marbles - credit limit increase - should I accept it?

A4445

I think perhaps your over thinking this.

Every lender has their own criteria for the amount they will lend. I wouldn’t worry about credit limits being 50% of your income. I have many times over my income and get accepted fine. It’s more about your balances in my opinion.

Nothing wrong in increasing your marbles limit but they are very expensive to hold a balance on. If your paying in full it’s fine.

[Deleted User]

There’s very little (read: no) point in looking articles from the US where their rules on credit are completely different (I.e their scores actually matter, searches actually make a difference to your “rating” etc.)

Terry_Towelling

OceanSound wrote: »

Just have one further question. Say if i accept the new limit (most likely), one month down the line, I apply for a card (which is offering 0% on purchases), is the new marbles limit always going to be seen favourably, or could it actually work unfavourably?

For example, if the new provider was going to offer me a £1000 limit, could they see that marbles have increased my limit to £1700 (or indeed see that my total credit available is £1250 more than what it used to be) so end up offering me a limit lower than £1000?

Are you thinking of applying for a 0% on purchases card? If so, maybe do that now and let the Marbles limit increase take effect in April after your application has been processed. That way, you can stop worrying whether your existing limits will affect future applications.

OceanSound

!!! wrote: »

There’s very little (read: no) point in looking articles from the US where their rules on credit are completely different (I.e their scores actually matter, searches actually make a difference to your “rating” etc.)

There were not many/any U.k based articles.

The only one I've come across says this:

Cardholders can also manually request a credit limit increase every 4th month. There is no harm in making this request—being turned down for a credit limit increase will not affect your credit score. Only if your limit is raised will Marbles communicate this improvement to the credit agencies.

This is for when the customer requests a limit increase. Even for that (going by this article) it seems Marbles only communicate any 'improvement' (in credit score) to CRA AFTER raising the limit.

Edit: This sounds was too good to be true. If you reuqest a limit increase and are turned down, it wont be communicated to the CRA?

[Deleted User]

Yes.
But that’s not a search - that’s them reporting the limit increase.

Besides the usual facts that the “score” being affected in either direction means absolutely zilch anyways.

OceanSound

!!! wrote: »

Yes.
But that’s not a search - that’s them reporting the limit increase.

Besides the usual facts that the “score” being affected in either direction means absolutely zilch anyways.

Going by whats said on there (don't know how credible it is).

You request limit increase ---> it's approved ---> your score improves --> marbles communicates this 'improvement' to the CRA.

b) if your request is declined ---> no change to score

---

> nothing communicated to CFA.

surely that can't be correct.

[Deleted User]

Marbles don't report any 'score' improvements. That's purely a CRA fiction.

They just report account status.

[Deleted User]

It is correct in that the reporting part is correct.

Whether your score improves or not is irrelevant.

When you request a limit increase and it’s approved then when the lender runs their next CRA cycle it will show the limit has increased so this can be shown on your open accounts on your credit files.

If you’re not accepted for a limit increase then nothing happens.

OceanSound

Deleted_User wrote: »

Marbles don't report any 'score' improvements. That's purely a CRA fiction.

They just report account status.

If account status is communicated as part of the monthly update, then both improvements and decreases/decrements in status are being communicated.

Unless they mean, improvements are reported immediately to the CRA's as opposed to any negative aspects in status.

Ben8282

OceanSound wrote: »

If account status is communicated as part of the monthly update, then both improvements and decreases/decrements in status are being communicated.

Marbles will report the current balance, the amount paid and the 'status' of the account for example up to date, payment late, account in default etc and will advise any change in credit limit. Marbles do NOT report credit scores nor do they report 'improvements and decreases/decrements in status'. They report FACTS not subjective opinions.
Perhaps you should actually obtain a credit report and check the files so you can see for yourself what is reported and what is not.