Asking Aqua to decrease credit limit and the future

[Deleted User]

Hi


Was going to question this before now but more spurred onto by opening the day's mail and I find Aqua are wanting to increase my credit limit to £3,400 whoah wish I was joking -
I am not going to go with this and actually am wanting to ask them to decrease the credit limit even more substantially in light of recent happenings, I don't even have a great balance to warrant the rise - only will this be to my detriment in future do you think? (not the immediate but one day in the distant future, if things really, really do improve, a few weeks ago I couldn't even get a payday loan remember though I'm really starting to wonder if this has something to do with it) or are you blacklisted by saying no thanks (can't remember that I have been ever had a card of this limit!)


Thank you for reading. Has anyone else decided to say no?

[Deleted User]

Let's assume you take the limit, and stay within it at all times:

The fact you have a high limit card (even if you ask them not to put it to £3,400!) is a positive - it shows other organisations searching your credit report that somebody clearly feels you can be trusted with a decent amount. If you hold that limit well for a long time it will look even better.

If you had say 3 long term cards with limits of say £200 that doesn't say a great deal about you (in my opinion anyway - each bank will see it slightly differently).

Also means that should you ever need a lot of money for an emergency, you have the option.

Saying no won't blacklist you with most companies (I have no experience with saying no to Aqua though).

Only thing to be wary of is your available credit. If you only earn for example £5,000 PA, then having £3,400 credit will look ridiculous and you'll get declined for future things. It's all a bit of a balancing act really.

BUT if you think having a high limit card will cause you to spend more, or to get yourself into difficulties (not paying it back etc) then I'd always keep the lower limit