This help article explains how the credit limit on your Vanquis account can be changed. Keep in mind that:
- you can't request a credit limit increase
- we review your account every month to check if you're eligible for an increase
Managing your credit limit
As a new customer you get a starting credit limit of between £500 - £1,200 subject to eligibility. This aims to help you get used to how a credit card account works.
As a responsible lender we want to be sure you can comfortably manage your repayments. Increasing your limit means you have more flexibility to spend. However, a bigger balance equals a higher minimum payment and an increase to the amount of interest you could be charged, so always make sure this is affordable.
You can't ask for a Credit Limit Increase (CLI), but we'll automatically review your account every month and let you know if you're eligible. 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 how we communicate with you about your credit limit by calling our automated service on 0330 099 3000*. Enter your card number and select option '5' to select the preferences that best suit you.
We aim to give you a credit limit that reflects your needs and your ability to manage your credit accounts.
To increase your chances of a limit increase you should:
- make good use of the credit available to you. Low usage could mean your current limit already meets your needs
- keep your external credit accounts in good order (credit cards, loans or catalogues)
- avoid going over your credit limit
- make sure your payments are on time
Doing these things shows you can manage your Vanquis and other credit accounts.
Income & Expenditure forms provide us with a good overview on your financial situation. Here are some of the things you could be asked when completing yours:
- your income (usually any salary you earn but also includes any benefits or pensions)
- your priority bills (rent, mortgage, council tax and gas)
- other living expenses (food, petrol and travel costs)
- other spending (broadband, phone and insurances)
We do this to make sure you don't take on any debt that you can't manage. This is all to ensure you can manage your repayments.
Credit limit offers will be sent via the Vanquis Bank App, email or SMS. You could accept or decline the offer and instructions on how to do this are available in your offer.
If you'd like to accept the offer you must complete an income and expenditure check. Please follow the instructions in your offer to complete this. If you miss a payment or you account goes overlimit it will put your credit limit offer at risk. Due to these reasons we may not be able to increase your limit.
If your offer is successful we will confirm your increase and the date it will take effect through SMS.
We understand that situations and personal needs change all the time. You may be expecting a change in your monthly income which impacts your outgoings or payments, you may choose to decrease your credit limit.
You may find yourself a victim of financial abuse. This is a form of domestic abuse where an abuser restricts a person's ability to manage their own money. For information, help and support with financial abuse please see the Money Advice Service.
Decreasing your credit limit could be a good action to take to reduce the risk of financial hardship. To request a decrease or seek further support, you can contact Customer Services.
Ways to pay
Make payments, check your transactions and statements, and set up automatic payments, all from one place.
We're here to help get you back on track. Take a look at the support we offer or find out about other places you can get help.