Go paper-free
Amend paper-free preferences for your statements and correspondence.
What is a credit limit?
Your credit limit is the maximum amount you can borrow on your credit card.
Your credit limit:
- Is an initial amount set when you apply for your card, but this can change over time.
- It’s usually based on your individual circumstances and credit score.
- Remember, it’s still up to you to only borrow what you can afford.
How a credit limit works
Your credit limit tells you exactly how much you’re allowed to borrow. To show you how a credit limit works, we’ve simplified the example below. For more detail, visit our page on how a credit card works.
Frequently asked questions
-
You can apply to increase or decrease your credit limit.
Increasing your credit limit.
To increase your limit, you’ll need to have at least six months payment history on your account, and you’ll have to go through an eligibility check, so approval isn’t guaranteed.
Think carefully before increasing your credit limit. Make sure that you’ll be able to make repayments if your circumstances change. And consider if there might be other options better suited to your borrowing needs.
Decreasing your credit limit.
You can usually request a credit limit decrease whenever you like. Decreasing could affect your credit score in the short term. The difference between the amount you’ve borrowed and the total amount of available credit will increase, this affects the calculation of your overall score.
To change your credit limit.
Increase your credit limit in our Mobile Banking app.
Increase or decrease your credit limit through Internet Banking. From your credit card account summary, select ‘More actions’, then ‘Manage credit limit’. Log in or register for Internet Banking.
If you don’t bank online, you’ll need to call us.
If we offer you a credit limit increase
From time to time, we might write to you offering a credit limit increase. You’ll have the option to accept or decline the offer, with at least 30 days’ notice. If you don’t accept it, the offer will simply expire – we won’t increase your credit limit without your consent. If you’d rather not be offered credit limit increases, you’ll need to call us to let us know.
-
You’ll find your credit limit on your credit card statement, whether you receive digital or printed copies.
If you log in to Internet Banking or our Mobile Banking app, you’ll also be able to see the credit limits of your different cards there.
-
We may decide to reduce your credit limit if we think you could find it difficult to make repayments. This is usually because of how you are using and repaying credit with us or other lenders.
We’ll look at information we hold about you and the accounts you have with us. We’ll also consider information sent to us by credit reference agencies about other types of credit you may have which includes details of your payment history.
Reasons include:
- Missed payments on Lloyds Banking Group products
- Adverse credit file information e.g. missed payments, defaults, CCJ’s
- High levels of total outstanding debt
- Exceeding pre-agreed limits e.g. bank overdrafts
- Taking out lots of new credit within a short period of time
If we decide to lower your limit, we’ll update our systems with the amount you can borrow straight away. We’ll send a letter to tell you about the change as soon as possible afterwards. It’s not an easy decision, but we want to make sure you don’t build up more debt than you can manage.
You’re welcome to apply for a credit limit increase in future, however you should wait 12 months. Allowing sufficient time for your circumstances or credit file to improve increases your chances of being approved.
In the meantime, you may like to review your credit report with credit agencies such as Experian and Transunion to check for accuracy.
If you have money worries or need support we’re here to help.
Understanding credit cards
Credit card basics
Our guides will help you understand the basics of credit cards and how to choose the best one for you.
Staying in control
Getting to know your credit card better will help you enjoy its benefits while staying out of financial difficulties. Read these guides to feel more in control of your card.
Looking for a card?
Our guides will help you understand the basics of credit cards and how to choose the best one for you.