Credit Limit Increase

Hi,

I just got pre-approved for a Tymit account with a £1k credit limit. It says it could go up in a few months, and as I’d like a little more than that I’m interested in people’s experiences of increasing credit limits so I have a rough idea of what to expect. I know of course that it’s individual and one person’s experience is no guarantee for me.

Specifically how long it took to get an increase and by how much.

Thanks,

Tim

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Hi @Tim and welcome to the community.

I am also new and like yourself found the initial credit limit to be a bit low. I have a much higher limit with my other card but saying that it’s with a bank that I have been with for over 20 years so don’t know if thats a fair comparison.

I’m hoping its a 3 month review to see how things go initially but it would be really interesting to find out from anyone who has been around a while and had their limit raised, Perhaps @Jamesj015 or @Stephen could help us out with that?

Was a bit of a nerd earlier reading old posts and I’m sure @Stephen raised this issue last year.

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My credit limit is really low. It’s the lowest I have ever had. There is not any credit limit increase option in the app. @Oisin what is the case with this?

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I did see in the credit agreement terms that the limit will be reviewed from time to time but nothing specific regarding how regular, It would be good to know as I was considering cancelling my other card as I’m not keen on having multiple but with taking such a drop in credit limit I’m not sure this would be possible currently.

The credit limit review would be extremely welcomed as my current limit is too low for me to push all spending I wish through Tymit.

Perhaps Tymit can add the vote feature to this Discourse forum so users can vote on the most important next feature.

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@jase I’ve had another look at the credit agreement terms and it says they will give you 30 days notice of changing your credit limit (unless you requested it yourself) so I’m assuming you can ask customer service to up your limit.

For some reason in android app the credit agreement terms show the card terms and card terms show the credit agreement but that’s probably something I should be posting in the bug section but thought I would mention it.

My credit limit is the lowest I have ever had with any credit card. I have had Tymit for about a year or so now and now sign of any increase.

I do keep my older credit card that has a limit 4x that of Tymit.

Although I have not needed a higher limit, it would be useful to know that I had a useful resource if I ever needed it.

Even if they could raise the limit to 5k, I would feel it would be a bit more in line with expectations.

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I saw this too but I think adding the request feature in app would be great. They could easily automate the checks to approve or decline the limit increase :slight_smile:

Hi @Stephen yes I thought I would ask you as I seen a comment you made a long time ago and assumed you would of had your limit raised by now.

Doesn’t fill me with confidence that you have went a year without being offered a higher credit limit. I’m now wondering if it’s something you need to ask for but I did read that they review it every so often and will adjust accordingly and give notice.

Yes that would be really handy to have a request feature in app, I’m just new so not really in a position to be requesting an increase at the moment but would certainly like a higher limit in the future.

I’m disappointed to find that you guys that have been around for a while haven’t seen any increase in the time that you have been here though.

While I would like to have been offered it, I’m sure they have considerations beyond my need. Their investors will be looking to reduce risk exposure along with perhaps some regulator or issuer restrictions that maybe need to be considered.

Fingers crossed those of us who want an increase may be able to get one soon :slight_smile:

For now I use a mixture of Jaja, Tymit, and Amex.

Have been with Barclaycard since the mid-90’s - Only seen around 5 credit limit reviews in that time… Averages out at once every five years!

Thanks for all the replies.

So nobody has actually had a credit limit increase. That doesn’t seem to bode well for me haha.

I don’t know that anyone has actually asked for one. It’s certainly in the credit agreement terms that if they change your credit limit they will give 30 days notice (unless you’re requested it yourself).

Hey @Tim , welcome to the community :wave:
You raise a good question, and I can see this is something a lot of users would like more info about.
Let me discuss with the team and see what I can find out :slightly_smiling_face:

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Thanks a lot Oisin. Looking forward to it

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@Oisin did you manage to get an update on this yet?

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Hi @Oisin have you been able to get any further info on this, seems to be a hot topic and with more users joining the community it would be good to have some official response especially since most traditional credit card companies do offer or allow increases after 6 months and non of the active members here over that account age have been offered one or asked?

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Hi Tim

Mines only£500 but my wife’s £2000, I earn a lot more than her and have a better score,

Just don’t understand the logic

Dave

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Yeah that’s weird. But score isn’t everything, and it could be Tymit have used some machine-learning algorithms, which perform better in aggregate but you end up with some weird outliers.