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Building a Score
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The point is though, you can't use the score as a measure of what credit you may be able to access.The score doesn't bother me, so much as not being currently able to access to the best rewards cards.
Yours score will drop once you increase your limits because they react negatively to change - yet lenders will see it as a good sign.
What is your income and what debt as you currently carrying? You need to balance these factors with your limit.0 -
Thanks! What would a sensible limit increase be, given that my current limit is £1,000?
Also, do you know how long it may take to get my credit score up once I'm approved for a higher limit?
It takes time and patience.
As ZX says re any debts you have will play a part in any credit limit.0 -
If the score doesn't bother you then why are you worried about increasing it again?0
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I see your point now. I always just assumed that a general rule of thumb was that a higher score was better than a lower score.Deleted_User wrote: »The point is though, you can't use the score as a measure of what credit you may be able to access.
Yours score will drop once you increase your limits because they react negatively to change - yet lenders will see it as a good sign.
What is your income and what debt as you currently carrying? You need to balance these factors with your limit.0 -
I recognise I was being a little naive, but I wanted the highest score possible, which in my mind would've given me the best deals on reward cards.If the score doesn't bother you then why are you worried about increasing it again?
As I don't carry any other debt (aside from student loan debt), the only reason my score isn't optimal is due to my low limit and high utilisation.
As I'm paying off my bill in full each month, remedying my card situation would, in my mind, make for an optimal outcome.
So it's not the score that bothers me per se, but the fact that I don't have access to certain cards.0 -
I recognise I was being a little naive, but I wanted the highest score possible, which in my mind would've given me the best deals on reward cards.
As I don't carry any other debt (aside from student loan debt), the only reason my score isn't optimal is due to my low limit and high utilisation.
As I'm paying off my bill in full each month, remedying my card situation would, in my mind, make for an optimal outcome.
So it's not the score that bothers me per se, but the fact that I don't have access to certain cards.
All of which is nothing to do with your score.
You can borrow some of mine if you like, but bear in mind if the wind changes direction you may see it drop again
All that matters is the data on your files - make sure you're on the electoral roll, if you have a CC pay off the balance in full each month, get a contract mobile etc. and over time you'll see your options increase (albeit with a decreasing score)0 -
All of which is nothing to do with your score.
You can borrow some of mine if you like, but bear in mind if the wind changes direction you may see it drop again
All that matters is the data on your files - make sure you're on the electoral roll, if you have a CC pay off the balance in full each month, get a contract mobile etc. and over time you'll see your options increase (albeit with a decreasing score)
But I am on the electoral roll (and have been for >3 years at my current address). My CC balance is paid in full each month, as is my mobile contract that I've had for the past two years.
Forgive my persistent ignorance, but as far as I can tell I'm doing everything right. If a high utilisation vs low limit has no effect on my score, I don't know of any other factors that could be working against me, yet these credit soft checks still seem to think I have a low chance of success across the board when applying.
Potentially because I've only had my current credit card for just over two years?0 -
Who have you applied to and been declined from to date?
Your low limit may concern some lenders but there is no reason why you shouldn't be able to move up the ladder.0 -
No one, this is my first credit card. The limit I set myself was £1,000, and I've had it for just over 2 years.Deleted_User wrote: »Who have you applied to and been declined from to date?
Your low limit may concern some lenders but there is no reason why you shouldn't be able to move up the ladder.
I haven't applied for any others (only soft checked offers using various eligibility calculators), and haven't been declined credit before.0 -
Then I'd suggest it's time to see what happens if you apply for a decent card.
Try someone generic and mainstream, like Barclaycard or Cap One.0
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
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