MBNA credit limit increase out of the blue

licsa

So MBNA send me a letter that from February on they'll increase my credit limit from 6K to 10K. Balance is £0. Now, I don't really need this increase and I have not requested it... does it affect me in any way? I can keep it if it doesn't but if it does hurt in any way (like decreasing ability to get a loan or something), I should probably call them to refuse it.

Thanks for any insight!

YorkshireBoy

The impact on your credit rating will depend on several things, most notably your income and other financial circumstances.

For example, other credit card providers may consider you already have access to too much credit and so either decline an application or grant a very low credit limit.

Regarding loan providers, they may worry that you'll go out and blow the £10K available credit you have.

On balance, you may wish to decline their kind offer!

jonesMUFCforever

If you don't need it just phone and let them know you are happy with the existing limit.

justjohn

I have an mbna with a 17k limit. They raised it of and on over a number of years. Similar to what has happened to the op.


I have other cc' that have a limits of 5-10k....never effected my credit applications yet. Mind you they are all clear.

licsa

Thanks all, I'm not planning to get any loan and my mortgage isn't due for rate renewal until 2016, but I do make use of 0% credit cards once in a while. Right now I have 5 credit cards with a total of 26K limit, but only one credit card has a balance of about 7K on it (luckily at 0% for another two years or so). If I take this offer the limit will be around 30K. Perhaps I should even consider closing one or two credit cards...

YorkshireBoy

justjohn wrote: »

I have an mbna with a 17k limit. They raised it of and on over a number of years. Similar to what has happened to the op.


I have other cc' that have a limits of 5-10k....never effected my credit applications yet. Mind you they are all clear.

I nearly added something similar to my post above. They lifted my limit from £19K to just shy of £25K a couple of years ago, part way through a 12 month stooz when I had a near £17K balance!

However, and although the card has been clear for a while now, I haven't had to make a credit card application for 3-4 years* so don't know if I'd be declined due to this card's limit (especially when added to my other cards' limits)?


* I've so many current accounts I get a constant stream of guaranteed credit card offers (Lloyds, Nationwide, Halifax, & Santander have been particularly good).