As a responsible lender, we want to be sure you can comfortably manage your repayments. Increasing your limit gives you more flexibility to spend. But a higher balance means a bigger minimum payment and possibly more interest charged. So, always make sure this is affordable.
You can’t ask for a Credit Limit Increase, but we’ll automatically review your account every month and let you know if you’re eligible. We’ll let you know via the app, by email or SMS. It’s a good idea to check your credit limit preferences in case you opted out of offers in the past.
You can set and control your preferences in the Vanquis app:
- Tap the ‘More‘ tab
- Tap ‘My Preferences‘
- Tap ‘Your credit limit increase preferences‘
- Follow the on-screen instruction
How to improve your chances of a credit limit increase
We’ll set your credit limit based on your needs and ability to manage your account. To boost your chances of a limit increase, you should:
- Make good use of the credit available to you. Low usage could indicate your current limit already meets your needs.
- Keep your other credit accounts in good order (credit cards, loans or catalogues).
- Avoid going over your credit limit.
- Remember to make your payments on time.
If you do these things, it’ll show you can manage your credit accounts.
