Will increasing credit limit harm credit score?
Will increasing credit limit harm credit score?
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Discussion

Supernova190188

Original Poster:

932 posts

163 months

Thursday 2nd February 2023
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Will asking for a credit limit increase potentially help my credit score?
I have a credit card, am currently at the max amount on it of £3k as on 0% on purchases until June, when checking my credit score one of the negatives is I’m using around half my available credit, out of interest I checked to increase limit to £6500 and have been pre approved for this.
If I go for this and then keep £3k as the balance then it will be approximately 30% of my available credit, obviously as long as I pay each month at least the minimum etc then will this help to improve my score.
I’m just thinking as I will be looking to remortgage in November when my fixed rate comes to an end.
Also by transferring the balance to a new card it offers me 17 months of further 0% on purchases.
Or will this potentially go against me somehow when remortgage time comes?

Edible Roadkill

2,200 posts

201 months

Thursday 2nd February 2023
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Should help, generally below 25% utilisation of credit is viewed as good.

Shuff4

221 posts

111 months

Thursday 2nd February 2023
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£3k will be around 46%, which again is quite high,
as advised sit below 30% but also paying off then ‘borrowing’ again helps out, rather than leaving it dormant with money owned and nothing being cleared.