance instantly. With CapitalOne it takes a few hours/next day.

wizzywig27

I had two cards with Cap1, the 34.9% one and progress. Both started at £200 and stayed there, needless to say they both now closed.

I also have a Vanquis card with 3k limit but no balance, reluctant to close this as if I do, it will bring the % of credit used really high (as other accounts are fairly high also). With this card at the moment I am using 39% of available credit)