A lot of times, your credit limit is at its limit so how can we increase the credit spending limit?
- Use your card, a lot.
If you aren’t using your card, why would the creditor increase your spending? Most cards come with a $250-$500 limit to ensure that you are responsible with a little amount.
(Refer to my other blog about how to take advantage of your credit cards to maximize the best use for your usage.)
https://loveahmongus.com/taking-advantage-of-my-credit-cards/
- You can ask for a credit increase every 6 months.
You are allowed to ask for a credit increase every 6 months, not that you should do so but be responsible. When you are spending a lot, the creditor usually increases your spending limits for you. If they do not, you can contact them to increase your limit. Be wary of how some creditors increase your limit. Some do not pull your credit, some do. My CapitalOne card, I am able to ask for an increase on my account without ever talking to anyone. My Chase card requires a hard credit pull, which is ridiculous so just know their practices and they usually tell you if they need to do a hard inquiry on your credit.
- Most importantly, be responsible.
More credit spending limit is good for your score but make sure that you don’t get too greedy because then it can be risky. More spending limits might mean more spending so be responsible. I usually do a credit increase every year as I do not need one every 6 months. It’s a bigger increase anyway when you do it every year as opposed to every 6 months.
Hope this helps!
Melissa Lee