Hey WalletHubbers! A lot of people have been asking how to get an increase on their credit limit So let's get to the bottom of that today
Every time that you request an increase on your credit limit for a credit card, a hard inquiry is made into your credit history, and that might hurt your credit score So it's important not to request them too often And when you do, you want to make sure that both of the following things are true: One: you're not past you on any credit cards or loans And two: make sure your finances have improved More specifically, your income is higher or your credit score is better than when you first got your credit card, or ideally both
A credit card company will only approve you for a higher limit if you're better off than you were when you first opened the card Getting a credit limit increase if you have a secured credit card is a lot more straightforward All you have to do is add money to that refundable security deposit However much you add is however much your limit will increase by So if you add $50, then your limit will also increase by $50
But requesting a credit limit might not even be your best bet, especially if you want extra spending power You'll probably get a bigger boost to your overall credit limit just by applying for a new credit card And you'll get the chance to get better rewards and better interest rates than your current credit cards might have So if you think that that's the way to go, just applying for a new credit card, boosting your spending power, then go ahead and click the button right here to see the latest rates and offers Good luck!