All Things Credit (Cards, Limits, Scores)

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 £750 limit
*Monzo Flex £500 limit
*American Express £4k limit

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

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I wouldn’t keep unused lines of credit open. Of course it’ll most likely hurt your score in the short term but that’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 they’ve never offered to increase my limit.
Flex was opened last June and then Amex I only opened last month.
I do agree that it’s a significant difference - without knowing the precise factors they take into account though it’s hard to tell.

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

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How’s your score looking like?

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Also how’s the Amex app? I’ve never seen people talk about it, it looks good but how is it performance wise?

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It’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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It’s alright. I wouldn’t say it’s amazing but it’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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It’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?

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

That is a tiny bit irritating if card details can’t be seen as it’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

A couple of weeks ago Smile reduced my credit card limit by over 80% without notice or consultation because I hadn’t used the card for a while.

I’ve seen an immediate drop in my credit score with the one agency that’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 I’ve closed it now and will ask if HSBC will increase the limit.

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. It’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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