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Forums Payment cards Capital on Tap Much progression of credit limits over time?

  • John_V85 7 posts

    Has anyone seen much progression with credit limits over time?

    We have a reasonable credit limit (albeit nowhere near the stated max), but in recent months have been close to (or) maxing it out, requiring us to stop using it or make payments ahead of the usual monthly schedule. We’ve requested limit increases several times, but have been told on each occasion we’re not eligible. We’ve had the same limit for the last 2-3 years.

    Instead, we are pushed weekly repayments, or pre-loading of the card, which all essentially seem to negate its cash flow benefits – instead simply making it another way of getting 1% cashback / avios on spend post a fee.

    I’m wondering if others had experienced the same.

    davefl 1,223 posts

    Barclays wrote to me in Dec telling me that my credit limit was to be increased by £1500. I never use more than half my existing limit, always pay in full, never missed paying on time.

    Last week they sent me another email saying that the increase had been cancelled becaue my financial circumstances had changed.

    I was made redundant at the beginning of Dec but the only organisation that should know that would be HMRC as they were notified that particular employment had ended. I had no idea that HMRC proactively notified credit reference agencies of a change in circumstances.

    JDB 4,374 posts

    @davefl – I don’t believe HMRC will have passed information on your redundancy to credit agencies. Have you applied for any sort of other financial product since your redundancy and provided a new employment status?

    It’s more likely Barclaycard has obtained the information via another route such as National Hunter.

    Skywalker 697 posts

    Has anyone seen much progression with credit limits over time?

    We have a reasonable credit limit (albeit nowhere near the stated max), but in recent months have been close to (or) maxing it out, requiring us to stop using it or make payments ahead of the usual monthly schedule. We’ve requested limit increases several times, but have been told on each occasion we’re not eligible. We’ve had the same limit for the last 2-3 years.

    Instead, we are pushed weekly repayments, or pre-loading of the card, which all essentially seem to negate its cash flow benefits – instead simply making it another way of getting 1% cashback / avios on spend post a fee.

    I’m wondering if others had experienced the same.

    They were quite quick in increasing my limit, and I hadn’t even got close to the max.

    I’m just wondering whether the problem you might be having is actually because you’re maxing the card out. Maybe C.O.T perceives your spending pattern as a risk?

    tontoro 106 posts

    I maxed out my card for the first 4 months I had it. £5k limit, put £20k per month through. After this, got put up to the heady heights of £7.5k. Called up, and was told that I couldn’t increase any more. Was just about to hang up when the lady said I could email in to a special department with a request. I did this, sent in a letter saying how much I wanted, why, and three months of bank statements. Within a day, they approved the request, and credit limit went up massively to the level I had asked for.

    Skywalker 697 posts

    @tontoro that’s good news and it just goes to show these things really do depend on how knowledgeable the CS agent is about what’s on offer and what can be done to help a situation.

    Do you have that email address for @John_V85 ?

    tontoro 106 posts

    I just looked back in my records. They actually sent me an email, that I then replied to. Text of email was:

    “We just need a little bit more information about your businesses.

    Can you please reply to this email with your most recent 3 months’ business bank statements for your businesses in PDF format which were issued in the last 30 days?

    These statements need to clearly show your business transactions.

    Please ensure they are colour copies that clearly show the following details:
    – Bank Name
    – Business Name
    – Sort code and Account Number
    – 90 days (minimum) of transaction history relating to your business

    Kindly confirm the answers to the following questions in order to send the account or a review:

    – What is your monthly Business Turnover?
    – What is the reason you are requesting a limit increase?
    – How much increase would you be expecting/want?

    Once you’ve sent them through, we will do our best to get back to you within one business day!

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