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Should you accept credit limit increase?
chelseablue
Posts: 3,303 Forumite
in Credit cards
My boyfriend has had a credit card with Capital One for 4 years.
Started off with a limit of £350 (he didn't have a good credit rating in the past)
Last year they upped the limit to £700, he didn't refuse this, just let them do it.
Now they have sent him an email saying from October his limit will increase to £1,700 (!)
He can decline it of course, but is it better just to let them do it, but don't use it?
Or just decline it and stick with the £700?
Im guessing a credit card with a low limit doesn't look good on your file?
Started off with a limit of £350 (he didn't have a good credit rating in the past)
Last year they upped the limit to £700, he didn't refuse this, just let them do it.
Now they have sent him an email saying from October his limit will increase to £1,700 (!)
He can decline it of course, but is it better just to let them do it, but don't use it?
Or just decline it and stick with the £700?
Im guessing a credit card with a low limit doesn't look good on your file?
0
Comments
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Unless he has a very very small income, or self control issues, he should accept it. He has a long way to go before it would become a problem (from a lender's viewpoint).0
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