Have you ever wanted to get a higher credit limit, but didn't know how? Many credit card companies are willing to raise your credit limit; all you have to do is ask!
Get a Higher Credit Limit Easily
Some credit card companies make it easy to get a higher credit limit. All you have to do is call the credit issuer's customer service center and make the request. Usually they can give you an answer in minutes. Some companies have automated phone systems that allow you to make the request without speaking to a live person. Other credit card companies may allow you to make the request online, though they may not be able to give you an answer right away. All credit card companies will notify you in writing of whether they have raised your credit limit or whether they were unable to accommodate your request.
Each credit card company makes their credit card decisions based on certain criteria. The criteria for raising or declining credit limits is generally based on the following:
- Payment record - Do you pay your bills on time every month? Do you pay more than the minimum amount due? Has your account been open for at least 6 months? If you answered yes to these questions, the odds of a credit limit increase are in your favor.
- Credit history - Do you have a lot of credit cards with balances? Are the balances on your credit cards all charged to the limit? Do you have any charged off accounts? If you answered yes to any of these questions, you may not be eligible for a credit limit increase.
- Employment - Are you currently employed? How long have you been at your present job? How much do you earn? All of these things are taken into consideration when credit managers raise credit limits, especially if you are asking for a large increase.
- Credit score - This is the "be-all end-all" of credit decisions. If you have a good credit score you have a good chance of getting a credit line increase.
When Credit Managers Say Yes
Everyone is happy when credit managers say yes to a credit limit increase, especially when you are shopping and need an answer on the spot. While they may not use all of the criteria mentioned above, they will take a good look at your payment record and possibly pull a credit report if the request is for a substantial limit increase.
When the Answer is No
It can be disheartening to hear that you have been declined for a credit limit increase. Instead of getting mad at the customer service representative, stop and think for a moment. Have you done everything you could to keep your credit in good standing? While everyone makes mistakes, are you in the habit of skipping payments or making late payments? These things can make a huge impact on your credit score. But you can change your score starting today by managing your credit wisely.
Manage Your Credit
Follow these few simple guidelines in order to ensure that the answer is always yes to raising your credit limit:
- Always pay your credit card bills on time. Paying a little over the minimum amount is a great way to get favorable credit decisions.
- Don't apply for every credit card offer you receive in the mail. Limit your applications to 2 or 3 per year.
- Keep your credit card balances as low as possible. Avoid charging your credit cards up to the limit each month.
- If you run into trouble paying your accounts, don't wait too long to call the bank's customer service department. They can help you schedule your payments around your paydays and even help lower payments to get you back on track without ruining your credit score.
Getting a credit card company to raise your credit limit isn't difficult if you manage your credit wisely. If you are in doubt about what your credit report says about you, request a copy today from one of the major credit reporting agencies.