Great score, mortgage next year, only 1 card, but with low limit

ewokuk

Ok I have recently checked my credit file on equifax and experian and had excellent scores on both. I did have a 5 year loan which I had been paying for 4 years and have just now paid it off in full.

I have a single credit card with barclaycard which I have had for 10+ years with a relatively low £3700 limit. I am thinking about simply asking them to up the limit to say 10k or something just because that limit I think is pretty low and if I wanted to buy something a bit more expensive then I would have the limit to be able to.

However I have read on here that having a lot of available credit, even if you are not using it, can be bad. But when looking at my credit file I noticed that one of the plus points they indicated was based on what % of my total credit I was currently using (which was a relatively small %), which seems to contradict what I read on here as it suggests using a smaller % is good, and thus upping my credit limit would mean a larger total and so anything I spend would be a smaller percentage of that total than if I didn't up it.

So should I look at upping the limit or would upping it to say 10k be a bad thing???

I am looking at applying for a mortgage next year (which I may not get anyway as I recently went self employed and I believe they want 2 years of accounts! but I can have that discussion in the mortgage section) and I certainly would not want my total available credit to have any effect on getting a mortagage, hence the question.

I haven't considered getting another card which may have a better interest rate or other perks as I don't really want the hassle of another card with another set of passwords to remember, for perks I don't really need. I could close donw the barclaycard and open a new one with the better rate/perks, but since I have had this card so long, it would probably be a negative to my credit to do that, hence thinking about simply upping the limit on this one.

Thrugelmir

Use personal loans for large purchases. Reflect better on your credit file. If you want a mortgage you will need to save a deposit. So decide what your priority is.

somihoney

Nice one, you're doing very well, keep up the great work