marbles - credit limit increase - should I accept it?

[Deleted User]

OceanSound wrote: »

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.

You're completely misunderstanding credit reporting.

Lenders don't attribute any value to what they report. They simply report the status. If a CRA decides to increase the number of gold stars or jelly beans they award you, that's purely between you and them.

Lenders will view your files and make their own decisions.

OceanSound

Ben8282 wrote: »

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.

I think you are misunderstanding what I'm saying. I'm fully aware that the scores are internal to the specific lender or CFA. What I'm saying is that, what is communicated to the CRA (whether negative or positive. e.g. decrease in limit or increase in limit) will have an effect on your credit status once received by the CRA.

That article I mentioned (notably by a reputed company) said "Only if your limit is raised will Marbles communicate this improvement to the credit agencies."

That dosen't make sense. Because as you say Marbles already report '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'

You say that Marbles will advise of any change in credit limit. According to the article 'ONLY IF the limit is RAISED" marlbes will communicate it to the CRA.

1) they do this anyway (as part of the monthly update).
2) according to the artcile, any decrease in credit limit isn't communicated. (unless they mean, 'don't worry!, if it's not raised, the rejection is not reported to the CRA)

BTW, I'm a member of the MSE creditclub free credit reporting tool, as well as numerous other reporting tools. e.g. Clearscore,giffgaff, Creditwise, Experian (free) report, etc. I've seen many a credit report, so, am aware what a credit report looks like.

OceanSound

Deleted_User wrote: »

You're completely misunderstanding credit reporting.

Lenders don't attribute any value to what they report. They simply report the status. If a CRA decides to increase the number of gold stars or jelly beans they award you, that's purely between you and them.

Lenders will view your files and make their own decisions.

Most of us on here are fully aware that the score doesn't have any significance. Actually, I'm yet to come across a thread on here that doesn't try to drill this in hard enough.

I think you need to read a little bit deeper in to what I'm saying. To put it bluntly, there was no need to mention a 'credit score' in that article. e.g. 'being turned down for a credit limit increase will not affect your credit score.'

Since the credit score dosen't have any significance (other than for marketing purposes and the financial industry to keep unsuspecting joe obtain even more credit than what he needs or can handle). The article should've said '...will not affect your credit status/history'.

[Deleted User]

Because these "articles" are bolstered by the CRA's and their wordings and terminology.

The best thing to do is just ignore it and stop looking too much into it, especially since you know that it's factually incorrect.

SnowTiger

OceanSound wrote: »

You say that Marbles will advise of any change in credit limit. According to the article 'ONLY IF the limit is RAISED" marlbes will communicate it to the CRA.

1) they do this anyway (as part of the monthly update).
2) according to the artcile, any decrease in credit limit isn't communicated. (unless they mean, 'don't worry!, if it's not raised, the rejection is not reported to the CRA)

Credit card providers send details of your current credit limit to CRAs.

If you take a break from reading opinion articles on the Interweb and look at your credit reports you will see this.

For example, if you look at your MSE Credit Club report you'll see an entry titled 'Credit Limit History'. This details your previous credit limits.

It doesn't take a rocket scientist to look at these entries, along with your current credit limit, to determine credit limit increases and decreases.

If your credit limit was £3,000 on 1st January and is £2,500 now that's a pretty strong indicator that your credit limit has reduced.

PixelPound

OceanSound wrote: »

I think you are misunderstanding what I'm saying. I'm fully aware that the scores are internal to the specific lender or CFA. What I'm saying is that, what is communicated to the CRA (whether negative or positive. e.g. decrease in limit or increase in limit) will have an effect on your credit status once received by the CRA.

That article I mentioned (notably by a reputed company) said "Only if your limit is raised will Marbles communicate this improvement to the credit agencies."

That dosen't make sense. Because as you say Marbles already report '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'

You say that Marbles will advise of any change in credit limit. According to the article 'ONLY IF the limit is RAISED" marlbes will communicate it to the CRA.

