The particular credit limit on your credit card usually comes with a credit limit. This is often dependable on your credit worthiness as well as your annual pay. A higher limit will allow you to purchase that expensive notebook that you have been eyeing. However beware of the temptation to over-spend, as the interest rates on the credit card is always waiting for you.
Tips for Raising Credit Limit
To be able to up your credit limit, the first thing to do is to improve your credit worthiness. Basically you must be able to prove to the banks that you are the trustworthy borrower and that they do not have to worry about non-payments from you. This is one of the essential things that banks or lenders check for when they check out your credit report.
You can allow banks know that you are a responsible credit card user by informing them when you are making a very large purchase, which is beyond your usual limit. You can request a temporary credit limit increase and after buying the item, you would want to be able to pay it off by month’s end. This will show the banks that you need a higher credit limit and that you are able to pay for it easily.
As soon as you prove to the bank or credit card company that you can be trusted to borrow money, they may raise your credit line. This strategy is useful but you are likely to need to call them a number of times before they will realize that you have a need for increased limit. A good way to let them know is simply by telling them that you would like to have an increased limit and ask the customer service officer to check your history.
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They will probably accede to your request if you have been paying off those purchases on time.
Another great way to get that increase is to use your credit card at every chance possible. This will show the bank that you are a loyal customer to the bank and you can actually inform the customer service officer that you simply use their credit card exclusively. The credit card that you use for this purpose can be a low interest credit card, otherwise you may encounter compounding interest in a very fast way.
Paying on time and paying the entire amount is always advocated. You want to show that you can afford the type of large buys that the banks liked in their charge card customers. If you follow the above guidelines, you will get your credit limit raised increased. Once you have the higher limit, you must be cautious about over-spending as the temptation and ability to buy the latest gadget have grown stronger.