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Vanquis increase so soon?
nicetomeetyou
Posts: 310 Forumite
in Credit cards
I have only had my Vanquis credit card 3 months and just had a email asking if I want to increase it to £500... Is it normal to have it increased this soon?
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Comments
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It's certainly not abnormal.0
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My marbles one did. I've had three increases in 8 months.Mortgage started 2020, aiming to clear 31/12/2029.0
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Yes - 3 months is usually about right for most lenders0
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completely typicalThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Some is 6 months, I know Sainsbury's was 6 months.Yes - 3 months is usually about right for most lenders
Vanquis is a credit builder and often start with a very low limit and increase it if showing good management. It limits their exposure if you max out the £200 in the first couple of months and start paying minimum.0 -
If it was not normal, Vanquis would not have offered it. Lenders do not increase a credit limit on a whim, it is based on a set process which measures account handling; status of other credit accounts and affordability due diligence.
To be offered an increase within 3 months, you must be handling your account exceptionally well. If you continue this, then you could be hitting £1000 by the end of the year.Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.0 -
Every lender is different in my experience - I have a Capital One card which has only been increased twice in 15 months (from £250 to £450 then to £600) whilst my Tesco card has been increasing like clockwork every 4 months since I opened it. Certainly not abnormal, although it'd be interesting to see how frequent subsequent increases are.0
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Thank you for your relies.
I have another question. If I refuse the increase and stick with the £250 credit and continue using it correctly will having the £250 still help with increasing my credit score, or would having £500 credit and using that correctly increase my score move? I don't really need the increase or credit card but I want to have better credit score.0 -
Your credit score doesn't matter. But a larger credit limit will show lenders that others are starting to trust you more.
To build a better history, accept any increases offered.0 -
nicetomeetyou wrote: »but I want to have better credit score.
No you don’t.
You want to have/build a better credit history.
Ignore any scores or ratings from the CRA’s0
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