Does credit limit increase mean that my credit rating is improving?

matttye

BugsyBrowne wrote: »

Defaults littered on your credit file and the highest APR credit card on the market increases your limit only means one thing profits even if you're paying in full.

If you now apply for say a Halifax credit card you'll get declined right? Why because your credit hasn't improved fact.

Rubbish. That's absurd logic.

I don't need to expand on what Mulder00 said.

timetogrowup89

BugsyBrowne wrote: »

Defaults littered on your credit file and the highest APR credit card on the market increases your limit only means one thing profits even if you're paying in full.

If you now apply for say a Halifax credit card you'll get declined right? Why because your credit hasn't improved fact.

Im not planning on applying for any other credit cards, all I was wondering is if my credit worthiness is improving, so that when all the defaults have gone and I have some savings behind me, would I be able to apply for a mortgage.. Never mentioned doing any of this while my file is 'littered'

BugsyBrowne

matttye wrote: »

Rubbish. That's absurd logic.

I don't need to expand on what Mulder00 said.

Of course you think it's rubbish as you're in the same position as the OP Mattye.

Think you've all got lost on what I'm saying but I'm sure a few have cottoned on.

OP asked if their credit risk has basically lowered due to getting an increase, my reply is pretty logic to the fact that having defaults on your file and getting an increase off 2 sub-prime lenders doesn't really mean anything.

OP paying on time is great for future reference but at the moment they're still very high risk.

timetogrowup89

Mulder00 wrote: »

I disagree with this. Replace the word "fact" with "enough" above. An improvement is an improvement is an improvement. It might not be enough for immediate credit, but it's not simply a case of good credit and bad credit. Every month that the OP repays cards on time will improve their chances of getting credit in future.

Thanks, I knew I hadnt done enough yet, I just wanted confirmation that I am going in the right direction Not planning on getting anymore credit for about 4 or 5 years, just wanted to start doing the right things now

matttye

BugsyBrowne wrote: »

OP paying on time is great for future reference but at the moment they're still very high risk.

So it's improving his credit files.

We got there in the end. :T

NPHammer

Higher limits provided by other lenders is a positive factor when you will be considered on any new applications in the future. The longer you keep up the current pattern of good conduct with the subprime cards the better.

Don't let the unnecessarily negative Nancys rain on your parade. It's without doubt a good thing.

BugsyBrowne

NPHammer wrote: »

Higher limits provided by other lenders is a positive factor when you will be considered on any new applications in the future. The longer you keep up the current pattern of good conduct with the subprime cards the better.

Don't let the unnecessarily negative Nancys rain on your parade. It's without doubt a good thing.

Read the first post before replying pal.

Thrugelmir

Mulder00 wrote: »

Every month that the OP repays cards on time will improve their chances of getting credit in future.

This may apply to a loan where the balance reduces and ultimately is repaid. Revolving credit facilities suggest that an individual is a spender rather than a saver.

matttye

Thrugelmir wrote: »

This may apply to a loan where the balance reduces and ultimately is repaid. Revolving credit facilities suggest that an individual is a spender rather than a saver.

Not if they pay in full each time.

samtoby

I think it means your management of your account is good