Increase credit limit?
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AG47
Posts: 1,618 Forumite
in Credit cards
Was given an £8k limit when applied for card, but want to increase it.
What's the best way to go about it please?
It's not been a year yet, should I wait for the 1yr anniversary?
I have been using the card a lot and always pay it off in time, well at least the minimum, it's zero % for a while.
What's the best way to go about it please?
It's not been a year yet, should I wait for the 1yr anniversary?
I have been using the card a lot and always pay it off in time, well at least the minimum, it's zero % for a while.
Nothing has been fixed since 2008, it was just pushed into the future
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Comments
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Simply phone up and ask them.0
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Many cards with online management will have an option to request an credit limit increase through their website. That will tell you when you apply if you have been rejected because of any mandatory time limit which is required so you'll know when to try again.
However if the card is with Sainsburys expect to be rejected regardless, then wait about 1-2 months and then they will decide to offer you the same credit limit increase "out of the blue" in the post. This has happened to me 3 times since I received mine!• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.
Robert T. Kiyosaki0 -
Thanks, is it better to ask for a little increase?Nothing has been fixed since 2008, it was just pushed into the future0
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It depends if its via online request try 15% increase0
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It all depends on who owns the card. If it's Santander, Tesco or MBNA the rules are different for each supplier.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0
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I'm worried I will ask and then scupper future chancesNothing has been fixed since 2008, it was just pushed into the future0
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Similar case with credit increase:
I have two credittcards with santanders
The first which I got more than a year ago is about £7000
The second one is Santander zero with fee free cash withdrawal abroad which I have had it for about seven year with the limit of £ 500.
I wanted to cancel the fist one as I do not need it anymore.
I have read somewhere else that with Santander, when you have two credit cards with them and you cancel one, you could ask them to increase the limit of the other card which you still have (e.g the second one.
I wonder how common is the policy ? What to say in case you wanted to do that to increase the chance to be approved ?
Thanks0 -
..........,
I wanted to cancel the fist one as I do not need it anymore.
I have read somewhere else that with Santander, when you have two credit cards with them and you cancel one, you could ask them to increase the limit of the other card which you still have (e.g the second one.
I wonder how common is the policy ? What to say in case you wanted to do that to increase the chance to be approved ?
Thanks
I did this with Tesco. Rang to cancel one card and asked if the credit limit could be transferred to the other one. The advisor had to refer it but it was sorted with a call back in less than 2 hours.• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.
Robert T. Kiyosaki0 -
I'm worried I will ask and then scupper future chances
Why don't you answer the question of who is the card provider first?Similar case with credit increase:
I have two credittcards with santanders
The first which I got more than a year ago is about £7000
The second one is Santander zero with fee free cash withdrawal abroad which I have had it for about seven year with the limit of £ 500.
I wanted to cancel the fist one as I do not need it anymore.
I have read somewhere else that with Santander, when you have two credit cards with them and you cancel one, you could ask them to increase the limit of the other card which you still have (e.g the second one.
I wonder how common is the policy ? What to say in case you wanted to do that to increase the chance to be approved ?
Thanks
Santander have always been a strange bunch in my experience - rather than keep existing customers they would rather you close accounts with them and if you wanted to change your credit card say you held the 'All in One Credit Card' with them and wanted to switch it to the 'Zero Credit Card' they wouldn't do this - instead telling you that you'd need to apply separately for it. Also, if you dare call them to ask for a credit limit increase when you hold 1 card with them, they are a miserable bunch at the best of times and you'll get the Spanish inquisition and I'm pretty sure they also did a credit search on me too at the time. Based on that, I wouldn't hold much stock as to them complying with your request.
If you do try it, please report back what happened.I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com0 -
Perhaps when seeking concessions from Santander you should expect the Spanish inquisition?Candyapple wrote: »you'll get the Spanish inquisition
Their weapons are fear, surprise, and ruthless [in]efficiency...and an almost fanatical devotion to the terms and conditions....0
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