Credit Card Limit Increase

Upon approval on a credit card that you’re applying for, you may not initially get the credit limit that you want.

Since the limit given by credit card companies varies and depends on a person’s creditworthiness, requesting for a credit card limit increase may be more difficult than applying for the card itself. People usually have different motivations in requesting for a credit card limit increase. Some simply want an increase in their purchasing power. Others want to consolidate the balances of all their cards. Most people, however, want a credit card limit increase to boost their credit scores. If you really plan on escalating the spending limit of your card, here are a few things that you can do.

First, stick to the terms and conditions of your credit card. Fully understanding the rules will help you to better manage your card. Following them responsibly will prove your creditworthiness to the company and will greatly improve your image to them.

Second, do not content yourself with paying just the minimum monthly requirement per month. If you can pay for your entire balance, not only will you rid yourself of extra fees and interest charges, you will also improve your standing in your creditor’s list. Credit card companies only grant credit card limit increase requests to people who they think are worth the risk.

Never miss on a due date. It’s okay if you cannot pay for your bills in full. Just make sure to give something to your creditors at least once a month. It will also help if you avoid going over your credit limit. If you can show your credit card company that you are perfectly capable of keeping a budget of your finances, your request for a credit card limit increase may just be heard.

Keeping your credit card in use will also be helpful. Do not just use it during emergencies. Swiping your card on a regular basis will definitely boost your image to your creditors since they will see regular patterns of spending and payment in your credit record. Make sure, though, that your spending is within your means and that you are capable of paying for it. A regularly and responsibly used credit card will show your capability to you creditor and may just give you the credit card limit increase that you want.

However, do not expect approval on your credit card limit increase request with only a couple of months on your record. Be patient. Make sure that you have at least six months of good standing in order to get higher chances of approval on your request for credit card limit increase.


Source: Credit Cards For People With Bad Credit Rating

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