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You can request a credit line increase every six months, generally. Some issuers allow requests more often, but your chances of being approved for an increase are best if you wait at least six months from when you opened your account or last requested a higher limit.
If you request an increase right after being approved for a new card, it’s unlikely that anything will have changed since the issuer made its initial decision about your credit limit. If you wait at least six months and manage your account responsibly in the meantime, however, you’ll have proven that you can handle your current credit limit.
What to Know About Requesting a Credit Limit Increase
- When you request a credit line increase, the issuer will ask about your current gross income, employment status, key financial obligations and other relevant information.
- You should generally wait 6-12 months before submitting another request.
- You can ask for a higher limit earlier if your financial situation changes, like getting a raise from your job.
- Requesting a credit line increase is easy, and you’ll often receive a decision quickly—either instantly or within 10 business days.
It is worth noting that asking for a credit limit increase usually leads to a hard credit inquiry, which can cause a temporary dip in your credit score. While your score will recover, it’s best to avoid numerous hard inquiries in a short period of time, especially if you need your credit to be in good shape for a particular reason in the near future.
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People also ask
How do I request a credit limit increase with Chase?
You can request a Chase credit limit increase by calling customer service at 1-800-432-3117. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Chase has on file. Chase will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.
Impact of...
read full answer by John Miller, Credit Cards ModeratorDoes getting a credit limit increase affect your score?
Requesting a credit limit increase will likely trigger a hard inquiry and cause a short-term decrease in your credit score. Receiving an automatic credit limit increase (i.e. your issuer increases your credit limit without you asking) will not hurt your score. No matter how you receive a credit limit increase, it will provide long-term credit-score benefits to responsible users.
A credit limit increase will give you access to more available credit to use. As...
read full answer by WalletHub, Financial CompanyDid we answer your question?
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