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When you’re ready to increase your credit limit, it can be easy to request an increase only to get turned down by your bank or credit card company. However, there are things you can do to increase your credit limit more easily and be more likely to get approved, even if you haven’t had success before. Here are some of the best strategies for getting your next credit limit raise without any trouble at all.
Do Your Research
Before you start the process of requesting a credit limit increase, it’s important to do your research. First and foremost, call your credit card company and find out what their requirements are for increasing your limit. Some credit card companies require that you have been a customer for at least six months before they’ll consider any requests for an increased limit.
Don’t Be Pushy
It’s important not to be pushy when you’re asking a credit card company for a higher limit. The card companies want you as a customer and will most likely give you the limit increase if they know it would make your life easier. You can always ask for an increase, but don’t make it seem like they’re inconveniencing you by not being able to accommodate your request.
Monitor Your Credit Score
In order to increase your credit limit, you need to build a good credit history. You can do this by monitoring your credit score and paying bills on time. You can monitor your credit score for free at Credit Karma or Credit Sesame. You’ll want to make sure that it’s not too low before moving forward with the steps below.
Understand Why You Need a Higher Limit
The need for a higher limit depends on the person and their financial situation. If you want to pay your credit card bills in full each month, then you may not need a higher limit. However, if you have struggled with your finances or don’t have the funds available in your checking account, it might be beneficial to get a higher limit so that you don’t use up all of your credit.
Communicate With the Bank (In Writing!)
When you’re ready, contact your bank. In an email or written letter, tell them that you’d like to request a credit limit increase and provide them with any information they need in order for them to make a decision. Be sure to include details about your income, what types of expenses you have, and where you spend the most money.
Don’t Forget to Follow Up!
Just because you’ve asked for an increase, doesn’t mean the bank will automatically say yes. To have the best chance at success, be prepared with a persuasive argument before making your request. You might want to include some of these points in your letter:
The balance on my account is higher than it was when I last requested a credit limit increase.
I am careful about spending and always pay my account in full each month.
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Know When You Need To Walk Away
If you’re struggling with your credit card limit, there are a few things you can do to increase it. One of the easiest is just asking. When your bank sees that you have a good history of paying your bill on time and in full, they will be more inclined to increase your limit. Another option is taking advantage of any rewards programs that offer cash back or points for increased spending limits.
