You like almost everything about your credit card, but there’s one primary detail holding you back from falling in love: your credit limit.
It’s frustrating to carry a credit card with all the features and benefits you could ever need, but not be able to use it as often as you would like.
There is no sure fire way to secure a higher credit limit, but there are steps you can take to make the request. Here are four options to consider:
- Call your issuer: This is often the best way to request a higher credit limit, as it gives you the opportunity to speak with someone live. You can explain your situation, including why you want a higher limit, while also backing it up with details to help your cause (such as a recent income increase).
- Make a request online: Often the fastest and easiest way to request a higher credit limit, it only takes a couple clicks of your mouse. Once you sign in to your online account, search for the option titled “request a credit limit increase” or something similar.
- Wait for an automatic increase: If you don’t require an immediate increase – and you have the patience – you can wait for your credit card issuer to take action. Many companies review accounts at least once a year, paying close attention to cardholders who deserve and could benefit from an increase. The best way to get an automatic increase is to regularly use your card in a responsible manner.
- Apply for a new credit card: If you’ve responsibly used your credit card in the past and your score is in the good or excellent range, you shouldn’t have much trouble securing another credit card. When doing so, search for one that will allow you to obtain a higher limit. Also, remember this: even if you don’t receive a higher limit, you now have two cards, thus boosting your overall available credit.
Why Do You Want a Higher Credit Limit?
Don’t seek out a higher credit limit until you have a reason for doing so. For example, you may find that your current limit doesn’t give you enough money to pay all your bills throughout the month.
As long as you’re responsible with the limit you currently have, you can be confident in your ability to remain on the same track in the future.
With more than one way to secure a higher credit limit, you’re in position to get what you want (and possibly need). Once you decide which strategy is best, follow through and see where you end up.
And always keep this in mind: even if you don’t qualify for a credit limit increase right now, this could change in the future. Continue using your credit card in a responsible manner and it will eventually pay off.