Increasing credit limit to improve credit score

icklesurfer

One of the negative factors registering against my credit score is that my highest credit limit on my credit card is £550. I was happy with a lower limit and I don’t owe anything on the card, but felt I had to get it to show that I was now being responsible with my credit. However, as the lower credit limit is impacting Negatively against my credit score I feel I should try and increase it. 

The problem is there is no function on the app to be able to do this. The card is Capitol One Classic. Does anyone have any advice on how to increase the limit, and what limit are the CRA’s looking for so they don’t see my limit as a negative?

[Deleted User]

It doesn't matter what limits the CRAs are looking for as they're not lenders. TransUnion want you to have 15k, wherease Experian are happy with whatever you have as long as it never changes. 

As a result, your credit score is just a number they check at you. You're the only one who sees it.

Lenders prefer to see people with a number of cards as it shows that other trust you.  If you get offered increases on any of them, accept it.

Thenonameleague

icklesurfer said:

One of the negative factors registering against my credit score is that my highest credit limit on my credit card is £550. I was happy with a lower limit and I don’t owe anything on the card, but felt I had to get it to show that I was now being responsible with my credit. However, as the lower credit limit is impacting Negatively against my credit score I feel I should try and increase it. 

The problem is there is no function on the app to be able to do this. The card is Capitol One Classic. Does anyone have any advice on how to increase the limit, and what limit are the CRA’s looking for so they don’t see my limit as a negative?

Why for just a number you see ?
Which report are you looking at ? There are 2 others who rate you differently hence the score isnt se by anyone else.

icklesurfer

Deleted_User said:

It doesn't matter what limits the CRAs are looking for as they're not lenders. TransUnion want you to have 15k, wherease Experian are happy with whatever you have as long as it never changes. 
 

It’s Experian that are saying it’s a negative factor. 

I know the score technically means nothing. I’ve spent years and years in the Very Poor slice of Experian’s credit ‘gauge’. In 2018 I finally got my act together and seeing myself crawl up that thing has been a huge motivator but it’s stalled at the very top of ‘Fair’ and I’d really like to be in the ‘Good’ section.

 Again, I know it means nothing to lenders but if you’ve had a debt mindset for so long it’s helpful to see how your efforts impact your score. 

[Deleted User]

But it means you'll make the wrong decision.  In your situation, if you really want a high Experian score, you need to keep everything the same 

If you have debt, keep it. If you don't use your card, don't use it. Don't increase your limit and don't lower it. Don't change a thing, as Experian reward stability.

Or follow the advice above and become more credit worthy.

bradders1983

Experian could tell people jumping off a cliff would improve their credit score and people would still do it.

icklesurfer

bradders1983 said:

Experian could tell people jumping off a cliff would improve their credit score and people would still do it.

So helpful. 

bradders1983

Someone thanked my post, so yes, I agree 🥰

icklesurfer

Deleted_User said:

But it means you'll make the wrong decision.  In your situation, if you really want a high Experian score, you need to keep everything the same 

If you have debt, keep it. If you don't use your card, don't use it. Don't increase your limit and don't lower it. Don't change a thing, as Experian reward stability.

Or follow the advice above and become more credit worthy.

That makes sense. I haven’t changed anything in a while but I’ll keep everything as it is and wait it out. Thank you!

[Deleted User]

But wouldn't you prefer to be more credit worthy and be wealthier?

Is the score really more important than your money?

D3xt3r5L4b

icklesurfer said:

Deleted_User said:

But it means you'll make the wrong decision.  In your situation, if you really want a high Experian score, you need to keep everything the same 

If you have debt, keep it. If you don't use your card, don't use it. Don't increase your limit and don't lower it. Don't change a thing, as Experian reward stability.

Or follow the advice above and become more credit worthy.

That makes sense. I haven’t changed anything in a while but I’ll keep everything as it is and wait it out. Thank you!

Wait what out?