Minggu, 07 April 2013

How to get a credit card that gives you a high credit limit

Most credit card holders want more freedom to shop, which means you have more credit limit. However, not everyone has the ability to get a card that has a purchasing power they want or how much. Most can get very low credit limit, which may not be enough for the kind of lifestyle they live.

If you’re one of the many that are given a low credit limit from their card issuer, you may already have asked whether you can ask for an increase. Well, it is, and this can be a good thing for you. Request a limit increase, however, may not be as easy as it seems. You must have a good strategy in order to get what you want from your lender.

Here are some steps that may help persuade the issuer of the card to give you a high credit limit:

Step 1: Establish the creditworthiness

Convince your lender that you are a happy owner is the key to getting a higher credit limit. To make the long story short, you should improve your credit score. You can do this using the following tactics:

Get a copy of your credit report and dispute any errors you find.
Keep your balances low. Or more preferably don’t carry balances at all.
Get a secured card that reports to credit agencies.
Pay your bills and eliminate debt.
Pay in full and on time.
Step 2: Pay the charge

If you haven’t paid your share in time, immediately pay the charge. Many banks get attracted towards consumers who pay the penalty. However, note that this is not being done routinary. Generally, most people use this technique as their last resort in obtaining a high limit.

Step 3: Apply for a new credit line

Get a new line of credit, auto loans, home equity lines, personal loan or student loan, if applicable. Make sure you do your best to show how responsible are as a borrower. Pay the loan as fast as you can to get the high credit limit.

Step 4: Contact your lender

After demonstrating its solvency and reliability as the card holder, pick up the phone and dial the hotline of your lender. I ask him if it would be possible to obtain an increase in the limit.

Step 5: Explain briefly why you want a credit limit increase

There are several reasons why you want to increase, which could be the following:

You want to pay more against the paper.
Want to increase your credit score by lowering your credit utilization ratio at 30% or less.
You want to get the full benefit of your rewards card.
Step 6: answer why you should give a raise

When a rep says no, put down the phone just yet. You can argue your case in a clear and concise way, explaining why it should grant the request. If this situation applies, here are some of the things you could do to persuade your lender to increase your credit limit:

Your credit score has increased since you opened before the Charter.
There were promoted, so a salary increase.
Do you have a second job, so you can afford more payments.
You do not have now.
You’re a good payer.
I’ve been a loyal customer for years.

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