credit rating

lee8040

is it good for my credit rating for my credit card limit to be increased automatically by the provider (capital one)?

i have a bad credit rating which im trying to repair, my limit was £200 but they increased it today to £500 without asking. Will this go done on my rating as a poor mark for asking for my credit or will it give it a good mark for being trusted with more credit?

inmypocketnottheirs

I would say the fact that your limit has increased shows that you have demonstrated to Cap 1 that your account has been conducted well and that you deserve a higher limit.

If you are trying to rebuild your credit, this would be what you are after, yes?

lee8040

i got into alot of debt and my history wasvery very bad, no one would give me a loan or credit card. now i have cleared all but one of the debts and am trying to rebuild the credit rating as me and my fiance want to get a mortgage in a few years. i got a credit card to do little purchases then pay off in full so that my rating looks abit better.


i wqas once told that although your limit going up can show your are responsible with money it also shows that you need a bigger limit to pay for things which means you may get more into debt into the future, which looks bad

exel1966

Your limit may have increased, but that doesn't mean you have to spend up to it !
When another credit provider looks at your history they will be able to see your credit limit and what your outstanding debt is against that limit. If the debt is close to the limit it 'may' say to them that you are living close to the edge financially !

The raising of the limit is not necessarily a bad thing in this case as it has shown to Capital One that you have managed your account responsibly.

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TrickyDicky

On assessing an application, lenders will also review maximum potential debt, and can be as big a factor as how close you are to the limit on your current card. So if you know you are not going to need/use the extra credit limit available, I would recommend that you ask C1 to reduce the limit back to what it was.