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    Got my 1st credit card in April, and now they ve offered to put it up from £300 to £950, which I m considering accepting assuming it won't do my credit rating too much harm? My sole reason in having one is to improve my credit rating.
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    (Original post by claireestelle)
    Got my 1st credit card in April, and now they ve offered to put it up from £300 to £950, which I m considering accepting assuming it won't do my credit rating too much harm? My sole reason in having one is to improve my credit rating.
    Yes take it. It will lower your utilisation percentage which is one of the variables in a credit rating. Just don't use it, pretend it wasn't there.


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    Yes. Only reason not to would be if you cant control your spending.
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    (Original post by Pipsico)
    Yes take it. It will lower your utilisation percentage which is one of the variables in a credit rating. Just don't use it, pretend it wasn't there.


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    Is there a point when my credit utilisation would be to low? With this new rating it will be about 10%.
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    (Original post by 999tigger)
    Yes. Only reason not to would be if you cant control your spending.
    I can certainly control my spending.
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    (Original post by claireestelle)
    I can certainly control my spending.
    I didnt expect anything less. As you are improbing credit scoe id take the amount they are willing to lend you as a sign of their increased trust in you.

    Dodnt I link you to some guides on improving credit score when you started?
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    Unless you have problems managing a credit account then I'd suggest always accepting a higher limit. Besides improving your credit score a higher limit may come in handy one day (buying a car? Holiday? Home repairs?)
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    (Original post by Duncan2012)
    Unless you have problems managing a credit account then I'd suggest always accepting a higher limit. Besides improving your credit score a higher limit may come in handy one day (buying a car? Holiday? Home repairs?)
    My intention is to improve it as much as possible before applying for our mortgage in two years.

    (Original post by 999tigger)
    I didnt expect anything less. As you are improbing credit scoe id take the amount they are willing to lend you as a sign of their increased trust in you.

    Dodnt I link you to some guides on improving credit score when you started?
    You may have, I believe apart from accepting increased limits I ve done everything possible now to improve it.
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    (Original post by claireestelle)
    Is there a point when my credit utilisation would be to low? With this new rating it will be about 10%.
    Low utilisation is good - i think anything below 30% is good (though don't quote me on that)

    Generally the lower the better (above 0 of course) as it means that you have available credit but you don't NEED to use it. That, coupled with paying off the balance due each month works towards a favourable rating.


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    (Original post by Pipsico)
    Low utilisation is good - i think anything below 30% is good (though don't quote me on that)

    Generally the lower the better (above 0 of course) as it means that you have available credit but you don't NEED to use it. That, coupled with paying off the balance due each month works towards a favourable rating.


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    I ve always kept it above 0% Hopefully it continues to improve, I have a 4/5 noodle rating but I know each lender has different criteria.
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    Unless you have piss poor self control when it comes to spending there isnt really much of a downside.
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    Some lenders do not like you having access to alot of available credit, however £950 is not alot.
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    (Original post by Reue)
    Some lenders do not like you having access to alot of available credit, however £950 is not alot.
    I agree.
    Its basically because if you have access to a lot of credit it makes them riskier to lenders. I cant remember the exact details, but i was reading about it recently.
    £950 isnt a lot though.
 
 
 
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