Increasing Credit Card limit question

BoGoF

Idpullthecurtain said:

BoGoF said:

Nothing wrong with a £5k limit. It's more than enough for your purposes.

Don't be taken in with all the guff you read on the Credit Reference Agency sites. The important thing here is you are building a solid history paying in full every month.

If this is your only card it might be an idea to get another as a back up.

What other credit do you have that is building your history.

Its now the only thing thats building my credit. 

I just ditched a mobile contract to go PAYG, and I have Next Account, but I never use it.  Would it be beneficial to get more credit  from another channel?

Multiple sources potentially looks better than one but don't go applying left, right and centre!

A back up credit card is useful if you lose your current one so personally I would try the eligibilty checker and see what looks most promising on acceptance. If you get it split your current spending across the 2 and continue to pay in full.

CliveOfIndia

As others have said, £5k is a perfectly reasonable limit as far as your credit history goes - there's no need to increase it further just for the sake of it.

Of course, if you want a higher limit because you want to use it - and crucially you'd still be able to comfortably repay in full every month - then by all means you can ask for further increases.

It could be worth trying for a second card from a different provider.  This will improve your credit history marginally, but more importantly it gives you a backup should your card issuer experience any technical difficulties at any point.  Ideally try and have one Visa and one Mastercard, again to mitigate against either network experiencing technical gremlins.

But the overriding thing to remember, whichever option you may decide to take, is to never ever spend more on the card(s) that you'll be able to repay in full each month.  Regular use and always repaying in full is a simple and very effective way of building/maintaining a good credit history.

cymruchris

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

Idpullthecurtain

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

cymruchris

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Fair enough - you may find that the mainstreams might start approving you now with a bit of  positive history under your belt. (Even though you have 30 years they don't know about!)

I'd definitely try the eligibility checkers across all the main lender websites and see what they say.

If more than one says yes - I'd still only take one card though at this stage.

Definitely nothing wrong with having a second card once somebody says yes.

Don't use the comparison sites though - go direct.

Nasqueron

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Have you checked all the CRAs? It's rare but not all cards report to all lenders. My oldest CC is one I got as a student about 25 years and is reported to all 3 though it's a mainstream (Halifax) one.

Another card isn't a bad idea as a backup if you can get say a Visa if you have MC.

Limits are limits, useful to some e.g. for BT or stoozing, for others it's a willy measuring contest!

My lowest is I think £2500, highest about £11500, I had a Lloyds one for 2+ years and they never touched the £4k limit despite being used as main spender but Halifax pushed my card up to £7500 last year though I only ever use it for BT or the odd spend to keep it active for the DD for switch bonuses. M&S, NatWest and Santander not offered me any increases though NatWest sent me an email today to apply for a purchase card with them but no use for it even if you can hold 2 with them

Idpullthecurtain

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Fair enough - you may find that the mainstreams might start approving you now with a bit of  positive history under your belt. (Even though you have 30 years they don't know about!)

I'd definitely try the eligibility checkers across all the main lender websites and see what they say.

If more than one says yes - I'd still only take one card though at this stage.

Definitely nothing wrong with having a second card once somebody says yes.

Don't use the comparison sites though - go direct.

Nasqueron said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Have you checked all the CRAs? It's rare but not all cards report to all lenders. My oldest CC is one I got as a student about 25 years and is reported to all 3 though it's a mainstream (Halifax) one.

Another card isn't a bad idea as a backup if you can get say a Visa if you have MC.

Limits are limits, useful to some e.g. for BT or stoozing, for others it's a willy measuring contest!

My lowest is I think £2500, highest about £11500, I had a Lloyds one for 2+ years and they never touched the £4k limit despite being used as main spender but Halifax pushed my card up to £7500 last year though I only ever use it for BT or the odd spend to keep it active for the DD for switch bonuses. M&S, NatWest and Santander not offered me any increases though NatWest sent me an email today to apply for a purchase card with them but no use for it even if you can hold 2 with them

Thanks for the info.  I dont need another card, or maybe even want one.  I do want to do whatever is best for my credit.  My bank acc is Mastercard and CC is Visa so im not limited to one network currently.

But if an additional card might be better for my credit then I would consider it.

cymruchris

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Fair enough - you may find that the mainstreams might start approving you now with a bit of  positive history under your belt. (Even though you have 30 years they don't know about!)

I'd definitely try the eligibility checkers across all the main lender websites and see what they say.

If more than one says yes - I'd still only take one card though at this stage.

Definitely nothing wrong with having a second card once somebody says yes.

Don't use the comparison sites though - go direct.

Nasqueron said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Have you checked all the CRAs? It's rare but not all cards report to all lenders. My oldest CC is one I got as a student about 25 years and is reported to all 3 though it's a mainstream (Halifax) one.

Another card isn't a bad idea as a backup if you can get say a Visa if you have MC.

Limits are limits, useful to some e.g. for BT or stoozing, for others it's a willy measuring contest!

My lowest is I think £2500, highest about £11500, I had a Lloyds one for 2+ years and they never touched the £4k limit despite being used as main spender but Halifax pushed my card up to £7500 last year though I only ever use it for BT or the odd spend to keep it active for the DD for switch bonuses. M&S, NatWest and Santander not offered me any increases though NatWest sent me an email today to apply for a purchase card with them but no use for it even if you can hold 2 with them

Thanks for the info.  I dont need another card, or maybe even want one.  I do want to do whatever is best for my credit.  My bank acc is Mastercard and CC is Visa so im not limited to one network currently.

