Increase in credit limit?

kirstle99

Hi All

I've had a Vanquis card for the past 18 months, my first one since exiting my dmp in 2012. It's always had £500 limit on it. Anyway, with buying bits for decorating, I thought i'd use the card then I could have the balance all in one place (have savings there to pay all in one go) so I was coming close to the limit before I paid it off in full.

I've just been informed by Vanquis they are increasing my limit from £500 to £1500 in May.

I see this as a good thiing because it means I am managing my (only) credit properly and they increased my limit to reflect this? Is this right? Will this have a good impact on my credit rating?

TIA

[Deleted User]

The limit is still very low, so no harm in accepting it.

kirstle99

Yeah I thought that, at least it's a small step in the right direction :j

izools

Just remember to keep the balance on the card at an amount you can always afford to repay in full when the statement arrives; don't want to be accruing interest on that account!

WantToBeSE

kirstle99 wrote: »

I see this as a good thiing because it means I am managing my (only) credit properly and they increased my limit to reflect this? Is this right? Will this have a good impact on my credit rating?

TIA

This is what I am interested in too, as I have just had my 1st credit limit increase on my 1st credit builder CC. since I became DF.

kirstle99

Oh yes, I have become super disciplined since getting this card. I spend on it for things like groceries and petrol, things I have the money ready there for to pay off in full every month

WantToBeSE

Same here kirstle99. I was really pleased when they told me my limit was being raised, as I think that's a sign that my credit score is getting better.