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Sainsburys credit card going to increase my credit limit - what's best?

(6 Posts)
mizu Mon 15-Feb-16 20:49:58

Quick question.

We are saving for a house deposit, got £10,000 and will be saving for another year.

Sainsburys have just sent me a letter saying they are going to increase my limit on my credit card from £4,000 to £7,000. I have never gone over £400 on it and currently have £100 on it.

They have sent me a letter with it and I can request keeping it at £4,000 so no increase. Was about to request that but then wondered if it is better for my credit rating to let them increase it.

Any ideas? Does it make any difference at all?

Thanks

TalkinPeace Mon 15-Feb-16 20:56:53

If you are about to buy a house it might come in useful ;-)

WhoKnowsWhereTheTimeG0es Mon 15-Feb-16 21:00:03

Same here, also planning to move house. I'm going to keep the higher limit just in case it does imprive credit scores etc, I'm confident I won't get out of hand with it. I love how many Nectar points I get with it smile

zombiesarecoming Mon 15-Feb-16 21:04:12

Don't honestly know what effect it has on credit scores but I would take it, you may need it and having one card with a decent limit should make getting another easier

I gave three with limits over 10k and if necessary will buy on one then balance transfer it once I find a card with a 0% offer with view to paying off in full before the transfer runs out

Very useful when doing major house work that needs large lumps here and there

mizu Mon 15-Feb-16 21:36:11

Thanks all, guess it doesn't make much difference at the moment but maybe good to have in the future.

AndNowItsSeven Tue 16-Feb-16 21:26:45

Take it , your credit score is improved if you have access to credit but but only use a lower % of it. Eg £400 of £4000 is 4% of available credit my maths isn't great but obviously £400 is less than 4% of £7000.

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