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Strengthen Your Case For Credit Limit Increase

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If you are asking for an increase to your credit limit, the worst case scenario is that you will be denied. This could cause a dip in your credit score (from the credit inquiry), while not giving you all of the benefits of an increased limit.

So, you obviously want to do as good of a job as you can of making sure that the creditor will grant your request, and increase your limit. How can you do that? Here are some tips to help:

Make sure your bills are paid on time – If you have paid any bills late, it probably isn’t a good time to ask for an increase. You need to have a good track record of paying your bills in a timely manner, so the creditor knows that you can be trusted with a higher limit.

Pay down the bill on the credit card – If you are close to your limit on the card, asking for more will make it seem like you are desperate, and companies are not necessarily interested in throwing more money to a desperate person, since that could be risky on their part. Pay down the bill as much as you can, THEN ask for the increase.

Pay down any other other debts too, if possible – You will want to do everything you can to show the creditor that you will be able to pay down the card no matter the limit. With as little other debt as possible, this will make them feel more comfortable.

Time is your friend – If you just opened a card, 2 months later is not the right time to ask. Wait until you have had it for awhile, and have built up some time and trust with the company. That will give you a much better likelihood of success.

Any other tips to give someone a better chance of success?

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