Easy CreditJust recieved my new mbna mastercard and notice that they have increased my credit limit by another £3000. This is Daft for a couple of reasons.
1) I haven't actually used this particular card for over 2 years, and only then because they were giving me interest free credit on purchases for 6 months.
2) combined with the Visa card I also have from them (which hasn't been used for probably 4 years, but my records don't go back that far) I know have a £28,900 credit limit with them.
Since officially I am a full-time PhD student have minimal paid employment this strikes me as quite ridiculous. Actually even if I were employed the minimum montly payment on that amount would be a terrifying £860. They obviously do no checking at all before randomly increasing limits. No wonder people get into unmanageable debt.
Fortunately I am quite sensible and only ever use my credit cards as a means of getting 6 weeks interst free credit on all my purchases and to avoid carrying large amounts of cash. The card I do use only has a £3000 limit which is more than adequate for my usage.