Best way to get a credit increase?

ryuuoo

Hi there,

I currently have a Barclaycard Freedom Rewards (10 months old) an HSBC Student Credit Card (2 months old) and a Halifax Clarity (recently accepted) all of them with 500gbp limits.

I am currently maxing at least two of them out because I have been putting ALL my spending on credit and then just pay it off by DD.

I am interested in getting credit increases and yesterday applied for a 1000 limit on the Barclaycard but got declined.

Should I just put 40-50 pounds on them each month? Will that portray a better image of me?

Thanks.

SuperHan

Some places won't consider increases until you've had the card for 12 month. Maybe wait a little longer before applying for an increase.

InsideInsurance

Almost all will want a 6 month window, some longer.

If they are doing credit checks on you when you request the increase they are probably going to be seeing that you have a utilisation rate of over 66% which will make them a little twitchy.

They will also be considering your total available credit against your income and likely general living expenses and again looking at the ratios there.

Some lenders are willing to consider the wider picture if you apply for the increase over the phone and speak to someone about any of your circumstances that have changed. Online tends to only ask what you want and at most your income.