Credit limit initially low, will it improve?

[tontoro]

Just signed up for CoT, but the credit limit is £5k. This seems pathetically low, given company status; by no means a massive business, but 80+ years old, net assets 8 figures, turnover 7 figures, profit 6 figures. Anyone know if they are likely to increase this a lot after a few months? I’ve read people in here saying they have a £100k limit – how?! Would be useful to have £50k.

[Chas]

I’ve had CoT for a few years now, and my credit limit has increased over time. Whilst not quite as low as yours to begin with, they declined my early request to increase it saying that they will automatically re-assess my limit in due course. It took at least 6 months IIRC until it increased.

A few years later it jumped massively again, without any further prompting. I don’t know if that was caused by me regularly repaying my balance mid-month to facilitate me pushing more through the card, or if it was unconnected. That might be a tactic to try?

[No Longer Entitled]

I’ve also had the card for a while but seem to recall my credit limit was also adjusted after a few months of use but not when I initially asked having just opened the card.

It’s a very straight forward app and I have never had issues making intra-month payments.

[Richard Peters]

COT are great: max the card and clear during month if you need to facilitate greater sepending and it should soon increase. Started at £5K and now up to 25.

[tontoro]

Yup, have already maxed it and paid back within a few days. Fine when purchases are less than the limit…! I guess I’ll just have to wait it out.

[Jonathans]

You can sign up to weekly direct debit repayments which generally negates the need for high credit limits.

[tontoro]

Jonathans wrote:

You can sign up to weekly direct debit repayments which generally negates the need for high credit limits.

Not if you want to pay for things with a higher value than your limit…!

[Jonathans]

tontoro wrote:

Jonathans wrote:

You can sign up to weekly direct debit repayments which generally negates the need for high credit limits.

Not if you want to pay for things with a higher value than your limit…!

True. I started off with around £25k limit before the weekly payoff was offered. I’m now on £100k over 4 or 5 increases and with weekly payoffs an option, I wouldn’t expect it to increase any further.

I think constantly repaying early may not help. If the algorithms spot you have headroom between what your balance is and your credit limit it won’t increase your credit limit. But if you leave the headroom low or virtually nil for a few weeks – yes you’ll stop spending on the card for a while because you have no available credit but the credit limit should then begin to gradually increase.

[tontoro]

Yes, that sounds logical

[tontoro]

I’ve been putting some money through this, as it’s my only corporate Avios earning card. Unlike Barclaycard, when you pay off your balance by debit card, you can use the credit again almost instantly, which is nice. However, yesterday, I paid it off again, but could then not make a new purchase. I spoke to CoT, who told me that I had reached my spending limit for the month, even though I had no balance on the card, and it showed “£5000 available to spend”.

Somewhat bizarrely, I was then told that they did not know what my monthly spending limit was, and there was no way to find out. Very odd, and maybe something to be aware of. For reference, I have put about £20k through it this month, so maybe you can only spend 4x your limit?

[Capital on Tap]

Hi there,

We regularly review credit limits but once you’ve received your initial offer we will monitor how you use the card and your repayment behaviour.

After 3 months, we will review your account and hopefully increase your credit limit. However, if you would like see if we can increase this sooner get in touch with our customer service team on 020 8962 7401, email or via the online chat service.

I hope this helps.

Best wishes,
Capital on Tap

[tontoro]

Thanks for the reply, but this goes against what your agents have told me several times. They have always said I have to wait for four months of billing to pass before I can get my limit reviewed. Which is correct?

[tontoro]

Got a small automatic increase after my initial 4 months were up. I phoned to ask for another, and was told it wasn’t possible. Then, at the end of the conversation, the agent said actually I could ask for a manual assessment. I sent in some bank statements and a bit of info, and within about 12 hours they had agreed to a huge increase, which puts the credit more in line with our requirements. Fair play!