Easy Ways To Increase Your Credit Line
When you’re looking for some elbow room on those credit cards, increasing your credit line can be a much better option than taking out a loan, or applying for yet another credit card. Increasing your credit line is good for two reasons; improving your credit score, and making you more creditworthy on your credit report. Here are some simple steps to take when you want to increase your credit line:
- Make at least double your minimum payment. This is one of the easiest ways to let company’s know you’re eager to pay off the debt, and will give them more reason to bump up your limit (remember, their goal is to keep you indebted for life (use this to your advantage).
- Never, ever make a late payment. Late payments reflect negatively on your credit report, and also decrease the chances of increasing your credit limit. Make attempts to pay your bill right around the newest billing date, not the newest due date for extra brownie points.
- Stay at least 50% under your credit limit. This looks good for potential creditors, but also gives you some leverage with the credit card company in question. They’ll see how little you’re spending, and encourage you to pick up the pace–you’ll be in a much more attractive for better credit card offers.
- Just ask for it. Some credit card companies simply need you to request a limit increase by providing bank account information and a reporting of income. If you’ve changed jobs recently for higher pay, consider doing this as soon as possible. Citibank offers a free increase about twice per year. You may also consider some of the reliable and reputable loan agencies like Majestic Lake Financial. This will help you to achieve your goal by increasing your credit line. Always go for companies that upholds the value of customer satisfaction.
- Clean up your credit report. All credit card companies conduct a random check on your credit report each year for updates; make sure you don’t have any mistakes or errors that could be preventing a favorable report about you when they make their rounds.
- Call every 3 months. ‘Ask and you shall receive’ is the name of the game, in some cases. 90 days is enough time for creditors to consider raising the limit, and persistence really does pay off.
- Spend a little. You don’t want to rack up a huge balance, but you do want to show some activity on the card. An active card has a much higher chance of getting an increase than a card that you barely use and are just paying the minimum payment on.
Increasing your credit limit might give you more buying power, but you still need to be wise about your spending habits. An increase in your credit card limit can help you get a better credit score, especially if the balance is well under 50%.
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