Tips On How To Increase Your Credit Card Credit Limit

Jonathan Halloway

Written by Jonathan Halloway on February 28, 2019

Updated May 21, 2019

happy-woman-with-credit-card

Sometimes you might find yourself with an overdraft or a credit card and have a need or want to raise the credit limit. You might have several motivations for doing so, and fortunately, it can be done. Despite credit limit referring to the maximum set on a credit card that can be spent, this can often be raised if need be.

Most people have no idea about their credit limit after applying for the card unless of course, one is a new customer. The only time many people get alerted about their borrowing limit is when a new credit card arrives. As such, it can create a number of issues.

If knowing the credit limit is important to you, enquire from the credit card provider before making the application and signing the agreement for the credit. Essentially, the credit card provider will make it clear what you’re likely to receive. At times, credit checks might be required to help the lender know what and whether you are able to repay.

Boosting credit limit

You’ve realised the credit card credit limit isn’t really sufficient, and you’d like to raise it somewhat. In case you’ve been with the card for just a short time, you might want to give it some time before you approach the lender again. First, aim at showing the credit card provider you’re trustworthy and able to repay in good time.

Note that if you miss repayments on the card or exceed set credit limit, the provider will most likely deny you an increase. You could also destroy your good credit standing and lower your chances of accessing credit from other lenders.

After waiting for a while

Once you’ve been with the lender for a while, you can then approach them to increase the credit limit. It all depends on how your repayments have been and whether you’ve met your end of the bargain.

Note that you don’t have to accept the offer to increase the limit. You have the freedom to request small increases if you think that’s what you need or let the lender know you’re not interested in stretching your credit limit in the future as well, especially when you believe you could be tempted to overindulge.

Do you really want credit card credit limit increase? Just approach the credit card provider and let them know. From your interaction with them, they’ll let you know where to start and what to do.

Boosting credit limit related to being creditworthy

To increase your credit card credit limit whenever you want, convince the lender about your creditworthiness. If the card provider believes you won’t have any issue with an increase in your credit and the likelihood of defaulting is very slim, they’ll probably be the ones suggesting a higher limit. Different checks will be done to determine this, including analysing your credit history and reference file.

Lenders will take a serious look at your repayment history and how you handle your credit. Being as creditworthy as you can is the surest way of getting whatever credit you want. However, before accepting a credit card credit limit increase, be sure that if you reach the maximum credit limit, you can afford to pay it back. It is well worth crafting a working repayment plan, so you know exactly how to repay any debts.

When you shouldn’t even consider credit limit increase

The decision to increase your credit card credit limit is purely based on the lender and the information they’ve gathered about you from different credit reference bodies and the way you’ve been using the credit card in the past.

At times your desire for an increase could be declined. This is not because you don’t qualify, but a responsible lender doing what they believe to be the right thing to ensure you don’t fall into the trap of more debt.

Don’t even waste time approaching the credit card provider if;

  • Your credit score is poor
  • You’ve only had the current credit limit for a short time
  • You’ve already hit your possible highest credit limit
  • Your payments every month haven’t been satisfactory
  • You’re no longer employed
  • You’ve not been making payments as you should.

Know when increasing credit limit makes sense

Before you approach a lender for more credit card credit limit increase, know whether you truly need to or whether you can afford it. For instance, those who use credit cards to meet work-related purchases and expenses and later repay can seek an increase. An increase in expenses is a good reason to approach card provider for some credit boost to avoid problems related to cash flow.

If you always repay your credit card debt in full every month and your incomes are solid and sustainable chances of the card provider agreeing to your request is very high.

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