5 Key Ways Your Credit Card Limit Can Be Increased

Your Credit Card Limit

If you do exceed it, you could hurt your credit, face a credit limit decrease, fees, and penalties. In order to avoid these penalties, you need to be mindful of your utilization ratio since it’s the amount of credit used based on the amount that you have available.

5 Primary Ways You Can Get An Increase On Your Credit Card Limit

In order to get an increase in your credit limit, you need to reach out to your credit card company. You’ll need to provide them with your income, what your monthly housing status is – rent or own, housing payment and the credit limit you’d like to have. There are some companies that will provide you with an immediate decision. Here are some helpful tips to boost your credit card limit:

Determine What Amount Of Credit You Need

You need to find out what your credit limit is, so you know how much to ask for. Be sure that you can pay this amount in full every month. If you spend more than you earn, then boosting the limit will make your credit problems worse.

Have A Clean Credit Record

If you manage debt poorly, your credit report is going to show it. And, the credit card company isn’t going to improve a credit limit increase if you don’t have a good score. In fact, asking for an increase in your credit spending could be a warning sign that you’re not doing financially well.

Be Cautious Of Increasing Your Credit Limit

Be sure you think long and hard before you ask for a credit limit increase. When you apply for it, the issuer may look up your credit report, which could lead to a hard inquiry on the credit report. And, an excessive number of increases could affect your credit score.

Don’t Ask For A Large Increase

Your bank will ask how much money you want to be added to your limit, or the bank will choose the amount you should get. If you don’t like the amount you were given, you can always ask for more later on, usually a year.

Continue Fighting For The Increase Even If You’ve Been Rejected

Don’t give up even if you’ve been rejected. If you think it’s a mistake, consider calling the company to reconsider the application. If you’ve been a loyal customer, with great customer service, then they’ll want to keep your business. They may decide to increase your credit limit to ensure they keep your business.

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