When will aqua increase my limit?

sarahlou29xxx

I got a new aqua card in May with a £300 limit increased end of August to £950 but no increase since.
I pay In full every month.
Also payments during the month as I use it quite often.
Do you think I may be due a increase soon?

TheNut

£300 to £950 is quite a big jump between May and August. I have found over the years that they vary a lot. In your situation, I find that if you run it up to £950 and keep paying the minimum they tend to put the limits up very quickly as long as you always pay them on time.

I am not suggesting to do that as you don't want to run them up. Its just thats how its always happened with me.

sarahlou29xxx

Yeah I always pay on time and never go over my limit so hopefully in the new year they might increase it.

TheNut

You could always ring and ask them to increase it. It may offer the option to increase it if you long onto your online account.

I have a MBNA card and on their site you can apply to have it increased. It takes about 30 seconds and you get an instant decision.

Anthorn

sarahlou29xxx wrote: »

I got a new aqua card in May with a £300 limit increased end of August to £950 but no increase since.
I pay In full every month.
Also payments during the month as I use it quite often.
Do you think I may be due a increase soon?

Hard to say. Depends on whether you are using your existing limit. They will look at your credit report when considering an increase so keep that in order. They do hint at that in the pre contract info. You''ve already given them that permission when you got the card.

Reading between the lines I'd say they balance a credit limit with the amount you regularly pay. For example if a credit limit will require a minimum payment of the amount you regularly pay that's the limit you can eventually expect. But that might be just me. In my experience one regular payment per month is better than several haphazard payments throughout the month. It's something that can be depended on.

Most of the time I have paid a lot more than the minimum and always left a small balance which attracts interest but not a lot. I got rapid increases every fifth month until my current limit which is static. Maybe they think it's enough and they are probably right since I don't use much of it.

Madbags

If you have access to the online facility you can always send them a secure message.


I actually asked for an increase a few weeks ago via the secure message facility and they increased me from £550 to £1,250 the next day.

sarahlou29xxx

Thankyou I do have access to the online facility and just sent a message asking when my next increase will be .

darkidoe

sarahlou29xxx wrote: »

Thankyou I do have access to the online facility and just sent a message asking when my next increase will be .

Let us how you got on. I have got a card since July and by Nov, had an increase from 300 to 900. Wonder when is my next increase.

Anthorn

Well there you go: A few months ago I substantially increased my spending on my Aqua and nearly doubled my regular monthly payment to £140. In the post today, "We'd like to increase your credit limit from £5750 to £7500." Probably just a coincidence

bobbydub

Anthorn wrote: »

Well there you go: A few months ago I substantially increased my spending on my Aqua and nearly doubled my regular monthly payment to £140. In the post today, "We'd like to increase your credit limit from £5750 to £7500." Probably just a coincidence

£7500!! Wow did not know it could go up to that, what's the apr on that?

Anthorn

bobbydub wrote: »

£7500!! Wow did not know it could go up to that, what's the apr on that?

As in my signature. I have the Aqua Advance which reduces the APR by 5% per year for 3 years. That's 4 years because you don't get a reduction in the first year. In March 2016 the APR should be 19.9% which is very close to prime. But if I miss a payment or pay late the APR goes back to 34.9%. In addition I get a regular 6% APR 3% fee 6 months BT offer from Aqua too. Expensive as BT goes but not bad for sub-prime.

I have Aqua because I had to rebuild after becoming a financial bad-boy non-entity. But highly doubtful I will ever dump them.