How to Request a Credit Limit for a Credit Card
When you apply for a new credit card or accept a prequalified offer from a bank or credit card company, you'll have to set a credit limit. Often, this is done by the financial institution, but you can also request to set your own or ask for your current credit limit to be increased.
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Instructions
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Find out your current credit score. The higher it is, the higher a credit limit you can request when applying for a new card and the more likely the financial institution is to accommodate you. To obtain information about your credit score or access the information in your credit file, use one of the major credit-reporting agencies: TransUnion, Equifax or Experian (see Resources below).
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Expect the bank or credit card company to issue you a low limit, usually in the range of $300 to $500, if you have little or no credit history, or if your credit score isn't very good.
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Search the credit card application form to see what credit limit options are available to you on the account. When you're prequalified, financial institutions will ask you to tell them roughly how much money you earn in a year. Your credit limit options will be commensurate with your income level as well as your credit history.
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Track your history of credit card spending and set a limit that won't pose problems for you down the road. Keep your access to credit manageable so that you're not tempted to spend beyond your means. Approximately one in three Americans has problems with credit card debt--it's not an ideal position in which to find yourself if you're planning for long-term financial security.
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Contact the bank or credit card company that administers your credit card account and speak to a customer service representative about the options that are available to you. If you currently hold a credit card and want to request an increase in your limit, you will have to complete online or paper application forms. Read these carefully, since getting or even requesting a higher credit card limit can mean changes in the terms and conditions of your account.
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Keep in mind that the credit limit you set will dictate the terms you'll be offered by credit card companies when they prequalify you. Taking out multiple credit cards with high limits is another danger that lands a lot of people in credit trouble.
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Tips & Warnings
You'll have better luck getting your request for a credit limit increase approved if you have a good credit score. Always make credit card payments promptly, and keep your balances as low as possible.
If you request a credit limit on a credit card and the bank or company rejects your application, it may adversely affect your overall credit score. If you do decide to ask for a credit limit increase, ask for a reasonable amount.