1) they do this anyway (as part of the monthly update).
2) according to the artcile, any decrease in credit limit isn't communicated. (unless they mean, 'don't worry!, if it's not raised, the rejection is not reported to the CRA)

BTW, I'm a member of the MSE creditclub free credit reporting tool, as well as numerous other reporting tools. e.g. Clearscore,giffgaff, Creditwise, Experian (free) report, etc. I've seen many a credit report, so, am aware what a credit report looks like.

They do bulk updates for which your normal monthly status, balance, limit, etc are reported. They also do smaller reports to inform changes, so you limit change could well be included in this. They shouldn't do a search as its an existing card you have.

The reason why an increase would be communicated and not a decrease is because you have more available credit for the first, thus affects risk and future creditors may wish to take this onboard. limit reduction is reducing risk, so no need to report outside the normal monthly update.

The proposed new limit 1750 is still a small limit so unless you have a very low income and overstretched on credit, can't see it being negative. Indeed it could be seen as a positive as Marbles deem you a lower risk enough to offer the limit increase - that is assuming you don't go mad and spend it all!

redux

I know this will sound daft to say, but there seems to be too much thinking going on here.

As an example, I have an Aqua Reward card. I didn't use it for the first few months, partly as I didn't have the PIN, but also I wasn't in a hurry as I'd got it mainly to use abroad, and hadn't been yet. They wrote to me and proposed to reduce the credit limit from £1200 to £400, due to the lack of use. I phoned up, asked them not to, and got them to send a new PIN notification. In the third month after that I ran up nearly £1200 on 4 trips abroad, phoned and asked them to increase the limit, as I'd had to use a different card at 1 am at one hotel. No, they said. I subsequently cleared this in full by the due date. The next month they increased the limit to £3450.

Of all these changes, actual or proposed by them or requested by me and declined, only the actual change is shown on credit files. Did the credit score improve? I can't say I even looked.

Accept the higher limit, it can't do you any harm unless you're not confident about control and your spending might run away. It doesn't sound like that applies here though.

A4445

redux wrote: »

I know this will sound daft to say, but there seems to be too much thinking going on here.

As an example, I have an Aqua Reward card. I didn't use it for the first few months, partly as I didn't have the PIN, but also I wasn't in a hurry as I'd got it mainly to use abroad, and hadn't been yet. They wrote to me and proposed to reduce the credit limit from £1200 to £400, due to the lack of use. I phoned up, asked them not to, and got them to send a new PIN notification. In the third month after that I ran up nearly £1200 on 4 trips abroad, phoned and asked them to increase the limit, as I'd had to use a different card at 1 am at one hotel. No, they said. I subsequently cleared this in full by the due date. The next month they increased the limit to £3450.

Of all these changes, actual or proposed by them or requested by me and declined, only the actual change is shown on credit files. Did the credit score improve? I can't say I even looked.

Accept the higher limit, it can't do you any harm unless you're not confident about control and your spending might run away. It doesn't sound like that applies here though.

I opened one for the very same reason to get 0.5 % cashback where I can’t use my Amex. It came with the same £1200 limit. Interest rate isnt important as I will pay in full.TBH it’s enough credit for my needs I may spend a few hundred at the most each month. Will see if there are any increases plus my amex is £12.5k :rotfl::rotfl:

OceanSound

SnowTiger wrote: »

For example, if you look at your MSE Credit Club report you'll see an entry titled 'Credit Limit History'. This details your previous credit limits.

It doesn't take a rocket scientist to look at these entries, along with your current credit limit, to determine credit limit increases and decreases.

Maybe not, but if you've never had a limit increase/decrease for a card/bank account (with overdraft) you won't see such an entry on the MSE report.

The GiffGaff credit report on the other hand shows your limit history for each credit card, and bank account (for which you have an overdraft) on a month to month basis.

I believe giffgaff uses the callcredit CRA, whereas MSE creditclub uses experian.

[Deleted User]

If there’s no limit change there’s no reason to report it or show the history of it not changing.