Credit Card Max Increase Offer

Curious_Case

My credit card balance had been lapping at the high water mark for quite some time, due either to the deteriorating wellness of my finances or global warming.

However, having recently been dated by lady luck, brought home to her place, and provided with a buffet breakfast the next morning, my balance is now at 25% of limit.

Are those fine bank people likely to now resume their offers of a limit increase ???

Henry Ford III

You need to ask the cc provider, as nobody here could possibly know the answer to your query.

Curious_Case

Henry Ford III wrote: »

You need to ask the cc provider, as nobody here could possibly know the answer to your query.

Surely someone has an idea ???

I've read that, all things being equal, institutions tend to offer increases when card users are at less than 30% of their limit.

In the present times, things may be different, perhaps a bank employee can provide an opinion ?

coylemj

Curious_Case wrote: »

I've read that, all things being equal, institutions tend to offer increases when card users are at less than 30% of their limit.

Since the last financial crash, Central Bank rules say that they can't increase your credit limit unless you ask for it.

Prior to that, they kept increasing my limit. Which, for some people, was an invitation to go out and spend up to the limit. Which many people did.

Curious_Case

coylemj wrote: »

Since the last financial crash, Central Bank rules say that they can't increase your credit limit unless you ask for it.

Prior to that, they kept increasing my limit. Which, for some people, was an invitation to go out and spend up to the limit.

Thanks, I was wondering if they'd revert to old habits and resume unsolicited offers.

Henry Ford III

There's only one way to know for sure.

Curious_Case

Henry Ford III wrote: »

There's only one way to know for sure.

Requesting an increase obviously has an uncertain outcome, I'm talking about pre-approved increases.

For obvious reasons, it's not a good idea to request unless you're fairly sure of being successful.

You may be too young to remember the frequent letters that credit card companies would send out that you only had to sign & return.

Requesting an increase is a completely different scenario, subject to financial review, whereas pre-approved offers were algorithm driven so no awkward questions.

Dream123

Banks are not allowed to offer ‘unsolicited pre-approved credit’; as part of Consumer Protection Code introduced c 10-15 years ago

There generally isn’t much effort in requesting a limit increase / awkward questions; depends who the Credit Card is with but most will have an automated process to review you credit card activity anyway

I know it can be done on the AIB internet banking website, not sure with other banks but shouldn’t be more than a phone call

listermint

If and only if I'm reading this correctly. You over spend on your card all the time for multitude of reasons. You have just managed to get it into a relatively good state compared to your usual spend .


And you want to get the limit increased.......


Dude. Clear it down and then cut it in half with a scissors

coylemj

listermint wrote: »

If and only if I'm reading this correctly. You over spend on your card all the time for multitude of reasons. You have just managed to get it into a relatively good state compared to your usual spend .


And you want to get the limit increased.......


Dude. Clear it down and then cut it in half with a scissors

+1 OP, now that you have your balance down to 25% of your limit, you should be aiming to get it down to zero i.e. clear the balance completely, with no balance carry over month to month. If you can't achieve that, you need to wean yourself off the credit card altogether i.e. follow the advice above.

Looking for an increase in your limit suggests that you're simply going to spend your way even further into debt than you were until recently.