How to Change a Credit Limit

Changing the limit on your credit cards is a relatively easy task, although your creditor can always decline to offer you extra credit. Depending on your bank, this transaction is done either online or through the telephone.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Telephone access Internet access

1. Decide if you want to lower or increase your credit limit. Generally, people who want to change their credit limits want them to be increased. If you want to decrease your limit, changing your credit limit may not make sense; you should just stay well below your credit limit.

2. Understand that if you are already maxed out, your credit card company may impose fees or increased APRs when they increase your credit limit. Therefore, it is advisable to change your credit limit in advance of making big purchases.

3. Visit your credit card company's Web site. There may be an option to change your credit limit online.

4. Call your credit card company if there is no online option. Simply ask the customer service representative how much of an increase in credit you can get with no penalties.

5. Weigh the pros and cons of increasing your credit limit if your creditor indicates your APR will increase as well.

Tips & Warnings

• You are more likely to get an increase in your credit limit if you have paid your balances on time, all the time.

References

• Credit Nexus

Who Can Help Sponsored

• How strong is your score?  Did you know checking your own credit won’t affect your score? Click here to see yours in two easy steps from Experian.
• A Bad Credit Score is 598 or Below. Checking your own Credit Report won't affect your score! See instantly for $0 by Experian® www.FreeCreditReport.com