Boost Your Credit Limit and Score: Simple Steps for Quick Success!
Hey there! Did you just get a pay raise or maybe it’s been a while since you updated your income with your credit card issuer? If so, you could be in for a treat—a potential credit limit increase! Imagine the extra spending power and how it could keep your credit utilization rate low. Not only does this give you more financial freedom, but it also plays a big role in boosting your credit score.
Let’s dive into how you can effortlessly secure a higher credit limit and possibly elevate your credit score just by updating your income info with your credit card issuer!
Explore your credit options
When should you consider a credit limit increase?
When you first apply for a credit card, the issuer typically asks about your current salary. If it’s been a few years since you last applied—or even better, you’ve landed a new job with a higher salary—now’s the perfect time to update your income and request that coveted credit limit bump.
Just keep in mind, if you do get approved, it might take a bit of time—possibly weeks—for that new limit to show up on your credit report. Moreover, how much your credit score improves will depend on how your credit utilization changes. If you receive a modest increase, don’t expect a huge jump in your score.
For instance, if you have a $15,000 credit line and use $5,000, your credit utilization ratio stands at 33%, which is rather high. With a new limit of $20,000, your utilization drops to 25%, beneath the often-recommended 30% mark. This could earn you a few extra points on your credit score, making it optimal to increase your limit while keeping your usage low.
How to request a credit limit increase
A simple way to request a credit limit increase is to call customer service to check if your income info is up-to-date. If it is, don’t hesitate to ask for that increase directly! Remember, it’s in the credit card issuer’s best interest to grant you more credit, as it provides you with greater flexibility.
If you’re not keen on a phone call, check your customer portal for an online option. For instance, I recently requested a credit limit increase for my Chase Freedom Unlimited® via the Chase mobile app. There was a straightforward “credit limit increase” option on my account page, and all I had to do was input my total gross annual income and monthly rent or mortgage payments. It took just about 30 seconds, and my request got approved almost instantly! Other issuers like Capital One and Citi have similar features in their apps.
Chase Freedom Unlimited®
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Rewards
Enjoy 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, 6.5% cash back on travel purchased through Chase Travel℠, and 3% cash back on all other purchases (up to $20,000 spent in the first year). After that, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% on drugstore purchases and dining, and unlimited 1.5% cash back on all other purchases.
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Welcome bonus
INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (up to $20,000 spent in the first year)—that’s potentially up to $300 cash back!
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Annual fee
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Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
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Regular APR
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Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
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Foreign transaction fee
3% of each transaction in U.S. dollars
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Credit needed
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Member FDIC. Terms apply.
Pros
- No annual fee
- Rewards can be transferred to a Chase Ultimate Rewards card
- Generous welcome bonus
Cons
- 3% fee charged on foreign transactions
It’s important to know that card issuers may conduct a hard credit check when evaluating your request for a credit limit increase. While this may cause a temporary dip in your score, it should bounce back soon.
Pros and cons of a credit limit increase
Pros
- More purchasing power: A higher limit means you can spend more on your card.
- Could improve your credit score: An increase in your limit could raise your score.
- Flexible credit utilization: It’s easier to lower your credit utilization ratio with a higher limit.
- Helpful for emergencies: More spending power can be a lifesaver in unexpected situations.
Cons
- Requires more self-control: A higher limit can tempt overspending if you lack financial discipline.
- Could temporarily lower your credit score: The initial request might trigger a hard credit check.
Other strategies to boost your credit score
While credit scores can be a bit complex, even small changes can significantly impact your credit score. However, achieving a solid credit score involves consistently making wise financial choices. Here’s a quick guide to things you can do to improve your credit score:
Check for errors on your credit report
Did you know that a significant number of people have errors on their credit reports? If you spot an incorrect item, reach out directly to the credit bureau—whether it’s Equifax, Experian, or TransUnion—to dispute it. Consider using a credit monitoring service like Experian or Identity Force to keep an eye on your score.
Experian Dark Web Scan + Credit Monitoring
On Experian’s secure site
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Cost
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Credit bureaus monitored
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Credit scoring model used
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Dark web scan
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Identity insurance
IdentityForce®
On IdentityForce®’s secure site.
