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For various reasons, I am currently taking steps to increase my credit score, one of the steps being to increase my credit card limit.

The last time I had a credit card was around 10 years ago. I found it to be harmful to my then financial situation, so I paid it off in full and stopped using it (I think I cut it up and closed the account).

So I can't understand why it states in my credit report:

Credit cards (1)
£0
Total credit limit = £300

Does this mean my account is still open?
Would I have to open an account with the same company to increase my credit limit?
What is the best way to move forward with the goal in mind, what is my next step?

I wanted to ask here because I don't trust information from credit card companies, especially the company I had an account with.

  • Does your credit report give any more details of the company it's held with, and does that correspond to the company you had a card with? – Ganesh Sittampalam Jan 22 '17 at 18:39
  • It doesn't give any details other than Creation Financial, Acc. opened in 2003, my name, my parents address, and a partially hidden account no. I think I had an "Outfit" (clothes shop) card a while back which I hardly used. I'm now thinking it's that, rather than a Vanquis card which I originally thought. – n00dles Jan 22 '17 at 20:02
  • Creation Financial run various different branded credit cards, e.g. Asda money, and perhaps store cards too. The date should be the best way to match it. On a personal note, I had an absolutely awful experience with them a year or so ago - their customer service is really bad IMO. – Ganesh Sittampalam Jan 22 '17 at 20:07
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    I will just mention that it may not be a bad thing having a credit card but not using it, at least for UK scoring. I had a limit of £1000 and almost never used the card, yet peaked at a score of 999 with Experian when applying for a mortgage. I now use cards temporarily for "stoozing" and my score is significantly lower. – nsandersen Jan 23 '17 at 11:35
  • Is this question about obtaining new credit or understanding an item on your credit report? – iheanyi Mar 18 '17 at 17:22
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You appear to be asking multiple questions. If you have the card, and wish to keep it, use it now and then to keep it open. If you want more credit, you can ask the card issuer to review the account for an increase or you can apply for a new card with better benefits.

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At least on my credit report (in the U.S.) I still have credit cards that show up exactly like yours except they do not add to my "Total credit limit". So I would very much be worried that the account is still open in some way. That being said it can be a good thing because it is increasing your Credit/Debt ratio, but a bad thing in that it is increasing the number of accounts you have open (if it is truly open).

You would not (in the U.S. at least) have to open a card with the same company to increase your credit limit. I have 2 or 3 cards and their limits sum to the "Total credit limit" shown in my statement.

  • Having more accounts won't generally reduce your credit rating. The opposite is most likely true. The information above implies that this is the OP's ONLY credit card account, which means they are super lucky the card didn't get closed. It will boost their score significantly. It's probably inactive and can be reactivated by calling the issuing institution. – farnsy Apr 26 '17 at 15:07

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