How to Get Your Credit Limit Raised on Your Credit Card
Your current credit limit on each of your credit cards has an effect on your credit score. The current FICO scoring model places a significant value on the amounts you owe on your accounts. The amounts you owe are then compared to your spending limit to calculate your debt-to-limit ratio. The higher your debt-to-limit ratio is, the better your credit score will be. A high credit score benefits you by allowing you lower interest rates on lines of credit and loans. Thus, requesting a higher credit limit on your credit cards is always in your best interest, especially if you carry a balance.
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Instructions
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Evaluate your payment history on the credit card you wish to request a higher limit on. Also evaluate your payment history for all other accounts that appear on your credit report. Your credit card company is more likely to grant your request for a higher limit if you demonstrate a good payment history on your credit card. Because your credit card company will periodically review your credit report, paying other lenders on time is important as well.
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Decide how much higher you would like your spending limit to be. You will be asked to submit a formal request for a higher limit that includes the amount of the increase you are requesting.
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Call your credit card company and ask to speak to a manager or supervisor. A customer service representative can take your request for a higher limit, but a manager or supervisor may be able to approve your request on the spot rather than requiring that your wait for approval.
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Explain to the manager or supervisor that you would like your spending limit to be increased. Point out the reasons why you can be trusted with a higher limit such as you have held the card for a long time or you have always made timely payments.
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Submit a formal request over the phone for the amount of your credit limit increase.
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Check your credit card account information either online or by phone after one week if your request is not immediately approved. Your account information will include your spending limit, thus you will know immediately if your request has been processed.
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Call your credit card company back if your request for a higher credit limit is denied. Ask for the reason why your request was denied. If the credit card company's reasoning is a factor you have control over, such as a high balance, work to remedy the problem and apply again.
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Tips & Warnings
Consider transferring your balance to a new credit card with a higher spending limit if your credit card company refuses to work with you.
Do not cancel your credit card if you opt to transfer your balance. Canceling a credit card can alter the length of your credit history on your credit report and lower your score.
Depending on the credit card company you have, you may be charged a fee for requesting a higher credit limit.
