It is almost every credit card holder’s dream to get an increased credit card limit from what they already have. By an increased limit, a credit card holder can easily afford the items that he wouldn’t be able to afford otherwise and can shop more often using that card.
Here are a few main tips, that when followed, would aid in the increment of your card limit.
Pay more than the minimum amount. When you buy things using your credit card, you have to pay it back in instalments along with an interest. So try to pay more than the minimum amount each month so that your score gets really good and as we all know, good scores pave the way to increment!
Be careful. When you’re proved worthy of having a high credit limit to your bank or credit card companies, they’d increase your limit. But do not fall prey into tricking yourself into buying all the stuff that you don’t even need. Because if you do, then you’ll have to pay an increased monthly fee along with increased interest. So only shop as much as you can afford to pay back with ease so that you won’t burden yourself and miss a payment.
Another tip would be to use your credit card whenever you have to buy something rather than paying it yourself. Using it more frequently than less would lead to more points and hence, better chances of being granted a higher card limit by the bank.
And lastly, the most important tip is to increase your overall creditworthiness. By this, we mean to pay all your other instalments on time. Of all the different loans, etc, so that your bank relies on giving you credit as they know you’re capable of giving back without getting yourself into problems. Overall progress is what the bank sees first before granting high credit card limit to the user.
