For many credit card companies, your credit line will increase gradually without you making a request if you maintain a good credit score on your credit report. It is time to ask the credit card company if they did not raise your credit limit within a period of 6 months. You can contact the credit card company’s customer support and tell them straightforwardly that you want your credit card to have higher credit limit. If you don’t want to contact the credit card company by telephone, the alternative method is to apply for it online or go to a local branch.
You must keep in mind that the credit card company is not obliged to approve your request. The credit card company will review your request and approve it based on a number of factors. To increase your chance of approval, you should only make a request for a higher credit line if you maintain a good spending habit by keeping the debt to balance ratio on your credit card low at all time. It is best that the credit utilization of your credit card is kept at under 30%. If your credit utilization is higher than 30%, it will have a negative impact on your credit score.
When talking to customer support representative, you must let them know that you are a loyal customer and has been signed up with their credit cards for at least one year. The longer you are a cardholder, the easier it is to get approved for the higher credit line request. Another thing is that you want to make sure your balance is in full by the due date every month.
If your request is declined, you should make a phone call to the credit card company and ask for the reason. You should take a look at your credit report and review for any mistake if the creditor say that your poor credit prevents them from approving your request. The key is to make sure every information is recorded correctly on the credit report. You can give the credit card company a few reasons why they should approve you for a higher credit line if your request is denied.
The advantage of applying for a higher credit is that you can use your credit card to cover up any unexpected expenses you have. If you are someone who wants a higher credit utilization, increasing the credit limit is the solution to help you lower the debt to balance ratio. If your request is approved, make sure you always pay on time otherwise the creditor will lower your credit limit. You must not use the higher credit line as an excuse for a more extravagant spending. You are not to charge your credit card with an amount that you can’t afford to pay back by the monthly due date.
Thank you to the consumer finance team from topcreditcards.co for helping with this article. You can learn more about credit card promotions at topcreditcards.co a leading consumer portal offering consumers tips for finding credit card deals, offers and reviews on the top credit cards in 2016.