Zilch Credit Limit — Your Questions, Answered
Whether you’re wondering how to increase your Zilch credit limit or you’re trying to find out how it’s calculated, or maybe you just want to find out what your current maximum available spend is, you’re in the right place — here’s everything you need to know about the Zilch credit limit.
How to See Your Zilch Credit Limit
The easiest way to see your Zilch credit limit is to open the Zilch application, and look at the available spend presented at the top of the homescreen. Transactions that haven’t been repaid in full are not included in this number, so some math is needed to figure out the credit limit.
If you have outstanding transactions, add the full value (not what’s left of the balance for the transaction) of these to your available spend to calculate your Zilch credit limit. You can find all outstanding transactions on the Purchases & Payments screen inside the application.
Alternatively, you can reach out to Zilch Live Support by clicking Help in the application. Provide the Zilch Bot with an overview of your request and answer its questions, then wait a few minutes to be transferred to a representative who will be able to provide the answer.
Can You Increase Your Zilch Credit Limit?
Zilch will automatically increase – or decrease – your credit limit based on usage. If you’re a frequent user and meet each payment deadline, settling each transaction balance on time, your chances of having your available spend increased are higher.
As Zilch is authorised and regulated by the Financial Conduct Authority, it has to follow certain affordability rules when increasing a credit limit, looking at affordability, so it’ll take your income and repayment history into account when deciding whether to increase a credit limit.
Zilch carries out a soft credit check with Equifax when you sign up, which it uses to create your initial credit limit, but changes will not impact your credit limit as it then transitions to its own scoring method based on how users interact with the service over time.
It’s worth noting though that while Zilch doesn’t report back to Equifax regularly, it will do so if you miss a payment, which will not only impact your so-called Zilch Credit Score but also your Equifax Credit Score too, which could impact your ability to borrow from other lenders.