credit limit increase

How To Increase Credit Card Limit | Fast & Quicker

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How To Increase Credit Card Limit

Introduction

Having a bigger credit limit feels us as like as on getting a promotion or any kind of increment in our job and especially for those, who are new to the credit card and are in search of a good credit score. Whatever is this, having an increased credit card limit gives us relief from numbers of headaches.

Having a credit card with higher credit limit directly states many good things for our credit score until we use the newly available credit in the right way. About 30 % of our credit score is basically based on our debt level. The main cause of having a big credit debt is the utilization of available credit. In fact, a credit limit increase itself lowers our credit utilization which results in instant improvement in credit card score in very short time.

So, today we are going to learn how to increase credit card limit instantly & in a very short time period. Increasing credit card limit is not a hard working job since attention is to be taken of the following mentioned points for increasing credit card limit, instantly & fast or quicker. Let see what are these points:

How To Increase Credit Card Limit

how to increase credit card limit

Credit Limit Increase Automatically by Issuer

Many of credit card issuers used to increase credit limit automatically we illustrate that “you can handle credit responsibly” which means that charging only a %age of our total credit limit. This also indicates that we are making our payments regularly on each month, time to time. Numbers of credit card issuers examine credit card accounts of their users regularly and automatically raise or increase credit card limit for their users who satisfy their criteria of increasing credit card limit.

By Requesting For Increasing to Card Issuer

In our credit card issuers do not use to increase credit card limit automatically periodically, then we can increase our credit card limit by requesting them for increasing our limit. Since it prompts, it is always advised for requesting for increasing the credit card limit or it can be done by informing the customer service representative through a single phone call.

However, it is also possible to request online for the credit card limit increase. But, whenever we request for increasing credit card limit, the card issuer used to ask some information for proceeding our request quicker such as monthly income, how much we want to increase the limit and few of the reason behind it.

However, to proceed our request, the card issuer used to access our credit report through their own meeting criteria. A soft inquiry doesn’t affect much to credit score but a hard pull can affect much credit score depending on the other information available on our credit report. Usually, a hard pull used to refresh all the version of our credit report of last two years.

If our credit card information meets the criteria for increasing limit, then we may get instant approval otherwise the issuer will inform us for a few days later.

By Increasing Our Security Deposit

how to increase credit card limit 1

If we have a well-secured credit card limit, then we can typically raise our credit card limit via paying more & more towards our security deposit. Just make a call to the customer service number of the card issuer and learn the steps for doing this.

Reason Behind Denied in Credit Limit Increase

The request for credit limit increase procedure may be denied for various reasons.

  • A new Account
  • Lower monthly income or 
  • a secured credit card account.
  • Negative information in credit history

Note: If request decline then takes some time and try to improve them. Then again try it.

A negative information in our credit card history also becomes a reason behind the denied in the request. In this, an unfriendly action letter will be sent to you explaining the responsible factors including recent delinquencies & high credit card balances, and few others which influence the decision of credit limit increase. You may get free of charge credit score confession on this if the credit score is used in the decision of request declination.

So, the request does not improve for the increase, then list the reason, responsible for declination in the increase, take action on them and try to improve them. Wait for little time. Then try again for the increase in credit card limit.

Beware of Credit Limit Increase Fees

fees for credit card limit

It is important to take some preventive steps while requesting a credit card limit increase since some of the credit card issuer used to puts charges in the change of increasing the credit limit. For example, the Credit One Bank Visa Platinum credit card used to charge up to $ 49 whenever there is a request for the credit limit increase whereas the First Premier Bankcard used to charges 25 % of the total increase, at every approval for the credit card limit increase.

How Should I Manage a Higher Credit Card Limit?

Once our credit card company raises our limit (if approved), then it should be continued with a good management of money, in which the paying of bills on time to time is the most important thing. And also try to pay more than monthly minimum, if possible and try to lower down the debt-to-income ratio which depends on our monthly income. As lower is the monthly income, lower is the debt. And this ratio shows the strength to receive a higher credit card limit and how we are capable of purchasing on credit limit.

However, it is a good idea to open a new credit card account rather than asking for raising credit card limit or increase. But, if our credit report & history is stronger, then there are more chances of getting more interesting deals which is not possible with the existing credit card accounts.

Final Words

Friends, this is all about how to increase credit card limit, increase credit card limit, increase credit limit along with the reason, responsible for credit limit increase and the fees included in this.

However, please write your precious reviews on how to increase credit card limit, if you are feeling any kind of discomfort in the mentioned procedure. And do not forget to share it with your family members and friend circle

Thank You

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