If you are facing financial hardship due to the ongoing coronavirus pandemic, requesting a credit limit increase can help ease your financial burden.
that signifies you're responsibly managing your credit. This signals to your card issuer that you can likely handle an increased credit limit.If you recently got a raise, this can be a great time to update the income listed on your credit card account, which may result in an automatic credit line increase within a few months. You can also request a credit limit increase and enter your new income. This shows the lender you have the ability to afford more expenses.
While you may jump at the chance to ask for a credit limit increase if you're strapped for cash, it may be wiser to hold off. Credit limit increases aren't risk-free. You could see a ding in your score if your card issuer pulls yourTo play it safe — here are some of the worst times to ask for a credit limit increase:, there's a slim chance you'll be approved for an increased credit limit.
If you want to ask for a credit limit increase, it can typically be done in one of two ways: online or over the phone. Online requests can be done via your card issuer's mobile app or by logging into your online account. For instance, if you have the, Chase's website states you can "sign in to get an instant decision on your credit line increase request."
You can also call your card issuer to discuss an increase and provide your reasoning why. This can be a good idea if you don't have increased income but want to explain your need for more credit and provide reassurance that you can repay it.Annual incomeIn most cases, you can expect to receive an instant decision on whether you're approved for a higher credit limit increase, or denied.
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