Best way to increase Credit Builder Credit Cards?

creditatfulltilt

This is probably a question already asked and I’m not sure if it’s in the correct place but here goes;

I have been spending the last few months building a brand new credit score. I’ve never used credit so when I decided at 28 years old to start saving for a mortgage it turned out that I couldn’t get one as there isn’t enough information on me.

It started in August last year with not a single item, to today being able to get £269,000 (unfortunately only about half of what I need), so I think I’ve done pretty well. My issue however is as follows;

I got myself a NatWest account alongside a Capital One card in November last year. I have £200 on this CO card, which is the same limit as when I started. I’ve been using it and paying it off constantly, working out the dates so that my utilisation is below 20% by the time they report it to the CRA, which has helped my credit massively. NatWest have now given me a £1750 overdraft, however I’m still stuck on £200 with Capital One.

How long does it usually take for Capital One to increase my credit with them, when I’ve been using it every day, paying off the amount as soon as it clears on my statement, and making sure on the days before they report to CRA’s, that the utilisation is nice and low whilst leaving a balance on it.

Surely if the bank are willing to offer me £1750 overdraft, Capital One should at least be adding amounts to my limit with them by now?

Hope I’m not being dumb and missing something.

adamp87

Credit is tight at the moment due to Covid and thousands of people are potentially more likely to lose a job than say 12 months ago.

It could also be they don’t see you as a potential customer. Have you applied for a limit increase to find out?

Alternatively try other checkers on creditor websites to see what’s out there. You don’t have to stick with Capital One.

have you tried NatWest? 

MalMonroe

You could phone Capital One and ask for an increase. And if they refuse, ask why. You could do this via your credit card account online but it's better to phone, in my experience. I did have a Capital One credit card but left them a while ago. Each time I phoned they did agree to an increase because they said I was handling my account responsibly. They never offered an increase though, I had to ask.

I wouldn't leave any balance on the card. Don't you have a direct debit set up to clear the balance each month? I don't think you need to use it every day to prove anything to them either. 

I know things are difficult at the moment and lenders are being very cautious but £200 does seem quite stingy. 

As adamp87 says, why not try the CRA sites to see what kind of credit card offers you could get, then do a soft search on the ones that seem reasonable.

Ebe_Scrooge

As MalMonroe says, never leave an unpaid balance on the card, always pay it in full when the statement arrives.  And there's no need to make interim payments either (unless you absolutely need to in order to prevent you going over your limit).  Simply use it for everyday purchases, and clear in full every month - after the statement arrives, but before the "Payment Due" date.  A direct debit set to pay the full amount if the easiest way.  Regular use and always paying in full on time is what lenders like to see - don't worry too much about the utilisation percentage.  And ignore the score that's plucked out of a hat by the elves at the CRA - lenders neither use nor see this score, it's your payment history they're interested in.