Easy Ways To Get A Higher Credit Card Limit
It is normal for many credit card holders to want a higher limit on their accounts. A higher limit means you have the ability to purchase higher priced items not to mention having a larger amount available for an emergency.
First and foremost, credit card holders need to remember that to get a higher credit card limit, they must abide by the terms and conditions of the credit card company or bank. Below are 7 other ways to increase credit card limit:
Occasionally pay finance charges
Attract positive attention from the credit card company or bank by paying finance charges once in a while. Obviously, this is not advisable on a repeating basis and should only be used as a last resort to increase your chances of getting a higher credit limit. Proving that you are a good borrower can be a convincing way to get a higher credit limit. But be careful because this strategy also means that you will be paying finance charges which can accumulate in a hurry.
And always remember, a higher credit card limit means greater purchasing power, but it also increases the risk of your having to pay greater interest charges and other processing and late fees.
Use credit wisely
The best and simplest strategy for getting a higher credit card limit is to use your credit card wisely. Always keep in mind that credit card companies keep a record of your transactions and payment patterns.
Pay more than the minimum
Never make minimum payments. Instead, try to pay for the entire outstanding amount. This will usually give you a better chance of getting a higher credit card limit.
Don’t let the card sit idle
Use your credit cards regularly. Don’t keep your cards for emergency use only. If you use your credit cards sparingly, banks and credit card companies will be unable to understand your spending and pay back behavior. Under these circumstances, companies will be reluctant to give you a higher credit card limit. Even if you want to use the account for emergencies, consider buying something small each month with the card and paying it off right away (a tank of gas, a few groceries, just about anything will work).
Never go over the limit
Always spend within your limits because doing so means that you are capable of controlling your expenses.
Check your performance
The most important thing to do for getting a higher credit card limit is to prove your credit worthiness. This is the first thing that banks and companies look for when giving a higher credit limit.
Avoid late payments as much as possible. Not only will your payment increase, but you may also have to pay an additional fee. This will also dim your chances of getting a higher credit card limit.
The key is that your performance in the records will determine whether you’ll get a higher credit card limit or not.