Getting a higher credit card limit can either make or break your finances. So, it is necessary that you only get the amount you only need.
If you are thinking of increasing your credit line, here are some of the helpful ways on how to increase your credit card limit.
Opt for a card with a higher credit limit
One easy way to have a higher credit card limit is to get a card with high credit limit. Many credit cards in the market have a high credit line like aub classic mastercard. You can search for cards like this on different comparison sites to see a wide variety of credit cards that offer high credit limit. Make sure that you have a good payment history to have a higher chance of getting approved for a new credit card with a higher limit.
Transfer credit limits between cards
Among all the ways mentioned, this method is the easiest. If you have several cards, you can transfer your credit limit from one card to another. To be able to do this strategy, your credit cards should come from one card provider. Ask your current card provider on this and prepare for the required documents, such as payment history, card details, and income eligibility.
Wait for automatic credit increase
Many credit card providers increase the credit limit of their cardholders automatically—specially if they are a good credit card user.
If you are a credit user of aub easy mastercard or have a good payment history with your current card provider, do not apply for credit limit increase right away. Wait for theirautomatic credit increase. Typically, credit card companies grant higher credit line to their responsible credit card users. If youregularlyuse your card and pay your balances on time, you can get higher credit limit as frequent as every six months.
Request for a credit line increase
As mentioned above, companies grant credit limit increase automatically. However, not all card providers practice this. If you think that your company will not do this, request a credit line increase voluntarily. You can do this via online or over the phone.
Your card provider will ask details, such as annual income to evaluate your risk as a borrower. They will evaluate if you areeligible to have a higher credit line.
Here are some habits that you must do to increase your chances of getting a higher credit limit:
- Use your card regularly
- Make payments on time
- Don’t ask for too much
- Always update your credit score
Having a credit limit can help you build your credit profile, only if you know how to manage to use your credit cards. It is essential that you know how to utilize your credit since it can largely affect your credit score.
Consider whether increasing your credit line is something you really need before you opt to raise your credit limit, since having a credit card is a huge financial responsibility.