How many cards is enough?

[Deleted User]

philip1427 wrote: »

Will this hurt my credit score?

Tell me you didn't just ask that...

darkidoe

philip1427 wrote: »

Hi there Amex just increased my credit limit by £3500. Will this hurt my credit score? I though having a large limit but a low precent utilisation was a good thing? It shows you are trustworthy.

This leaves me with a dilemma. I wanted to ask Nationwide for a credit limit increase. At present, my limit is only £1000 and I find myself using 40-50% of this as I put on purchases from merchants that do not accept Amex. How long should I wait until I ask for an increase? Are building societies more cautious of credit cards?

Just ask for it. You don't really need it, hence even if you are rejected, it doesn't affect you that much. Ignore your score as others have said.

robin58

You don't get the point that Zx81 has said to you. Read the posts carefully again and let them sink in.

Any company offering you any credit ( a credit card is a pre-approved loan), is shown on your file.

This credit score you keep on about is RUBBISH. It doesn't mean anything to anybody outside the credit check company who provides it

If it meant anything in law why are all the scoring points different?

Yes requesting a higher credit limit will effect the way any provider sees you even the one you are already with. If you ask Nationwide for an increase, they will look at your in house history. They may even check your credit history ouside the company to find if you are financial viable to pay any credit advance back.

You don't have an automatic right to a credit increase.

robin58

Deleted_User wrote: »

Tell me you didn't just ask that...

I couldn't believe that either. :wall:

philip1427

Ok will it hurt my "credit file"...

[Deleted User]

It doesn't hurt anything. It appears on your file.

Will the increase look like a large amount in conjunction with other limits and your income? Would it look worrying if you maxed out your available credit?

ceredigion

philip1427 wrote: »

Hi there Amex just increased my credit limit by £3500. Will this hurt my credit score? I though having a large limit but a low precent utilisation was a good thing? It shows you are trustworthy.

This leaves me with a dilemma. I wanted to ask Nationwide for a credit limit increase. At present, my limit is only £1000 and I find myself using 40-50% of this as I put on purchases from merchants that do not accept Amex. How long should I wait until I ask for an increase? Are building societies more cautious of credit cards?

What makes you think a 3.5k limit is considered "large"

philip1427

ceredigion wrote: »

What makes you think a 3.5k limit is considered "large"

I consider a credit limit of 7k large

takman

philip1427 wrote: »

I consider a credit limit of 7k large

It all depends on what your yearly income is. £7k isn't a particularly high credit limit for a card if someone has a £25k a year income.

Anthorn

philip1427 wrote: »

Ok will it hurt my "credit file"...

If you close your longest running credit card account, yes it will but not to any great degree if you have other credit card accounts. Lenders look for patterns in the account histories and the longer the account has been running and therefore the more chance of patterns existing the better.