How to move forward with credit card after long non-use?
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.
(2)2 Comments
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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.
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.
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