Credit Limit or Credit Line is a known phrase to all credit card users. Credit Limit or credit line is that maximum amount you can spend in your credit card before you pay off some of your Credit Card’s balance. Often people get confused between Credit limit, available limit, and total limit. To clear this confusion here we will talk about Credit Card Limit.
People get excited when they got higher Credit Card limit but this has both positive and negative effects it basically depends how much you are stable in finance. If you can pay your credit bills on time and overspending is not a problem for you then increasing your credit limit will be good for you and will help you to build a good credit score.
Here are the ways to increase Credit Card limit
Every Credit Cardholder can apply to increase their credit card limit. It is advisable to use your credit card at least six to eight months before you apply to increase your credit card limit.
- Go Online & Request- Most of Credit Card companies allow their credit card holders to ask for a credit limit increase online. Simply sign in to your account online and submit your request to your credit card issuer to increase your credit card limit. You also have to update your salary information; if your income got higher that can prove you are more potential to increase your credit card limit. Your Credit Card issuer will consider your request before approving it.
- Call – You can call them and ask them to increase your Credit Card limit. So you can call on the customer care number which is printed back of your Credit Card. The customer care service repressive may ask you about your present income and why you want to increase it.
- Wait for automatic incensement- Sometimes Credit Card Company’s increase the credit card limits automatically if they noticed that you are paying the credit card bills on time and if you are using their credit card for a long time. It also depends on how you are using your credit card.
- New Card- If you are not having trouble to pay your current credit card bills on time you can apply for new credit it does not matter if the new credit card comes with lower credit limit it will make your overall credit card limit higher.
So here are some other ways to increase Credit Card limit
- While applying for your Credit Card limit to increase you can forward to your bank last three months salary slip or IT Returns.
- While you have taken the Credit Card if you had ongoing loan on that time and recently it got closed you can send bank those loan closure papers there is a chance that bank will increase your credit card limit because if you have applied for your credit card while you are repaying a loan bank take that as your liability and decrease your Credit Card limit so if that got closed your credit card limit can be higher.
- If you are using more than one Credit Card and on those cards, you have higher Credit limits you can send those statements to the bank and can request to increase credit card limit, but do not send any if it lesser than 25,000.
- You can spend more on your credit card and must pay the bill on time to prove that you need more credit card limit. If you are paying all the bills on time bank will understand and will increase Credit Card limit.
- Bank give more priorities to those customers who travel in foreign and use their credit card on them that means that customer is financially stable and can handle more limit.