Credit Limit Too Low? guide

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Thanks folks,

Comments

  • Anthorn
    Anthorn Posts: 4,362
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    Well thank you Martin and Dan: Most of my posts on the subject are vindicated.


    What is missed out is that it is possible to game a credit limit by being what the credit card company regards as a good customer. Most of that information can be gleaned from the blurb. Of course this gaming shouldn't be obvious because as the article points out, card holders will be penalised for gaming it.


    Otherwise excellent, common-sense advice which as might be guessed I agree with wholeheartedly.
  • I got a Vanquis credit card to help rebuild my credit and got a £500 limit which is having a negative effect on my score! When I called about an increase after 1 year, I was told I don't use it enough so they wouldn't. Now I've started using it more (and paying it all off every month in one go) it's having a negative effect as I'm using a higher percentage of my credit! I had a default on my account which has now gone and my credit score is worse than ever! I'm at a loss with this! I've hardly any debt (less than £1k), I've a good job and haven't missed a payment on anything in years....HELP!
  • [Deleted User]
    [Deleted User] Posts: 35,242
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    Ignore the score.
  • Fwoo11 wrote: »
    I got a Vanquis credit card to help rebuild my credit and got a £500 limit which is having a negative effect on my score! When I called about an increase after 1 year, I was told I don't use it enough so they wouldn't. Now I've started using it more (and paying it all off every month in one go) it's having a negative effect as I'm using a higher percentage of my credit! I had a default on my account which has now gone and my credit score is worse than ever! I'm at a loss with this! I've hardly any debt (less than £1k), I've a good job and haven't missed a payment on anything in years....HELP!

    Yes ignore the score, its worthless and means absolutely nothing.

    As long as you are paying on time you are getting there. If you have had that card over a year and have no defaults or CCJ'S you could now probably apply for a more mainstream card.
  • Fwoo11 wrote: »
    I got a Vanquis credit card to help rebuild my credit and got a £500 limit which is having a negative effect on my score! When I called about an increase after 1 year, I was told I don't use it enough so they wouldn't. Now I've started using it more (and paying it all off every month in one go) it's having a negative effect as I'm using a higher percentage of my credit! I had a default on my account which has now gone and my credit score is worse than ever! I'm at a loss with this! I've hardly any debt (less than £1k), I've a good job and haven't missed a payment on anything in years....HELP!

    Sign up for this http://www.moneysavingexpert.com/creditclub and see what you get matched too, if accepted get rid of the Vanquis. Tesco seem to be very accepting at the moment.
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