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If you have had a credit card for a long time, and if you have always paid more than the minimum amount and paid on time, you may be wondering when you can request a higher credit limit. There are a few important points to consider before you do so, so keep reading to learn the ins and outs of requesting a higher limit.
When should I ask for an increase in my credit limit?
Simply put, the best time to ask is when you have good credit and are making more money than before. Applying for a credit limit increase too early can hurt your credit score, so be sure to heed these tips because timing is everything.
- Most card issuers automatically review credit limits after six months.
- Requesting earlier than this could be a red flag for your lender and you could be denied. This will be bad for your credit.
- Asking for a higher credit limit can cause your credit reports to be asked hard, which will almost certainly cause your credit score to drop several points. It will take 12 months to recover these points, even if you do everything right after that.
When is not the best time to ask for a credit limit increase?
A bad time to ask for a credit limit increase would be if you have recently lost your job or your pay has dropped. Also, some other examples where you shouldn’t ask include:
You asked for one on another card
- Your credit is not good or excellent
- You requested an increase on a different card
- You have applied for new credit lines
How to ask for a credit limit increase
It’s easy to ask for a credit limit increase. All you have to do is call the issuer’s customer service department and explain why you need it. You can also do it online. But before you ask a question, ask yourself the following questions:
- Is there a good reason why you want to increase your credit limit? You must have a good reason for increasing your credit limit. And it’s not recommended to ask for it if you can’t pay your balance in full each month.
- Are you responsible for your finances? If you are not living within your means, relying on a credit card to get you through this is not a sustainable practice. Higher credit can actually exacerbate this problem.
- Is your credit in good shape? You must be sure that you will not be denied if you decide to request a higher credit limit. This means that your credit must be in good shape. Check your credit reports for free at AnnualCreditReport.com. You can get all three reports—from Equifax, Experian, and Transunion, the major credit reference agencies—at the same time, or you can check one report regularly. This is good financial practice for everyone.
- Did you find any errors in your credit report? Fix them. Review your credit report(s) carefully to make sure all information is correct. And make sure you dispute any bugs you find.
bottom line
If you decide to move forward, don’t expect your credit limit to double. In fact, you should be prepared to ask for or receive a maximum of 10% to 25% increase.
And again, you should be aware of what you plan to do with the extra credit and let your card issuer know when you call to ask for a higher credit limit.
For example, if your card offers a reward, you can say that you want to get more benefits with an increase in your credit limit. Or you could say that you have learned a little about your credit score and would like to lower your credit utilization ratio, which is the amount of your debt divided by your credit limit.
If you haven’t been able to increase your credit limit, keep paying your bills on time and in full, and before you know it, you’ll probably be eligible for one.
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