Credit card help!

woodste

Hi there,
I’m trying to boost my credit score and have done well with Aqua. However they’ve now reduced my limit by 50% saying that I don’t need it. I use my card monthly and pay off the whole amount. They won’t change my limit back up stating that it’s a head office decision. Clearly I’m accruing no juicy interest for them but will the reduced limit affect my credit score? Should I apply for a new pre-approved card? I feel like I’m stuck after doing so well. My score had gone to green and above average by a few points for my area. Any advice would be great!
Thanks
Steph

[Deleted User]

Any changes to your credit will inevitable drop your score, but that's not a problem as no one will ever know.

The bigger problem is your reliance on a single card.  Apply for another and aim to have three or four over the next year or so.

dr_adidas01

woodste said:

Hi there,
I’m trying to boost my credit score and have done well with Aqua. However they’ve now reduced my limit by 50% saying that I don’t need it. I use my card monthly and pay off the whole amount. They won’t change my limit back up stating that it’s a head office decision. Clearly I’m accruing no juicy interest for them but will the reduced limit affect my credit score? Should I apply for a new pre-approved card? I feel like I’m stuck after doing so well. My score had gone to green and above average by a few points for my area. Any advice would be great!
Thanks
Steph

Also worth noting that just because it says you are pre-approved it doesn’t mean you are guaranteed to get the card. They may still decline your application after a hard search. 

cymruchris

Try the eligibility checkers for the likes of Vanquis and Capital one. If either say you are likely to be approved - apply for just ONE. Keep using your Aqua card for the odd transaction - but move your regular spend to your new card - keep on paying it in full every month - and then in about 6-8 months time apply for another card - again using eligibility checkers as a guide before doing so. Once you're up to 3-4 cards - you'll get yourself into a better position. Aqua might just be reducing risk during the current financial circumstances - other card providers are doing the same. In time, hopefully things will become a bit more relaxed again.