7 Simple Ways to Increase Your Credit Card Limit
Many credit card holders aspire for a higher credit card limit.
The obvious reason for this is that a higher credit card limit
enables the purchase of otherwise unaffordable merchandise.
First and foremost, credit card holders need to remember that to
get a higher credit card limit, they must abide by the terms and
conditions of the credit card company or bank.
Below are 7 other ways to get a higher credit card limit.
* The most important thing to do for getting a higher credit
card limit is to prove your credit worthiness. This is the first
thing that banks and companies look for when giving a higher
credit limit.
* Attract positive attention from the credit card company or
bank by paying finance charges once in a while. Obviously, this
is not advisable on a repeating basis and should only be used as
a last resort to increase your chances of getting a higher
credit limit.
Proving to credit
card companies and banks that you are good "borrower" can be
a convincing way to get a higher credit limit. But be careful
because this strategy also means that you will be paying finance
charges which can accumulate in a hurry.
And always remember, a higher credit card limit means greater
purchasing power, but it also increases the risk of your having
to pay greater interest charges and other processing and late
fees.
* Always spend within your credit card limit because doing so
means that you are capable of controlling your expenses.
* Use your credit cards regularly. Don't keep your cards for
emergency use only. If you use your credit cards sparingly,
banks and credit card companies will be unable to understand
your spending and pay-back behavior. Under these circumstances,
most banks and credit card companies will be reluctant to give
you a higher credit card limit.
* Never make minimum payments. Instead, try to pay for the
entire outstanding amount. This will usually give you a better
chance of getting a higher credit card limit.
* Avoid late payments as much as possible. Not only will your
increase payment increase, but you may also have to pay an
additional fine for not clearing bills on time. This will also
dim your chances of getting a higher credit card limit.
* The best and simplest strategy for getting a higher credit
card limit is to use your credit card wisely. Always keep in
mind that credit card companies keep a record of your
transactions and payment patterns, so always pay on-time.
The bottom line is that your performance in the records of banks
and credit card companies will determine whether you'll get a
higher credit card limit or not.