How to Increase Your Credit Limit in 2024: Top Tips and Strategies
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- You can request a credit limit increase from your credit card issuer once every six months.
- You should provide your employment status, annual gross income, and monthly housing payment.
- A high credit limit helps keep your credit utilization ratio low, which boosts your credit score.
The easiest way to increase your credit limit
The easiest way to get a credit limit increase is by requesting one from your credit card issuer.
Guides on how to improve your credit score typically advise you to keep your credit balances low and paying them off completely each month, lowering your credit utilization ratio. While this is sound advice, it limits your ability to maximize your current credit limit.
Before going through all that trouble, you can simply contact your credit card issuer to request a credit limit increase. All you need to do is ask.
Pro tip: This rule applies to many aspects of your banking relationship. If you can’t meet a monthly payment on a loan, you can ask for an extension. If you’re unhappy with your credit card’s APR, you can ask your credit card issuer to lower it. And if you have a big purchase that exceeds your current credit limit, you can ask for your lender to raise the limit.
How to ask for a credit limit
You can ask your bank for a credit limit increase every six months; some won’t grant a credit limit increase unless you’ve been an account holder for more than six months. You’ll need to submit your current contact information and income as part of your request, which you can typically do via the issuer’s website or mobile app, or by calling the customer service hotline on the back of your credit card.
Before you begin, here’s what else you should know.
Understand the impact of a credit limit increase
Before granting your request, your lender will either pull a soft inquiry, which will not affect your credit report or credit score, or a hard inquiry, which will drop your score a few points and will remain on your credit report for two years.
If your creditor pulls a hard inquiry, it could still be worth the dip in your credit score. They stay on your credit report for two years but stop factoring into your score after one year. However, if you incur too many hard inquiries over a short time span, the effect on your credit score will compound.
How much of an increase should you request?
If you’re responsible with your credit cards and move forward with your credit limit increase, you should decide how high of an increase you want to request.
The typical increase amount ranges from 10% to 25% of your current limit. Anything greater may trigger a hard inquiry on your credit. If your issuer denies the request, you may be able to make a counteroffer.
Depending on the bank, you may not even have the opportunity to request a specific amount. The bank may just review your income and payment history and decide what’s appropriate.
Check your credit score before you start
When a bank considers your application, it needs to check your credit. Banks and credit card companies make more credit available to you when they trust you can repay what you owe. Their faith in you is largely based on your credit score, which you can check for free on sites like Credit Karma, Credit Sesame, and Credit.com. Many banks also offer complimentary access to your credit score.
Lenders also consider how you maintain the account for which you request the limit increase. They scrutinize your payment history and credit utilization ratio when determining your credit limit, which we’ll discuss next.
Your credit utilization ratio is important
FICO and VantageScore pull together your credit score based on your credit report, and your credit utilization ratio is one of the biggest components of your credit score.
Your credit utilization ratio compares the amount of credit you currently use against your total credit available on revolving credit accounts such as credit cards and lines of credit.
At a bare minimum, you should make all your payments on time. Lenders look more favorably upon people who keep their balances far below their total credit limit across all cards, and who pay their balance in full. You aren’t likely to be approved for a credit limit increase if these factors aren’t met.
Where to request your credit limit increase
Online
Many credit card issuers allow you to request a credit limit increase directly through your online account or mobile app. You can use the search function on your dashboard or app to help you find the right place to start.
You can use the following links to request a credit limit increase from the most popular credit card issuers:
- American Express — Learn more about the best American Express cards
- Capital One — Check out the best Capital One credit cards
- Chase — Chase cardholders can call the customer service number on the back of their credit card, or request a credit limit increase under the “Manage Account” tab in their online account dashboard. (Read up on the best Chase credit cards here.)
- Discover — Discover clients can request a credit line increase online or via the mobile app under the “Card Services” tab, then selecting “Credit Line Increase” from the list of options. (Learn about the best Discover credit cards here.)
- U.S. Bank — U.S. Bank customers can apply online under “Account Services,” or via the mobile app under the “Manage” tab. (See our picks for the best U.S. Bank credit cards here.)
- Wells Fargo — Wells Fargo cardholders should call the customer service number on the back of their credit card to request a credit limit increase. (Read about the best Wells Fargo credit cards here.)
Phone
If you can’t apply for a credit limit increase online — or prefer talking over typing — call the number on the back of your card. Follow the prompts in the automated phone directory until you’re transferred to a customer service representative.
What to submit in your request
You need to be prepared with several pieces of information once you start the application process. Minimally, the bank will ask for your name and the answer to one (or all) of your security questions to verify your identity. They may also ask for your address and Social Security number.
You should also prepare to provide the following:
- Employment status
- Annual gross income (of the primary cardholder)
- Monthly housing payment
Pro Tip: Your annual gross income is your total income before any deductions or taxes are factored in.
Wait for approval
Approval times can vary depending on the bank and the application method you use. You might have to wait for your approval to come through in the mail, or you might get an instant response and credit increase through online accounts or apps.
Once your credit limit increases, you can make larger purchases with revolving credit and spend more without your credit utilization ratio adversely affecting your credit score.
It may be tempting to spend a little more liberally, but more available credit shouldn’t change how you make payments. Keeping your bills in check will make the application process smoother the next time you go for a credit limit increase.
What to do if you’re denied
If your credit limit increase request is denied, carefully note why the issuer declined your request. You’ll typically receive an adverse action notice by mail or online, which should detail the reasons why your increase was denied.
It may be an easy fix, such as requesting a lower increase amount — or it may require more work on your end, such as lowering your credit utilization ratio or boosting your income.
How to improve your chances of approval
Showcasing your creditworthiness is the best way to increase your chances of being approved for a credit limit increase. You can do so through the following means:
- Maintaining a good credit score
- Reducing outstanding debt
- Emphasizing any increase in income
- Boosting your credit score
- Lowering your credit utilization ratio
Credit limit increase frequently asked questions
When asking for a credit limit increase, simply say, “I want to request a credit limit increase.” Tell your issuer why you want a larger limit, such as for an upcoming large purchase. Then show why you should be trusted with more credit, such as a salary increase, a track record of timely payments, or a credit score boost. You can request a credit limit increase by calling the customer service hotline on the back of your credit card. Many issuers also allow you to request an increase via your account dashboard online or through the mobile app.
A reasonable credit limit increase request is about 10% to 25% of your current credit limit to avoid triggering a hard inquiry on your credit.
You can request a credit limit increase every six months. You should have a spotless payment history during the months leading up to your request.
Yes, your credit limit can increase on its own. If you’ve been making on-time payments and frequently swipe your card, your bank may increase your credit limit periodically. Usually, they’ll ask for your approval before giving you a larger line of credit. Since the increase wasn’t requested, it won’t require a hard inquiry on your credit report since they’ve already determined that you’re a responsible borrower.
If increasing your credit limit will incur a hard inquiry, alternatives to a credit limit increase include applying for a new credit card entirely. If you’re debt-free and able to manage multiple credit cards, consider opening a new card and taking advantage of stellar introductory bonuses.