Barclaycard Forward

MoneyMan98

Hi

On Sunday, I used the Barclaycard Eligibility checker and was approved to apply (quite shocked as had debt issues in the past £5,000 to numerous creditors with defaults and late payments) I settled these back in March. 

I was referred and Barclaycard have now approved my application and had an email to say my credit limit is £50 . I did get an email that I can unlock a limit 'up to £800' if I send my payslips. I earn roughly £30k a year, and I am 21. Do you think my credit history will hinder the chances of an increase?

Just to note, the reason for the card is to solely rebuild credit.

Any input or experience would be welcomed.

Thanks, 

adamp87

Sounds like they just want proof of salary. They wouldn’t have offered the card and then sent that email without knowing your history

MoneyMan98

adamp87 said:

Sounds like they just want proof of salary. They wouldn’t have offered the card and then sent that email without knowing your history

Thank you, so probably increasing that £50 limit that wont help me rebuild credit really hahah

jonesMUFCforever

Using it sensibly will though - it may only be a petrol fill up or so then pay it off.
As you have paid off your old debts and you don't get any more late markers they will start to fall off your credit files and your rating should improve.
Ignore any scores though - they mean  nothing and only you can see them.

MoneyMan98

jonesMUFCforever said:

Using it sensibly will though - it may only be a petrol fill up or so then pay it off.
As you have paid off your old debts and you don't get any more late markers they will start to fall off your credit files and your rating should improve.
Ignore any scores though - they mean  nothing and only you can see them.

Oh Sure.. 100% I was just hoping for a higher limit to make a bit more of an impact with balances/ utilisation etc 

jonesMUFCforever

Small steps......

adamp87

MoneyMan98 said:

adamp87 said:

Sounds like they just want proof of salary. They wouldn’t have offered the card and then sent that email without knowing your history

Thank you, so probably increasing that £50 limit that wont help me rebuild credit really hahah

Of course it well if used right. £800 is much better than a £50 limit for utilisation and in point of having the card

cymruchris

Once you've verified your income through your payslips - you'll get the £800 limit. Then you spend on your card every month buying your regular essentials - supermarket, petrol etc. You set up a direct debit to pay the statement amount off in full every month. Repeat this process for a few months, and your pattern of responsible behaviour will encourage future credit limit increases. You won't usually get an increase until at least 6 months has past. 

PRAISETHESUN

My first card had a £200 limit... gotta start somewhere!

MattMattMattUK

MoneyMan98 said:

I did get an email that I can unlock a limit 'up to £800' if I send my payslips. 

MoneyMan98 said:

Oh Sure.. 100% I was just hoping for a higher limit to make a bit more of an impact with balances/ utilisation etc 

Why not just send them the pay slips, then you can have an £800 credit limit? If you are looking to build a healthy credit record that is more than enough, any more than that and it would appear that you were seeking to rack up debt again.

MoneyMan98

Sorry all - I am not wanting to offend with the £50 limit. 

I am more than happy to be accepted for a card, as I didn't think I would be! I am obviously wanting to rebuild my credit and was hoping for a limit of around £200 so I can pay off in full each month and get my file back on track with positive payments.

I have submitted my slips to see if I will get the increase, I was more asking if anyone has had the same correspondence and if they got the full £800 with it saying 'up to £800' 

Thanks for everyone's help so far