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Increase Credit Limit With Poor Credit

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A lot of the advice about increasing your credit limit seems to be geared toward people who already have good credit score. But what if you have poor credit? Is it still possible to increase your credit limit? The answer is yes. However, it’s a little harder, and may take a little bit more time.

First, you need to understand why your credit is poor. For some people, they don’t have much of a credit history. Since creditors simply don’t know if they are credit-worthy or not, they won’t be looking to increase their limit. For this, the best thing is time. As you show you will be paying off your bills and being responsible, your score will go up, and you will be more trustworthy. You could also get a secured credit card, as a way to build up more credit in a shorter amount of time.

For other people, they may be coming up close against their balance, which will give them poor credit and make creditors leery about extending them anymore. There is no magic formula here, you simply have to work on lowering your balance. Once you get the credit utilization rate down to a more manageable level, you will have the opportunity to increase your credit limit.

Still other people have poor credit because they are not always good about paying your bills. If you miss payments, that is a good way to have your credit score take a big hit. Also, if you miss payments at your current credit level, there will be no rush to grant you an increase. Here, you simply need to stay on top of all of your payments and make sure they are getting paid on time.

If you have poor credit, it is still possible to increase your credit limit. It will take a little more time and persistence, and might require a little extra hard work from you, but it can be done.

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