How to Increase Your Credit Limit

Hands holding credit card and using laptop

Increasing your credit limit can be a great decision that if handled responsibly can lead to lower credit utilization, a higher credit score, and greater flexibility in your funds. Some credit card companies will automatically raise your limit, but many require you to submit a request. If you need to know how to raise your credit limit, join Xpress Cash as we cover a number of methods you can follow, as well as how you can improve your chances of qualifying for an increase, below.

How to Raise Credit Limit

  • Contact your credit card company directly. The back of your credit card will have a phone number you can call to speak with a service representative. They’ll be able to tell you whether you qualify for a credit increase, but be prepared to answer a few questions, including why you’re requesting a credit limit increase and if you recently saw an increase in your personal income.
  • Make the request online. If you pay your credit card bill using an online account, you’ll probably be able to submit your request online as well. Log into your account and search around for an option like “Credit Limit Increase Request” or something similar. Fill in all of the required fields (this will likely include income information, your monthly housing payment, and more) and submit your request. Some card issuers will respond immediately, while others may take a few days to get back to you. 

Whether you submit your request over the phone or online, your credit card issuer will respond in one of three ways:

  1. Acceptance of your credit limit increase request.
  2. With a counteroffer of an increase with a smaller amount than requested.
  3. Denial of your credit limit increase request.

If you’re denied for your credit limit increase request, you’ll need to wait a bit before you make another request. We’ll explore how you can increase your chances of getting accepted next time, below.

How to Improve Your Chances of Qualifying for a Credit Limit Increase

Whether you were recently denied for a credit limit increase or you’d like to ensure you’re in the best position possible before making your initial request, there are things you can do to increase your chances of success:

  • Pay your bills on time, every time. If you have a spotty history when it comes to paying your credit card bills, your issuer is less likely to approve you for a credit limit increase. Set up auto-payments or put a monthly reminder on your phone to ensure you pay your bill on time every month. 
  • If you’re expecting a pay raise at work, wait until you receive it to make your request. Your credit card issuer will be far more likely to raise your credit limit if you can show a recent increase in your income.
  • Work on your credit score before applying. The better your credit score, the higher your chances are of qualifying for a credit limit increase. Again, being sure to pay all of your bills on time can help raise your score. Applying for a credit limit increase requires a hard credit check which will impact your score, so another benefit here is that it will take less of a hit if you wait until it’s a little higher to apply.
  • Be realistic about the amount you’re requesting. Your card issuer will be more apt to approve your request if it’s for an amount that you could realistically continue to use responsibly.

Get Additional Help at Xpress Cash

When you’re seeking financial advice, Xpress Cash is here to help. Whether it’s a question surrounding how to raise your credit limit or another topic, our friendly staff members are happy to assist. Contact us or visit us at one of our Michigan locations to learn more today!