First Direct Gold Card - Increase credit limit

TheEffect

Opened a 1st account a few days ago. Applied online yesterday for a gold credit card with a £500 limit (didn't want to apply for more and risk getting rejected). Received a message today saying accepted and they're sending me the form to sign and return.

A quick question for those of you who have a first direct credit card - how are they with increasing your credit limit? Do you have to have the credit card open for a certain amount of time before increasing the limit? Do they credit search you for increasing the limit?

Thanks!

MrNickel

I was like you, opened with £500 about 2 weeks after moving to FD. About a week later I requested an increase to £1500 via internet banking and it was approved instantly, and applied to the account the next day. No second search was done.

That was November,so I doubt it has changed much.

TheEffect

MrNickel wrote: »

I was like you, opened with £500 about 2 weeks after moving to FD. About a week later I requested an increase to £1500 via internet banking and it was approved instantly, and applied to the account the next day. No second search was done.

That was November,so I doubt it has changed much.

Just thought I'd update this - I wasn't as lucky.

Tried increasing my credit limit from £500 to £1000 via internet banking today and it stated 'Please call us to discuss your limit increase in more detail'.

I guess I'll call them, but am not holding up much hope, as my 1st account was only opened a week or two ago, and hasn't seen my salary paid in yet.

Hedgehog99

On the phone, they just checked my salary and the balances & limits of any other cards I had.

TheEffect

Hedgehog99 wrote: »

On the phone, they just checked my salary and the balances & limits of any other cards I had.

My salary is £23k, and I've got two other cards, both opened in the last 6 months.

HSBC - £500 limit, £25 balance

Barclaycard Platinum - £1000 limit, £400 balance

No other debt, but do have a few credit searches, and a few accounts opened recently.

Will give them a call in a bit!

TheEffect

Just phoned, they put me through to the credit lending department who interrogated me.

It was borderline unpleasant, then when she said she couldn't understand why I didn't just use one of my other cards, I decided the conversation was now over. Felt like I was in court.

I'll just stick with the £500 limit for now.

starM

TheEffect wrote: »

Just phoned, they put me through to the credit lending department who interrogated me.

It was borderline unpleasant, then when she said she couldn't understand why I didn't just use one of my other cards, I decided the conversation was now over. Felt like I was in court.

I'll just stick with the £500 limit for now.

What reason did you provide for limit increase? I guess because you have smaller limit on other credits so BT £500 limit was enough. If the card had 0% on purchases then you could have said it is for large purchase etc. Try ringing them again - It will look better to have a larger limit on credit report.

Long time ago FD was very easy to increase OD/Credit limit - they have changed - I remember when I logged into my internet banking credit limit increase section it showed pre-approved limit of 25k - They still have pre-approved limit but they tare hidden that's why some people just enter the limit they want and receive instant approval. I still have 2k OD limit which I decreased myself from 5k.

Edit - If you have a Gold card which is 0% on purchases then that can be good reason for limit increase.

andyfromotley

TheEffect wrote: »

Just phoned, they put me through to the credit lending department who interrogated me.

It was borderline unpleasant, then when she said she couldn't understand why I didn't just use one of my other cards, I decided the conversation was now over. Felt like I was in court.

I'll just stick with the £500 limit for now.

Thats pretty much how i have felt every time i have borrowed money of FD. I have never been turned down but i was always the exact opposite of every other transaction i have done with them, i always felt like they didn't really want to lend me a penny!

gt94sss2

starM wrote: »

What reason did you provide for limit increase?

As starM says this is a key question.

The fact that you have several other cards/accounts/credit searches all opened recently - as were your FD accounts - will not be in your favour (especially as one of the is HSBC).

What are you trying to achieve?

Regards
Sunil

TheEffect

Hi, I said I needed a higher limit as I travel a lot, and require credit cards for hotels etc.

To be honest, I could just use my BarclayCard, or increase the limit on that, but I'm one of those odd people who prefer everything under the same 'roof'.

starM

TheEffect wrote: »

Hi, I said I needed a higher limit as I travel a lot, and require credit cards for hotels etc.

To be honest, I could just use my BarclayCard, or increase the limit on that, but I'm one of those odd people who prefer everything under the same 'roof'.

So did they decline the application at the end or you change your mind to increase the limit?