Top 20 Expert Tips to Increase Your Credit Limit
By Benilyn Formoso – Suralta on February 27, 2019 |
Credit cards are a convenient way to make purchases. When your individual circumstances change, you may require a higher credit limit to meet your needs. However, getting a credit limit increase may require effort on your part. To help, we spoke with the experts who shared the best tips to increase your credit limit.
Here are the 20 ways how to increase credit limits, straight from the pros:
- Regularly Update Your Income with Your Credit Card Company
Laura Faulkner, Vice President of Marketing, Credit One Bank
Make sure to regularly update your income with your credit card company. Not only does this let the bank know you have the ability to pay, it’s actually a requirement of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 to update your income in order to qualify for additional credit. The “ability to pay” provision requires card issuers to consider your ability to make the required payments before granting you a credit line increase. Banks cannot legally grant you a credit line increase — or a credit card — without first having your income in order to assess your ability to pay them back. Updating regularly, especially when your income has increased, will help make your request get approved faster.
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