All Things Credit (Cards, Limits, Scores)

Financial Chat
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Creating a thread as a place for us to discuss all things credit cards, limits and scores!

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I have 3 credit accounts:
*Capital One Ā£750 limit
*Monzo Flex Ā£500 limit
*American Express Ā£4k limit

Iā€™m not sure whether my best bet is to close the Capital One account? I never use it and itā€™s a pain with no rewards either.
Maybe in time I would be able to increase my Flex and Amex limits thenā€¦

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I wouldnā€™t keep unused lines of credit open. Of course itā€™ll most likely hurt your score in the short term but thatā€™s made up anyway.

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Wow the discrepancy between the limits are insane. Are you a new credit user or just painfully unlucky with other limits apart from Amex? I know Amex offers good limits but the difference here is huge

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C1 was my first credit card at 18 (3 years ago) and theyā€™ve never offered to increase my limit.
Flex was opened last June and then Amex I only opened last month.
I do agree that itā€™s a significant difference - without knowing the precise factors they take into account though itā€™s hard to tell.

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Itā€™s all relative based on lender and circumstances. My first card was Lloyds (TSB) with a Ā£1750 limit when I was 19, and while itā€™s more than tripled since itā€™s still lower than the initial limit on other cards Iā€™ve opened since. My current lowest is Ā£3.5k, my Amex opened at Ā£3k and then got increased to Ā£7k. All my other cards are between Ā£5k and Ā£10k.

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Howā€™s your score looking like?

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Also howā€™s the Amex app? Iā€™ve never seen people talk about it, it looks good but how is it performance wise?

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Itā€™s ok, functional. The key thing it lacks for me is the ability to see card details in the app.

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Experian is max score, Equifax is above 800/1000 and TransUnion is almost max so all relatively healthy scores.

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Itā€™s alright. I wouldnā€™t say itā€™s amazing but itā€™s certainly better than some other apps such as Capital One. Lots of things still send you to their website which is a bit of a pain.

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Itā€™s the best credit card app out there. Would be nice to see card details (and have the chat back) but otherwise 10/10

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The live chat? I used it in the app yesterday. Unless you mean something else?

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They seem to remove it if you upgrade to Platinum :upside_down_face: makes no sense but Iā€™m not the only one who had it disappear at that exact moment

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That is a tiny bit irritating if card details canā€™t be seen as itā€™s so easy just to go on Monzo and just check it so quickly.
I guess a workaround on iOS is to save the Card details to Safari Autofill

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A couple of weeks ago Smile reduced my credit card limit by over 80% without notice or consultation because I hadnā€™t used the card for a while.

Iā€™ve seen an immediate drop in my credit score with the one agency thatā€™s been updated since that date, on the basis that an issuer has cut my credit limit.

It was my only Visa credit card with a decent limit, the HSBC one I had opened in the hope of replacing it having been issued with a pretty useless limit in the lower 4 figures. The Smile one ended up even lower after the limit cut, so Iā€™ve closed it now and will ask if HSBC will increase the limit.

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Do they even know this? All my credit cards just show as the brand on all three credit agencies. I have an Amex, but they have no idea what kind of Amex.

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Does AMEX show instant notifs when spending?

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Yes, but you have to set on the notification. Itā€™s good. It can also show you payments, statement ready etc

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And it can notify all spending through Apple Pay

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