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Cost
UltraSecure Individual: $19.90/month or $199.90/year; UltraSecure+Credit Individual: $34.90/month or $349.90/year; UltraSecure Family: $24.90/month or $249.90/year; UltraSecure+Credit Family: $39.90/month or $399.90/year
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Credit bureaus monitored
3-bureau credit monitoring, alerts, and reports: Experian, Equifax, and TransUnion, with UltraSecure+Credit plans only
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Credit scoring model used
VantageScore® 3.0, with UltraSecure+Credit plans only
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Dark web scan
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Identity theft insurance
Yes, with at least $1 million coverage on all plans
LightStream Personal Loans
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Annual Percentage Rate (APR)
6.94% – 25.29%* APR with AutoPay
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Loan purpose
Debt consolidation, home improvement, auto financing, medical expenses, and others
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Loan amounts
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Terms
24 to 144 months* depending on loan purpose
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
Terms apply. *AutoPay discount is only available before loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit is required for the lowest rate. Rates vary by loan purpose.
PenFed Personal Loans
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Annual Percentage Rate (APR)
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Loan purpose
Debt consolidation, home improvement, medical expenses, auto financing, and more
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Loan amounts
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Terms
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
Become an authorized user on someone else’s account
If you have a trusted family member or friend with a high-limit credit card, consider asking them to add you as an authorized user. This would allow the card to appear on your credit report and potentially increase your available credit line.
Many credit cards offer free authorized user accounts, and you don’t even have to use the card yourself to enjoy the benefits. Just ensure that the primary cardholder pays their bills on time, as their spending habits will influence your credit score.
Use your credit cards wisely
Even if your credit score needs a little TLC, there are numerous cards you might qualify for. Sticking to consistent, timely payments while using your credit responsibly can help elevate your score and eventually unlock cards with higher limits.
The Discover it® Secured Credit Card is a fantastic option for building credit, plus it lets you earn rewards—something not common with secured cards. It requires a minimum refundable security deposit of $200, but after seven months, there’s an automatic review to see if you can switch to an unsecured card.
Discover it® Secured Credit Card
On Discover’s secure site
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Rewards
Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, plus unlimited 1% cash back on all other purchases.
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Welcome bonus
Discover matches all the cash back you’ve earned at the end of your first year.
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
3% intro balance transfer fee, going up to 5% on future balance transfers (terms apply)*
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Foreign transaction fee
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Credit needed
Pros
- Cash-back program
- Generous welcome bonus
- Starting at seven months, Discover will automatically review your account to see if you can transition to an unsecured line of credit and get your deposit back
Cons
- Cash-back program limits earnings: 2% cash back at gas stations and restaurants up to $1,000, then 1%
- Low credit limit may restrict bigger purchases
If you want to skip the security deposit route, check out the Capital One Platinum Credit Card. It’s an unsecured card suited for applicants with fair credit, offering no annual fee and zero foreign transaction fees.
Capital One Platinum Credit Card
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Rewards
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Welcome bonus
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
4% of the amount of each transfer that posts to your account at a promotional APR Capital One may offer you
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Foreign transaction fee
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Credit needed
Pros
- No annual fee
- Automatically considered for a higher credit line in as little as 6 months
Cons
- High variable APR
- No rewards program
Get credit for paying your bills on time
Many of your regular bills—like rent, utilities, or even your Netflix subscription—aren’t usually counted on your credit report. However, *Experian Boost® offers consumers an instant ‘boost’ to their FICO® Scores by reviewing the last two years of credit history and factoring in all your recurring bills. Signing up is free, and the average boost is around 13 points!
Experian Boost®
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Cost
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Average credit score increase
13 points, though results may vary
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Credit report affected
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Credit scoring model used
Results may vary. Check the website for details.
FAQs
Is it good to get a credit limit increase?
Getting a credit limit increase is generally beneficial as it can decrease your credit utilization rate and potentially raise your credit score. However, if you have trouble managing your spending habits and regularly carry a balance, it might not be the best idea.
Can you get a credit limit increase without asking?
Yes, it’s possible to receive a credit limit increase without initiating a request. If your credit card provider observes strong financial behavior—like timely payments and a low credit utilization—it might proactively offer you an increase.
What is considered a high credit limit?
A credit limit of $10,000 or more is typically regarded as high.
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Our mission is to provide excellent service journalism and thorough consumer advice to empower you in making informed financial decisions. Each personal finance article is anchored in meticulous research conducted by our seasoned team of writers and editors who possess extensive knowledge of personal finance products. While we do earn commissions from affiliate partners on many offers, we create our content independently without influence from commercial entities, ensuring our adherence to high journalistic standards and ethics.
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*Results can vary. Some individuals may not experience improved scores or better chances of approval. Not all lenders utilize Experian credit files, and not all lenders factor in scores influenced by Experian Boost.
For the rates and fees of the Discover it® Secured Credit Card, click here.
Editorial Note: The views expressed in this article are solely those of our editorial team and have not been reviewed or endorsed by any external third parties.
