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Sam19
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Subject: Increase credit limits on cards
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Sat Aug 16, 2008 5:45 am
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| Can anybody tell me how to increase credit limits on my cards ? |
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carol
Joined: 27 Jun 2006
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Posts: 1308
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Sat Aug 16, 2008 7:22 am
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For increasing your credit limit you need to talk with your credit card company. Sometimes, the credit card company themselves increases your credit limit without even informing you. This of course depends on your credit repayment history with the existing credit card of that company. Most of the credit card companies even takes into account your purchases, while increasing your limit. If you are a frequent purchaser with their credit cards, they increase the credit limit automatically.
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anthony
Joined: 31 Jul 2006
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Posts: 550
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Sat Aug 16, 2008 7:35 am
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yes, Carol is right but you should also take note of the fact that increased credit limit is not always good for your credit score. This is because if you spend more and cannot repay it back, it may reflect on your credit report and your credit score may get reduced. Moreover, if you already have a existing credit card debt, you should not accept the offer of increasing the credit limit. Another point is that, with higher credit limit on your credit cards, your future lender may feel unsecured of lending you money.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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fireyone
Joined: 26 Feb 2008
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Sat Aug 16, 2008 2:48 pm
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| Contacting the card services is the best way. The number should be on back of your card. |
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Lorri
Joined: 15 Jul 2008
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Sun Aug 17, 2008 4:36 am
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| And just for the record, when you are the one asking for the increase, you had better make sure that your payments are have been on time for at least 6 months (sometimes longer). |
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Sun Aug 17, 2008 10:50 pm
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That means all your payments not just your credit card payment, they will more than likely do a credit check to make sure, if you have a late payments on your credit, and if they decide to raise your limits, they will more than likely raise your intrest rate too.
Just know what all is involved before you agree, read the fine pint. |
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goodnatured
Joined: 03 Nov 2007
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Sun Aug 17, 2008 10:52 pm
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that was me,
That means all your payments not just your credit card payment, they will more than likely do a credit check to make sure, if you have a late payments on your credit, and if they decide to raise your limits, they will more than likely raise your intrest rate too.
Just know what all is involved before you agree, read the fine pint.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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Lorri
Joined: 15 Jul 2008
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Mon Aug 18, 2008 12:13 am
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| yes---i should have mentioned that. But, to the original poster---be careful when increasing your credit lines. So much can happen in life that is unexpected and you don't want to be put i a postion where you have too much debt. Look carefully in these forums and try to learn from others mistakes when it comes to money, credit, etc. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
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Mon Aug 18, 2008 12:40 am
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| Thats really good advice Lorri. I know when times get tough people think credit cards are the answer. Soemtimes or rather most they are only just a quick fix and later tend to make the problem even worse. |
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Lorri
Joined: 15 Jul 2008
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Mon Aug 18, 2008 1:57 am
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| Most quick fixes are temporary too--they can come back and bite ya. So it always pays to take your time and research. |
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Justin
Joined: 17 Jul 2006
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Mon Aug 18, 2008 10:33 am
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If you want to increase your credit limit, you can contact your credit card provider. But the best thing is that it is always better not to go for increased credit limit if you do not have control over your spending because as Anthony said, if you cannot pay back the debt, the debt will be reported in your credit report and your credit score will decrease. Many cc companies automatically increases your credit limit, but before accepting such an offer, think whether you actually require the increased credit limit.
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Justin |
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Lorri
Joined: 15 Jul 2008
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Mon Aug 18, 2008 7:38 pm
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| Exactly Justin! Deciding if that increase is truly necessary can save possible heartache later. |
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fireyone
Joined: 26 Feb 2008
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Wed Aug 20, 2008 12:01 am
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| Like I said it seems like a quick fix in the beginning but it usually later has consquences. |
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goodnatured
Joined: 03 Nov 2007
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Wed Aug 20, 2008 2:52 am
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don't they usually do a credit check when you ask for a credit increase?
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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Lorri
Joined: 15 Jul 2008
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Posts: 299
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Wed Aug 20, 2008 3:10 am
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| I have had an increase happen several ways. One way is automatically and I don't know if they check and then do it or just check internally. Another way that I have gotten one is by requesting one verballyand they usually either happen instantly or they have to check (which I think means they check your CR). The other way is when I have called in and listened to the automated info and they say "for a credit increase press #1" and again it either happens instantly or you have to wait until they check and that can take a few days. |
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