Whilst I don't I actually require this credit limit I decided to apply when the option was made available in my online banking (with the appearance that I would be accepted). I am recovering from a poor credit rating (multiple defauls - no CCJs/IVA/bankruptcy) and therefore take any credit that is offered in order to build my history.

In case it is of interest this is what happened to me and how I got to this position - of course there is some way to go but I am surprised how quickly I have been given this much credit (by the way my only objectives in having credit cards are to prepare my credit for a mortgage application and to maintain a higher cash balance and thereby earn interest).

- I got into a sticky situation which culminated in defaulting on student debts and credit cards totalling around £40k in 2007 (though some defaults only started being registered in 2009) when my income was around £35k gross in London. I had no other debt.

- I moved this onto a CCCS DMP in 2007cut back drastically on living costs, obtained a higher salary and opened a new bank account with Lloyds where I did not have any history - luckily I think due to the delay in the credit rating being destroyed I was approved with a £600 overdraft (used on purpose a couple of times over the next few years).

- In 2009 I started making offers to creditors - much of my debt had gone to third parties and in these instances I was able to settle for I think around 50-70%. I reduced my DMP balance to zero by early 2010 having paid around £30k back - in part due to a £10k redundancy payment in late 2008.

- I spoke to LLoyds about credit at this point - whilst on a a salary by this time of around £55k. Despite a very good record with them (my only other credit account other than the overdraft facility was Vodafone) the defaults prevented them doing anything.

- I made occasional credit applications every few months (perhaps not advisable) which were declined. In mid 2010 I took out the mycashplus card with credit builder. In December 2010 I was surpsingly offered a personal loan from Lloyds - I took out a loan for 12 months for 1k. This was at a high cost (around £160 interest) given I had no need for it other than to build credit.

- In 2011 I made one or two credit applications which were declined. I also made an application to Vanquis early this year and was accepted with a £500 limit which was raised to £1000 4 months later. Contrary to some reports I have found the level of service to be quite reasonable - though Vanquis has the feeling of a smaller company when dealing with them. This month I was approved for the Lloyds Duo credit card account with a £10k limit. I still have 6 defaults which will drop off in 2013-2015. At the very least when they are all dropped off I will have a reasonable credit history built up.

I am describing the above in case it helps anyone understand the path they are on. The main thing I would have done differently is default earlier in the process. Some accounts took longer to get to default status. As they were all eventually going to default, and the six years is from the time the account goes into default status, this would have meant I would have repaired my credit quicker - that is my understanding anyway!

Good luck.