Home » Finance » Credit

How to Raise the Limits on Your Credit Cards

Oct 9, 2007
Are you on the verge of asking for a credit limit increase? Be sure you know the risks and consequences before you do. Knowing everything you can will help you to decide whether or not you really need to, and which way you go about it will save you points on your credit score.

Raising your credit limits can, believe it or not, actually hurt your credit rating if you are not careful. Here are a few suggestions, depending on your circumstances, on what to do if you want a higher limit on credit in which you can spend.

First option: Don't do it at all. If you have trouble keeping your spending habits parallel to your ability to pay back what you owe, you should probably not even ask for a credit limit increase. Having a higher credit limit may only be too great of a temptation to spend more than is in your ability to repay, leaving you deep in debt and short on good credit scores.

Second option: There are some occasions when you are in need of something that will cause you to charge over your limit. In this case, raising your credit limit is a must if you want to avoid spending money on penalties and keep from decreasing your credit score. But sometimes you just have to give in and take what's coming to you.

You could ask for the increase anyway and just face the consequences of lowered credit scores. If your credit score is high to begin with, this may not be too severe of a blow, but if you have a high score, why not keep it that way?

Third option: Get an account review from your lender. An account review is sort of a check up on your credit report. Lenders perform these sort of reviews periodically to see if you're qualified for higher limits, whether or not your interest rates should be raised, whether they should close or renew your accounts, and etc.

If you ask for one of these with a specific inquiry about whether or not you qualify for a limit increase, it's less risky than asking directly for a limit increase. Many lenders increase your limits occasionally, whether you ask them to or not, based on your credit history.

The key to getting an automatic limit increase is paying your bills on time. Showing that you can manage your credit and pay your credit cards off often will show lenders that you are responsible. They reward you by giving you wider boundaries to spend within, but it's still important to spend within your means so that you can maintain your good payment history and keep a high credit score.

The biggest question concerning your need for a higher credit limit is, "Could I pay it back if I spent that much?" No matter how high your limit is, you still have to pay back what you spend.
About the Author
Court is an expert oninternet marketing consultant and helps people to learn about internet marketing.
Rating:
Please Rate:
(Average: Not rated)
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources