Credit search when auto increase offered?

DenABac

Hi community,

Among others I been using a Aqua Card to improve my credit rating (8 months in the U.K.)

The Aqua card comes of cause with a ridiculous APR and I always leave about 50£ on the card so they get interest off me. I was hoping this will trigger an auto increase.

Yesterday I got a letter saying they'd like to increase the limit by 150%. I now can ask them to increase immediately or just wait some time for them to increase it.

I understand that a limit increase in general leads to better credit. Hence I'd like to take it.
The important question to me is will the increase trigger a credit search (hard pull)?
Even more important does it make any difference in the process if I tell them to increase it immediately?

As always thank you for any advice in advance.

Bests

Marcio45

No, there will not be a credit search as its the credit card company offering the increase. Aqua are quite good at increasing limits. Mine started at £450 and one year after its over £3000.
If you want to apply their increase immediatelly just ring the number on the letter, follow the prompts until you get to the point that you "received a letter about a credit increase and want to apply it now". It is an automated process and the new limit is applied instantly.

FluroFrancis

companies wont hard search you if they've offered you the increase

Nasqueron

Even credit cards from sub prime lenders want you to be responsible - buying and paying off in full every month shows you are a good borrower, leaving £50 on the card and paying stupid levels of interest on it doesn't achieve anything.

Also, so what if they do a credit search on you? It's not going to cause any issues, if you've only had the card 8 months it won't be long enough to build up a good credit history anyway so having them search your record just in case you had more credit elsewhere is meaningless.

jonesMUFCforever

I agree its not a good thing to pay high interest on £50 because for the following month's spending you don't get the 56 day interest free period on purchases.
You are paying a lot of interest for nothing.

redux

Remember you are paying interest not only on the £50, but also all transactions between the time you make them and when payment actually arrives.

So if you have significant spending I suspect your interest is rather more than £1 or £2.

Much better to pay the statement amount in full.

[Deleted User]

DenABac wrote: »

I always leave about 50£ on the card so they get interest off me.

Stop doing this ASAP.