Help please re: Credit Limit

athensgeorgia

About a year ago i applied for a capital one card having never had a cc before and a reasonably bad credit file and was accepted with £500 limit after 4 months they put it up to £800, then in October i applied for a Halifax One card and was accepted with a £1300 limit which i bt to from my Capital One, What i wanted to know is do Halifax put your credit limit up like capital one do or is it something you have to ask for? and if they do it automatically when?

Any advice much appreciated.

(btw its 0% on purchase for 12 months and 0% on bt for 12 months then 14.9%, so am quite chuffed )

LittleVoice

I don't know the answer to your question I'm afraid. I have a Halifax One account but stopped using it and paid off the balance when the 0% ran out. (I don't bother with BTs.) I think my credit limit was not increased - but then again I didn't get near using it fully.

However, do be careful. Did you build up the amount outstanding on your Capital One card because you had an interest-free period and now want to transfer it to Halifax just to take advantage of the interest-free period? Could you actually afford to pay off the balance right now?

One day the low rate BTs are going to end and, if you can't pay it off, you are going to start paying heavily.

athensgeorgia

I've actually already bt my capital one to the halifax and my cap one balance is Nil. I can't really afford to pay off the balance atm but i have cut the capital one card up and only really got it to get on the cc ladder iyswim.

I was only asking cause we're going on holiday in april and wanted to make sure we had enough reserve funds if anything should happen and am trying to sort out our total available money for then.

bunnygirl007

Hi, i've had a Halifax One card for a few years - I think i started off with £2500 limit and its now £7400. They do rises automatically but only about once a year if not less often. However, you can request an increase. Hope that helps.