Credit limit increase

jay1804

J_B said:

Sandtree said:

J_B said:
Is paying it off as we go better or should I let it 'max out'? 😁

What is best varies by lender (otherwise we'd all get the same offers from all lenders) however based on your limit paying it off in full is certainly where I'd aim at.

Sorry, didn't make myself clear - I meant paying it off two or three times a month

Yes, it's probably a pain, but after a couple months they should increase it. I'm surprised they haven't written to you about closing the account, because it's been dormant for so long.

J_B

Just a little update, for your amusement.

Logged in on-line and asked for a limit increase - thought I'd ask for £200, but it said 'sorry, you must ask for 250' ... so I did ... this was rejected but there was a comment that "but we can offer you £200"  🤣
Ho hum - minimal offer accepted and will see .........

wiseonesomeofthetime

The wonderful world of credit cards. Mind boggling!!!!

Oh, and I am sure you are aware, however, it is settling the statement balance in full each month that will improve your credit history, not multiple payments each month, even though that allows a bigger spend.

Those additional payments within the month are not recorded with CRAs.

Credit utilisation will be interesting though on a £200 limit.

All the best.

cymruchris

You'll show a high utilisation on the card while you're working towards an increase by spending and paying off the statement balance - but I wouldn't worry about it - as it'll be clear you are paying off the balance monthly to any potential future lender. 

Dr_Crypto

Comedians. I’m really surprised it’s worth their while operating a card with so low a limit. Even the Vanquis end of the market seem to have a £1k limit. 

cymruchris

Dr_Crypto said:

Comedians. I’m really surprised it’s worth their while operating a card with so low a limit. Even the Vanquis end of the market seem to have a £1k limit. 

Most first issue cards from the likes of Vanquis to people with poor or limited history tend to be in the low hundreds. You'll usually only get £1k and upwards having had the account a while, and demonstrated good management of the account. This will most likely happen to the OP after a few months. 

J_B

cymruchris said:

Most first issue cards from the likes of Vanquis to people with poor or limited history tend to be in the low hundreds. You'll usually only get £1k and upwards having had the account a while, and demonstrated good management of the account. This will most likely happen to the OP after a few months. 

But, I've had the card since it was a Goldfish card! A quick Google suggests that B/C took it over in 2008!  🤔

cymruchris

J_B said:

cymruchris said:

Most first issue cards from the likes of Vanquis to people with poor or limited history tend to be in the low hundreds. You'll usually only get £1k and upwards having had the account a while, and demonstrated good management of the account. This will most likely happen to the OP after a few months. 

But, I've had the card since it was a Goldfish card! A quick Google suggests that B/C took it over in 2008!  🤔

In your case you’ll also see an increase over a few months I’m sure. It’s likely to have been reduced through inactivity - more as a fraud prevention measure - but although you know you’re a good person for credit - they need to see the pattern build up again to know they can ‘trust’ you (I trust you already 😂) 

J_B

cymruchris said:

.......... but although you know you’re a good person for credit - they need to see the pattern build up again to know they can ‘trust’ you (I trust you already 😂) 

Diolch!  😉