Should I accept a credit increase?

Rosylee

Hi. I would like some advice. I am just starting on my debt free journey, having been able to move my credit card and catalogue debt to 0% cards. This meant my HSBC credit card is at 0. I have had a letter today saying they are increasing my credit limit from £3000 to £8200!

My first instinct was to ring them and say no thanks. But then I wondered whether it would be best to accept the increase so that I have sufficient credit to be able do to a balance transfer when my current 0% expires, although this is a very long while away, I.e September 2018

The increased credit tells me I must be doing something right in terms of sorting myself out. I am not the slightest bit. interested in using this credit and have no plans to apply for any more credit of any shape or form for the next 4 years until I change my car. I don't believe I would be tempted to use this credit. I have come too far already. I even have some savings.

So any suggestions , do I say yay or nay to hsbc.

Consumerist

Rosylee wrote: »

. . . So any suggestions , do I say yay or nay to hsbc.

Your total availability of credit will be a factor considered when you want to look for a 0%-interest card in the future, if it should be needed to carry any unpaid balances from previous transfers.

If you are not likely to need the extra credit - and to avoid any temptations, I would suggest you say nay at this point in your journey.

Ben8282

Assuming that you are not planning to get into more debt, accept it. As you said, you must be doing something right.

hanhtrinhxanh20

You can accept their offer it is the best one. No charge for your car but you can do for others.

[Deleted User]

hanhtrinhxanh20 wrote: »

You can accept their offer it is the best one. No charge for your car but you can do for others.

Reported as Viet Spam.

planteria

i've never declined an increase.. but closing accounts can make sense. ime HSBC are unlikely to offer a useful repeat deal. whether you accept or not, it might be best to close it prior to the end of your 0% deal and then apply for a new card with a great deal on to move the debt to.