But if an additional card might be better for my credit then I would consider it.

Having two cards that are well managed building a good history is probably worthwhile - but depends on your end goal. Are you planning any big mortgage/finance purchase etc over the next 5-10 years?

Idpullthecurtain

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Fair enough - you may find that the mainstreams might start approving you now with a bit of  positive history under your belt. (Even though you have 30 years they don't know about!)

I'd definitely try the eligibility checkers across all the main lender websites and see what they say.

If more than one says yes - I'd still only take one card though at this stage.

Definitely nothing wrong with having a second card once somebody says yes.

Don't use the comparison sites though - go direct.

Nasqueron said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Have you checked all the CRAs? It's rare but not all cards report to all lenders. My oldest CC is one I got as a student about 25 years and is reported to all 3 though it's a mainstream (Halifax) one.

Another card isn't a bad idea as a backup if you can get say a Visa if you have MC.

Limits are limits, useful to some e.g. for BT or stoozing, for others it's a willy measuring contest!

My lowest is I think £2500, highest about £11500, I had a Lloyds one for 2+ years and they never touched the £4k limit despite being used as main spender but Halifax pushed my card up to £7500 last year though I only ever use it for BT or the odd spend to keep it active for the DD for switch bonuses. M&S, NatWest and Santander not offered me any increases though NatWest sent me an email today to apply for a purchase card with them but no use for it even if you can hold 2 with them

Thanks for the info.  I dont need another card, or maybe even want one.  I do want to do whatever is best for my credit.  My bank acc is Mastercard and CC is Visa so im not limited to one network currently.

But if an additional card might be better for my credit then I would consider it.

Having two cards that are well managed building a good history is probably worthwhile - but depends on your end goal. Are you planning any big mortgage/finance purchase etc over the next 5-10 years?

Yes thats definitely likely.

cymruchris

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Fair enough - you may find that the mainstreams might start approving you now with a bit of  positive history under your belt. (Even though you have 30 years they don't know about!)

I'd definitely try the eligibility checkers across all the main lender websites and see what they say.

If more than one says yes - I'd still only take one card though at this stage.

Definitely nothing wrong with having a second card once somebody says yes.

Don't use the comparison sites though - go direct.

Nasqueron said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

cymruchris said:

Idpullthecurtain said:

BoGoF said:

Idpullthecurtain said:

BoGoF said:

Genuine question, do you need the increased limit. Just wondering if your motives are to reduce utilisation on some make believe credit score?

cymruchris said:

They might say yes they might say no. Nobody knows. You might already be on 'the limit' of your limit.

Every application will be analysed for past performance, payment history, use of card etc etc. Is there a reason to ask for exactly £1k every 6 months? Are you spending more and getting close to the limit?

I understood that a higher limit would strengthen my credit rating/history.  My credit card limit is quite low.

Of your existing limit how much are you using each month. You say you paying it off in full each month then that's tbe right thing to do and is that fact that is most important. There comes a point where you can have too much available credit if youe were to apply for other credit.

I only use less than 10% and pay it off every month in full.  But my limit is only £5k (long story ) 

£5k isn't a bad limit. Yes there are people with £20k £30k limits - but there are also people out there with £250 limits. Is it your only card?

Yes only 1 credit card.

Have you looked at eligibility checkers on any of the big names recently? Directly on their websites?

It might be useful to get a second card (Not 8 or 9 cards - just a second card for now)

It sounds like you've had some issues in the past?

The likes of MBNA/Lloyds/Halifax (all the same), Santander, Nationwide and a few others now give 'indicative limits' when you do the soft search eligibility check. Have you tried any of these? (They might all say no - but completing the eligibility check won't harm anything as long as you don't go 'full application').

No I havent had issues.
My credit is excellent so I would have no problem getting another CC.

The reason my credit card limit is so low... Long story.
Had/have a credit card for 30 years.  Never missed a payment.  However only recently discovered it was so old it wasnt reporting to credit report.  As despite attempts it cant and wont report.  So I got a new card 18 months ago and started from scratch at that point with a credit card history.  Frustrating.

Have you checked all the CRAs? It's rare but not all cards report to all lenders. My oldest CC is one I got as a student about 25 years and is reported to all 3 though it's a mainstream (Halifax) one.

Another card isn't a bad idea as a backup if you can get say a Visa if you have MC.

Limits are limits, useful to some e.g. for BT or stoozing, for others it's a willy measuring contest!

My lowest is I think £2500, highest about £11500, I had a Lloyds one for 2+ years and they never touched the £4k limit despite being used as main spender but Halifax pushed my card up to £7500 last year though I only ever use it for BT or the odd spend to keep it active for the DD for switch bonuses. M&S, NatWest and Santander not offered me any increases though NatWest sent me an email today to apply for a purchase card with them but no use for it even if you can hold 2 with them

Thanks for the info.  I dont need another card, or maybe even want one.  I do want to do whatever is best for my credit.  My bank acc is Mastercard and CC is Visa so im not limited to one network currently.

But if an additional card might be better for my credit then I would consider it.

Having two cards that are well managed building a good history is probably worthwhile - but depends on your end goal. Are you planning any big mortgage/finance purchase etc over the next 5-10 years?

Yes thats definitely likely.

Then I'd definitely look at getting a second card once you're eligible.