You can ask for an increase in your Credit limit, but Credit Card issuers reserve the right to accept or deny the request. Factors like payment history, personal income, and Credit score are considered before granting a Credit Limit raise.
You are more likely to succeed in getting a Credit limit increase if you make repayments on time and have a sincere credit history. A good time to ask for a Credit limit increase is when your personal income has also increased. It makes for a good case and improves your chances. You can also consider getting a new high-limit Credit Card as that is much easier than getting the Credit limit increased on an existing Card.
Many times, lenders offer an increase in Credit limit on their own depending on the duration of your alliance with them. Benefits of Increasing Credit Limit:
- It improves your purchase flexibility and boosts credit access.
- It helps your Credit utilization rate, but only if your usage remains the same or doesn’t increase exponentially.
- Morepurchase power will allow you to earn more reward points against your expenditure.
- It improves your Credit score.
- It makes procuring loans in the future much easier.
- It is a good emergency money.
You can contact us to ask for a review of your Credit limit and tell us the amount you would like to raise it to. We review each request for increased Credit limits on a case-by-case basis. If you have a high Credit score and history of timely repayments, we may allow you to increase your limits. However, it is advisable to always spend below your Credit limit so that you can avoid impacting your Credit rating negatively.