Hello Fix Your Credit Consulting community, today we are going to talk about how to push your credit card limit beyond what you may have thought possible!
Something that we have noticed among some of our clientele is that, for some reason, there are some people who prefer to open multiple credit cards instead of trying to increase their limit on a card they already have. While having multiple cards can be a good thing in the long run (as long as they are well maintained and paid off on time), increasing your spending limit on a pre-existing credit card can be an even greater boon if you are a responsible borrower because you’ll have added available credit to an existing account that already has established history.
The simple explanation for this is that most people probably do not know that you can get a limit increase on your credit card and how easy it can be. Of those that do know it’s possible, most are probably unaware of all the positive side effects it can have. But never fear, Fix Your Credit Consulting is here to inform and educate!
Assuming you are consistently paying off your credit card on time and in full, having a higher limit can give you more financial flexibility. Not only do you have more money to spend in case of an emergency, but you also have more purchasing power before reaching 30% of your total balance. For those that don’t know, if you keep a balance on a card that is above the 30% threshold it will start to negatively impact your credit score if it is not quickly paid off so that your balance is below 30% of your total available credit (preferably you would pay all of it off).
Some credit companies will automatically increase your limit if you have a good history with them and have no late payments. Usually this is after you have been a customer with them for a while or if you report an increase in your income, for an increased income is one way a credit company knows if they can trust you with a higher spending limit. However you can also take a proactive approach and get it raised yourself.
There are a few different methods that you can use to increase your limit on a credit card. For most lenders and credit card companies you can make a request through their online portal. Login to your account and look for an option to request an increase. If you do not see one you can also send them a message through their digital platform which will have the same effect.
Another way to get an increase in your limit is to call your creditor directly by using the customer support number on the back of your credit card. You can then ask one of their customer service representatives for an increase. They will most likely ask you a few questions in response, such as why you are requesting an increase. Just be truthful and honest about your reasoning–the last thing you want is to be caught lying to your creditor!
And that’s it. It’s that simple. Just send your creditor a message or call them and simply ask for an increase in your credit limit. Done. It’s steps like this that can help you achieve financial freedom!
If you have any other questions about best credit practices feel free to call Fix Your Credit Consulting at 877-212-2450 for more information!
If you have any questions, feel free to give us a call at 877-212-2450!
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