Does increased credit affect my score?

euan90

I didn't ask for a credit limit increase on my credit card, but they have offered me an increase from £1500 to £2500. I never put more than a couple hundred £ on my credit card and I pay it off in full every month without fail, so I don't need the credit increase. But I wondered if having a higher limit would have a positive or negative impact on my credit score, or none at all?
Thanks! :money:

[Deleted User]

None.

Nothing impacts your credit score - as it doesn't exist

spadoosh

Credit scores can be misleading and probably not worth paying any attention to. Mine is quite high (900+) however the reality is if i applied for credit i would imagine most lenders would turn me down as i have a large amount of credit available to me already.

Increasing your credit limit i imagine would make your score look better. Theyve done it because they trust you to repay which is seen as good. But like i said how it effects applying for credit and what might be available might have a negative impact if your already quite highly geared (lots of debt available to you in comparison to earnings).

If you dont want an increased limit you can contact them and ask them to reduce it.

forgotmyname

My "Score" went down after I bought something fairly expensive and paid in full when the statement arrived.

[Deleted User]

euan90 wrote: »

I didn't ask for a credit limit increase on my credit card, but they have offered me an increase from £1500 to £2500.

You would still have a low limit even with the increase, so I would accept it.

euan90

@spadoosh - thanks. This is the only credit card I have - I only got it so I have a credit score when it comes to getting a mortgage. I don't need the higher limit and I won't use it. I don't plan on applying for anymore credit cards, so I guess what you're saying is I should accept it because it shows they trust me and I still won't have much debt available to me?

[Deleted User]

euan90 wrote: »

@spadoosh - thanks. This is the only credit card I have - I only got it so I have a credit score when it comes to getting a mortgage. I don't need the higher limit and I won't use it. I don't plan on applying for anymore credit cards, so I guess what you're saying is I should accept it because it shows they trust me and I still won't have much debt available to me?

Your credit score is irrelevant to your mortgage application

Dandytf

A positive is your available credit rises and utilisation lowers
I.e. higher limit-lower total cc credit allowance usage.