Ways To Increase Your Credit Limits

In this article, I am going to get straight to the point for you and explain 7 ways you can increase your current credit limits or get new credit lines…

Ask your banking partner or creditor for an increased credit limit. Simple right? Yes, call them up and ASK. Be aware, you do not want to get a hard inquiry on your credit report for asking them to increase your credit limit. If in case this happens to you, I would recommend getting another account.

Some companies you can ask for an increased credit line through without receiving an inquiry are American Express, Citi Bank, Discover, and Capital One. All of these companies right now do not require a hard inquiry. Ask for an increased credit limit every 6 months.

This one specifically is more of a back office term used by banks. The importance in this is updating your net worth/assets and updating your income with them on a regular basis. You can call in or do it online.

Another way to do this is if you put money into account, this skyrockets your ability to get higher limits. Banks, especially right now during the pandemic, want more liquidity.

The more money you spend on your accounts, the more likely you will get an increase. If you don’t spend, most creditors will close the account. At minimum you want to make at least one transaction every few months.

HOW DO YOU INCREASE FUTURE LIMITS YOU’RE GOING TO BE APPLYING FOR?

Invest a portion of your money into a brokerage account. Invest that money and then you can get a Line Of Credit that’s collateralized against those securities. On average, they will lend between 60–90% of the value of your investment account. This is an excellent way to get a high limit revolving line…

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