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How Can I Increase My Credit Limit of My Credit Card

Credit cards play an important role in everyone’s life. Some have them and some don’t. People who don’t have Credit cards are in constant fight to get one and enjoy the privileges of owning a credit card. For people who already own credit cards are trying to get another. A credit card acts like a financial security in your hand, when you need urgent funds. But on the other hand, if you get into the groove of using a credit card there is no going back from it. Many people have declared bankruptcy because of extensive use of credit cards.

There are a lot of benefits of having a credit card in hand. You can use the lenders money to make all your purchases and you can them back with 50 days to spare. If you spend through your credit card, the lender also gives you privilege points, which you can redeem for cash or any product in their catalogue. What make a credit best of all is that the Limit gets raised in regular intervals. This limit raise gives you more spending power on your card, which automatically helps you raise your living standards.

There are a lot of cases, where individuals are using their credit cards from years and they do not get an automatic raise in their limits. Why does this happen? Are there any specific criteria which they are not meeting? Is there a chance, we can ask upfront for a credit limit raise?

We are here to answer all your questions in regards to raising credit limits,

Apply for a new card

Applying for a new card will only make sense sometimes. You can choose from a line of credit cards available in the market with different benefits on them. If you have a good credit score, you can get a new card in no time. Assuming you already have one credit card with you, you can get a new card on the basis of your existing one with 30% to 50% more credit limit.

Choose your existing card wisely

Let’s assume, you have multiple credit cards with you, choose only one card for which you would like a limit raise. The reason being, when ask your card lender for a limit raise, the lender will conduct a credit check on you to understand if you are raise worthy. This leads to hard inquiries on your credit report and if there are multiple hard inquiries made on your report, it will showcase that you are desperate for money and no card lender will give you a limit hike.

 

Let your card lender know you are a loyal customer

Try contacting your card issuer for a limit enhancement. There is no harm to make a soft try, which may lead to a limit raise. Let them know why you deserve it, by showcasing the length of credit, your regular payment patterns, etc. Be kind to the banker you are speaking to, they have a lot of power with them and they can help you with a limit raise in no time.

Greediness can lead you to nowhere

Be kind to what the card lender has to offer. If the card lender is giving you a generous hike on your existing card limit, take it! Many of us make this mistake of asking for more, which then leads to a complete denial of limit raise. The card lending companies give you a limit raise considering a lot of factors like credit score, existing balance transfers, flexi pays, usage of limit etc. Be generous and take what they offered.

Improve your credit score

This is the most important thing which you can do when opting for a limit raise. You can improve cibil score by making all your card payments on time, which will catch the lenders attention. And because you have been making all the payments on time, the lender will automatically give you a hike.

The post How Can I Increase My Credit Limit of My Credit Card appeared first on Credit Sudhaar Blog.



This post first appeared on Credit Sudhaar Blog - Tips To Improve Your Credit, please read the originial post: here

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How Can I Increase My Credit Limit of My Credit Card

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