Credit card limit increase

[darada]

I am a high earner and very responsible with debt especially credit card debt. Have been with barclaycard for more than 25 years and always paid bill in full each month.

I recently tried to increase my credit limit from £11500 to £15K to help improve my credit score (already pretty good). Barclaycard refused. Woman on phone essentially says computer says no and that's that.

Bit baffled, and slightly miffed, by this. Any ideas why they'd refuse? I'm about as good and safe a customer as it gets. Thanks

I think it was too much in one go, it's a high percentage increase you requested. I usually request £1k extra every 6 months or so.

Thanks has anyone tried this?

I recently tried to increase my credit limit from £11500 to £15K to help improve my credit score

It's how you use it that matters, not how much it is. Well not when you are talking about 11.5k/15k

Why the hell would you want to have £11k of debt on a credit card? Let alone £15k.

If you always pay your bill in full every month, then they are not earning any money out of you. That's the issue.

Why would they lend you an extra £3.5k when they could lend it to someone else who takes longer to pay it back and has to pay interest on it? The bank will earn money out of that transaction.

Banks use their customers' savings to lend to other people. They have to pay interest to those customers, and when lending it to somebody else, they need to earn more from the transaction than they are paying out, to cover their costs and make a profit.

Why do need to increase your credit score if you are already good with money and your credit score is already pretty good.

It can also be about how much other access to debt you have. So if you have three cards with a ten k limit, you have access to thirty k. That's a lot. If you went out and maxed them all, it's unsecured, and Barclays won't want to be part of that.
They can see your other accounts (well, the algorithm can) on your credit score.

I have no other cards and other than a mortgage no other debt. The OP makes a good point about why would they lend to me? In 26 years they've not made a penny from me.

What makes you think you need to increase your credit rating?

To improve my credit score to almost perfect. And thanks for your previous comment sondot what did you mean by not when you're talking about 15K?

I mean the difference between a £200 and £11.5k limit would make a difference but the difference between £15k and 11.5k less so. 11.5k is a decent limit.

But why do you want to improve your rating?

I suppose it would be handy and also a sense of accomplishment. Not sure I need it but it'd be nice to have.

It wouldn't increase your credit rating though; if anything, it might decrease it.

Why would that be? That idea that >15K would improve it came from Credit Karma's own website.

Just get a new card with a different company.

All the credit agencies say having > £15k available credit increases your credit score - you just shouldn't be utilising it all!!

I find when you have some money left on your card each month between 1-4 percent of your credit limit they write to you asking if you want an increase. My credit limit is £12.5k and I think I've only used more than £5 once when my DD's car engine blew up and I told her to pick another for up to £5k because she needed a car to get to work and drop DC at nursery and school. I've got a second credit card I clear each month and only use for fuel really. The limit on that is £6k.

Sorry, I think I got confused and was thinking of mortgage companies not liking you haven't too much credit available.

^having

I'd just go on Experian and see which cards you are pre approved for and apply for that.
Or apply for a catalog account - the credit balance starts low but when you use it (and repay it in full) they offer credit increases to entice you to buy more. I used my catalog account to buy some things for Christmas, paid it off in full and received an email saying they're increasing the credit limit by £500!

Not necessarily on one card though.

Also, very weird to want to improve your credit score for a sense of accomplishment, especially when you don't need it. Maybe you could accomplish something more useful?

You do realise that the only purpose of 'credit scores' and these websites are primarily to sell financial products to you.

Of course borrowing more money than you need would improve your credit score. 🙄

Thank you all for your replies. Very helpful. If I come across as a bit obsessed and a bit sad perhaps it's because I am I suppose. I have come from very dire financial straits to a solid situation through hard work and self taught financial literacy and I'm very keen never to go back to being financially insecure.

I'll probably let things carry on as they are. Thanks again.

I understand to a certain extent @darada. I'm not sure how meaningful credit scores are in a way though - they don't seem to care how much savings I might have, or how much I might have over-paid my mortgage by recently.

I've been trying to use my credit card recently to see the effect on my credit score. I've got everything set up so that the total amount is paid off in full every month.