Before attempting to increase your credit limit, follow these steps.
1. Check your credit.
The first step is to check your credit. You can’t fix your credit score if you’re not aware of it, so be sure to check it regularly, especially when considering increasing your credit limit. You can use many tools to check your credit score and even receive free notifications and updates.
2. Improve your credit utilization score.
Another important consideration is your credit utilization score. When you pay more than the required minimum, you can successfully reduce your debt-to-equity ratio, which makes you a more attractive candidate for a credit limit increase. Make sure your account details reflect your current information, including any income changes.
3. File an official request.
Each credit card company has a different procedure for increasing your credit limit, but the details differ a bit from issuer to issuer. Most let you request a credit limit increase online through a simple form, but you may need to call a customer representative instead. Details should be available on the back of your credit card or via your online account dashboard.
4. Consider another card.
Sometimes it’s best to just apply for a new credit card. With a new card comes a new line of credit that can exceed what you currently have on your other credit cards. You may also find it easier to get your credit limit increased from a new credit card issuer who might be a little more understanding than your current issuer.
5. Check your timing.
Sometimes card issuers offer a special promotional APR that can make this a particularly attractive time to increase your credit limit. However, if you have made timely payments, it is very possible that your credit card issuer will contact you directly. When you demonstrate responsible, long-term use of your credit card, issuers are more likely to make a credit offer to increase the credit limit you already have.