How do you get your credit limit raised. I had a large debt on my card for many years. I finally paid it off, and have paid it down 3 months in a row. I have REALLY good terms with this card, so I would like to have my credit limit raised since I have a better job. I am worried the might turn me down because I carried revolving debt for so long. Do you think they would raise it since I have paid it off for 3 months, or should I wait a little longer?
If you can afford to service a larger installment, then I see no reason why they will deny a client. They are providing you with a service and if you are earning more, I see no reason why they will not. Is your credit score OK? As long as you know you can service it. I have requested my one card's limit to be increased....and they approved it. I reckon it will be similar for you. Just be sure you can handle the amount as your job is really secure. I am in the process of paying off those very cards right now. Anyway, all the best.
I think that they will approve you because you did carry it for a longer term and have paid it off. That sounds like what they want you to do with their card. You may want to get a current credit report before asking for an increase just to be certain everything else is looking okay. You may as well see the information before they do!
It depends on which bank the card is with. Usually you have to make larger payments for at least 6 months in a row. Then call the company and ask them for a increase. Depending on the bank its 6 months to a year. You also can't expect to double you credit limit all at one time. I would say like 30-40%. Over asking can also be a killer.
I'd leave it another three months and then request a raised limit. You may even find they automatically raise the limit for you. They need to be sure that you will be able to cope with the payments before raising your limit, so keep servicing the account well and bide your time. Whne and if you do ask for a raised limit, don't ask for too much, unless you're sure you'll be able to resist the temptation to max out the card.
Depends on your credit score and why you would want this to be higher. I know some people who have a high credit limit, but never use the full limit and this is fine. However, if you plan on maxing the card out again then this can be a huge waste of your time and money!
It does depend on your credit score. One way to get larger credit lines is to have your average balance of all of your revolving accounts be lower than 50%. Also, if you get a car loan, you will pay a lot more in interest if you are maxed out on all of your cards than you will if you are halfway paid off.
