Increase Credit Limit

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How I Increased My Credit Limit

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So far on this blog, there has been a lot of theoretical talk about why you should increase your credit limit, how to increase your credit limit, and when you should look at doing it. While I believe all of that information to be quite useful if you are looking into this, it seems it is also helpful to read about my experience.

When I first looked at increasing my limit, there were a couple reasons I had in mind:

– I knew that in the long run, it would help my credit score. I knew I would not be applying for a mortgage or any other type of loan in the near future, but that when it came time to do it, this would help. Also, I had recently checked my credit score, and knew that the credit utilization (due to a relatively low credit limit) was the biggest strike against me.
– I was going to be traveling to Alaska in a few months, and knew that I would have less time to keep tabs on my balances in my accounts, and didn’t want to have to worry about it if the credit card balance got a bit higher than usual.

So, I found the number on the back of my card, and called the customer service line. I called without knowing too much about what to expect.

When I told them that I would like to increase my limit, they immediately started asking me questions. For example, they asked about my income, my other debts, and if I owned or rented where I lived. Fortunately, I had all of the answers relatively easily, as I try to stay on top of my finances.

Next, I was asked why I wanted to increase my limit. Obviously, I had an answer to this question ready – I would be taking a trip to Alaska in a few months, and would be racking up some larger expenses. Since that was the truth, there were no issues there.

I was then asked what I wanted my new limit to be… a question I was not prepared for at the time. I came up with something, and fortunately it was at least in the right ballpark. I was told they couldn’t give me quite what I was asking for, but they would increase it to a number that was just slightly lower than my request. I was happy!

All in all, the process took maybe 10-15 minutes, and was easy. Even though I wasn’t completely prepared (I didn’t know they were going to ask me for what I wanted the limit to be – if only this site were around!), I was prepared enough for things to go well. I wound up with an increased credit limit, and improved my finances, all in a couple of minutes!

Has anyone else requested an increase?  Was your experience as seamless as mine?

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