

You can apply for a credit limit increase online, by mobile app or by phone. Be prepared to make your case and provide your income, employment status and housing expenses.
A higher credit limit on your credit card can provide you with greater spending power and help manage your credit utilization, but how do you get one? Card issuers may automatically increase your credit limit, but you can also request one yourself.
When setting a credit limit, credit card issuers look at your credit scores, income and expenses. If you've managed your account well and your financial situation has improved since you got the card, your card issuer may be willing to increase your credit limit. You can request a credit limit increase online, by phone or simply by waiting for your card issuer to act. Here's how to set the wheels in motion.
Each card issuer has its own guidelines for granting credit increases. Generally speaking, you should be a cardholder for at least six months and should not have requested an increase in the past six months.
If you'd like to increase your credit limit, you have three primary ways to go about it:
The most convenient way to request an increase is to use the card company's website or mobile app. If your card issuer accepts online (or in-app) requests, complete the form and submit your information. You typically need to include your most up-to-date income and housing costs.
Alternatively, you can call the customer service number on the back of your card and request a credit line increase. Be prepared to explain why you're asking for more credit, and to provide information on your income and housing expenses (rent or mortgage). Your request may be approved on the spot, though some requests take up to 30 days to be approved or processed.
Even when you don't actively request one, you may be offered a credit limit increase automatically if your card issuer reviews your income, credit and account history and decides to up your credit line. If your credit card issuer ever requests updated income information, it could be a sign that they're considering a credit limit increase.
On balance, a higher credit limit has more pros than cons. Depending on your habits and your ability to control your spending when a higher credit limit is available, however, you may ultimately decide to keep your limit where it is.
Here are a few pros and cons to consider.
Your credit utilization can improve. A higher credit limit could also help you maintain a lower credit utilization ratio, which is a key credit score factor. If your credit limit is $2,500 and you want to buy a $1,000 TV, the purchase could bring your credit utilization ratio up to 40%. But if your credit limit increases to $4,000, your credit utilization would drop to 25%.
You'll be better equipped to cover large expenses. Raising your credit limit makes your card more useful, both as a payment tool for making large purchases and as emergency backup when a surprise expense pops up.
You may be tempted to overspend. A higher credit limit enables you to run up a higher balance, which could be difficult to pay off. While a higher credit limit won't automatically result in overspending, it does make it easier to do so.
Too many credit inquiries can affect your credit. Hard credit inquiries, like the ones credit card issuers may run when you request a credit limit increase, can decrease your credit score. Although the effect is minor and temporary, it's a good idea to limit the number of hard inquiries to your credit. This is especially true if you'll soon be making a major credit decision, such as applying for a mortgage.
Tip: Card issuers may or may not run a hard credit check when you request a credit limit increase. Read the terms of the request prior to submission so you're prepared.
If you're thinking about requesting a credit limit increase, you might want to start by checking your credit report and credit score. If your credit score would benefit from a little lift, consider trying Experian Boost®ø to add on-time rent and utility payments to calculating your score.
If your request for a credit limit increase doesn't pan out—or isn't as generous as you hoped—keep trying. Focus on making your payments on time and paying down your existing debt. As your situation and your credit improve, you can always apply again.
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See your offersGayle Sato writes about financial services and personal financial wellness, with a special focus on how digital transformation is changing our relationship with money. As a business and health writer for more than two decades, she has covered the shift from traditional money management to a world of instant, invisible payments and on-the-fly mobile security apps.
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