Applying to raise credit limit / use of available credit

Darlophil

Good afternoon all,

I wanted to see if anyone here could share their experiences on successfully getting credit limits raised.

Having recently signed up to Experian to view my credit score / profile, two of the negative scores against me are;

1 - The maximum amount of credit I have on a single card is £500

2 - I have a high percentage of available credit used (only the one card) at 84%.

My first action is to reduce the % of available credit used and I’ve planned to reduce this by around 10% each month having it down to 0% around October. This will help to take that particular negative point off my profile but I could do with some advice if possible on raising my credit limit.
To avoid any unnecessary (likely failed) credit applications, when would you say would be the best time to address this with my credit card company?

Is it better to wait until the card balance is completely paid off and 0% of available credit is being used, or do you think there would be any chance of success when the amount of credit being used falls below around 20%?

Many thanks

Phil

[Deleted User]

You could ask for a limit increase and see what they say.

Utilisation % is less important on lower limits, but it's not good to be carrying a high interest bearing balance on any card.