Credit limit increase now, in April?

gyorfitam

Hi Everyone,
I opened a credit card (my first one) in August and since then I always paid it off fully on time - setting up Direct Debit made it automatically basically (around 50% utilization was the worst so far, I kept it below 30% in other months). But the credit limit is really-really low, £200. I know that generally I should have a limit increase every 6 months (roughly) but I'm not sure how it looks like now when the whole world is upside down. Should I still ask for an increase? If yes, how much?

jay1804

Who is the cc with? It's generally better to allow them to offer the increase,  but it doesn't hurt in trying.

sasha20

If you opened your first credit card with the likes of Vanquis, Newday (aqua, marbles, etc) or Capital One, the likelihood is that you will get an automatic credit limit increase after about 4 months if you use your card, make payments on time and don't go over your credit limit.

Judging by your starting credit limit, it may well be one of those. If not, you might be out of luck as some other near-prime credit cards are not as proactive at giving credit limit increases.

Who's your credit card company?

gyorfitam

Barclaycard. I'm not sure if it matters but I have a debit card with Barclays for more than 4 years now. So I guess they know everything about me .

jay1804

Well i've have a barclaycard and my limit has been increased every 6 months. You can submit an increae online.
Ask for how much you need (Within reason) if they can't offer you that, then they might offer you a smaller amount.

MEM62

You can request an increase (and decrease) of your Barclaycard limit online.  There is no harm in making the request - just keep it reasonable  

gyorfitam

But what is within reason? Even just a £100 increase is 50% in this case. I was thinking about to increase it to £500 but I guess that's too much.

D3xt3r5L4b

gyorfitam said:

Hi Everyone,
I opened a credit card (my first one) in August and since then I always paid it off fully on time - setting up Direct Debit made it automatically basically (around 50% utilization was the worst so far, I kept it below 30% in other months). But the credit limit is really-really low, £200. I know that generally I should have a limit increase every 6 months (roughly) but I'm not sure how it looks like now when the whole world is upside down. Should I still ask for an increase? If yes, how much?

You're not entitled to or "should have" a credit limit every 6 months - you get one when they decide you are eligible for one.
Don't worry about your utilisation either if you are paying it off in full each month.

MEM62

gyorfitam said:

But what is within reason? Even just a £100 increase is 50% in this case. I was thinking about to increase it to £500 but I guess that's too much.

I would not say that £500 is too much.

abc.xyz

If you've been managing your card as well as you say, I would shop around first. You may be eligible for a better card now.

gyorfitam

abc.xyz said:

If you've been managing your card as well as you say, I would shop around first. You may be eligible for a better card now.

The only reason I want to increase my credit limit is to work on my credit history, credit score, etc. It's really challenging to do anything with £200.
Anyway... I checked out some reward cards and basically I won't have chance to spend £3000+ in the 1st 3 months. I mean how now? With groceries ? And I'm not sure what other credit cards could offer to be honest other than lower interest rate that I'm not even going to make a use of because I'm always pay back in full. Any suggestions? We have a Sainbury's close and we are shopping there from time to time. Maybe one of their credit cards?