How to Increase Your Credit Limit

It could take anywhere from a few minutes to 30 days to increase your credit limit from the time you request the increase, depending on the issuer and your credit profile. When you request a credit limit increase, the issuer will review your annual income, existing debt, and other factors. If you are approved, you'll typically have immediate access to your new credit limit.

Key Things to Know About How Long It Takes to Increase a Credit Limit

• It's best to wait at least six months from when you open an account to request a credit limit increase, and to wait 6 to 12 months between requests.
• Depending on the card issuer, a credit limit increase request may result in a hard inquiry on your credit report, which could bring down your credit score by a few points.
• You should make your request when your odds of approval are highest – for example, after getting a bump in your income.
• Some credit card issuers may periodically review your account to determine if you qualify for an automatic credit limit increase. Automatic increases do not involve a hard inquiry.
• Average credit limits increase over time, and it could take years to get a high credit limit. Typically, the longer your accounts have been open, the higher your credit limits will be.

Keep in mind that credit limit increases aren't guaranteed, either automatically or by request. Even if you have a high income, a good credit score, and little debt, you may not get your requested increase amount, or any increase at all. Credit limit increases may be affected by other factors such as the credit card issuer's policies, your history with the issuer, or current economic conditions.

Yes, it's possible to get a credit limit increase without asking, typically after 6-12 consecutive months of on-time bill payments with a new credit card account. Credit card companies need evidence that you can handle your current spending limit responsibly before giving you the ability to borrow more.  

Creditors will review your credit, income, and payment history on a regular basis moving forward. If they feel you can afford an increase and refrain from abusing the added spending power, they may automatically grant a credit limit increase without you asking.

How to Get a Credit Limit Increase Without Asking

1. Always pay all your bills on time.
2. Pay off the card you want the higher limit on fully each month.
3. Update your income on the credit card company's website/mobile app.
4. Keep your account open for at least 6-12 months.

These steps won't guarantee you a credit card limit increase without asking. But they will certainly help your chances.

If your credit card's issuer doesn't grant you an unsolicited increase, you may want to just ask for an increase yourself. While your request will probably lead to a lower credit score, the damage will be small and temporary. And in the long term, a limit increase has the potential to bring your score higher.

How Getting a Credit Limit Increase Affects Your Credit Score

If you get a credit limit increase without asking, it should help your credit score. To start off, issuers only use a soft inquiry (which does not affect your credit score) for this type of increase. If you ask them for an increase instead, they're more likely to use a hard inquiry, which can cause a temporary drop in your score.

In addition, getting any kind of credit limit increase adds to the total credit you have available, which can lower your credit utilization if you spend the same amount of money (or less) than you did before. Or, it can allow you to spend more without increasing your utilization.

You should increase your credit limit as long as it won't make you overspend. Getting a credit limit increase does more than just give you increased spending power. It also gives you the potential to lower your credit utilization, which can benefit your credit score. But just because receiving a credit limit increase is a good thing does not mean it's always the right time to ask for one.

You shouldn't ask for a higher credit limit unless your account has been open for at least 6 months and you've been paying the monthly bills on time. Otherwise, you're likely to be rejected, as would also be the case if your credit score has gone down a lot since you got the card. Also, it's best not to request an increase right before you apply for a credit card, auto loan, mortgage, etc. You'll want your credit to be in top shape, and requesting a credit limit increase will usually result in a hard pull of your credit report, causing a temporary dip in your credit score.

Assuming the timing works out for your situation, you can look forward to a handful of notable benefits following a credit limit increase.

Why you should increase your credit limit:

1. It gives you higher spending power.
2. It can decrease your credit utilization ratio and help your score.
3. It leaves you better prepared to face a financial emergency.
4. It reduces the chance that you'll max out your credit card.

If you are curious about how a higher credit limit can lead to lower credit utilization and corresponding credit score gains, an example might be helpful. Let's say you have a $500 credit limit. If you spend $200 in a month, you have 40% credit utilization. If your credit limit goes up to $800 and you still spend just $200, you'd have 20% credit utilization. Anything under 30% is good for your credit score.

So, getting an increase can help you reduce your utilization percentage without having to cut back on your expenses. Plus, if you already have low utilization, a credit limit increase could allow you to spend more without hurting 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 a result, you will get a better credit utilization ratio, assuming your spending does not increase, too. The lower the ratio, the better your credit score. If you continue to spend and maintain a high balance on your account, you will see a negative impact on your credit score. A credit limit won't help your credit score if you just max it out immediately.

You can request a credit line increase every 4-6 months, or even more frequently. But your chances of being approved for an increase are best if you wait at least 6 months from when you opened your account or last requested a higher limit. If you request an increased limit 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 6 months and manage your account responsibly in the meantime, however, you'll have proven that you can handle your current credit limit.

Here's what you need 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, etc. Once you've made a request, you should generally wait 6-12 months before submitting another. You can ask for another credit limit increase earlier if your financial situation changes, though. For instance, receiving a raise from your job is a great time to ask for an increase since you'll have more money to spend. Anytime your overall income goes up, you could be eligible for a limit increase.

Requesting a credit line increase is easy, and you'll often receive a decision quickly—either instantly or within 10 business days. Just make sure to request an increase when you have the greatest chance of being approved. 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.

You can qualify for higher credit limit cards by paying your bills on time, using only a small portion of your available credit, and not having too much debt compared to your income. Those also happen to be some of the most important ingredients for a good or excellent credit score. 

So, it should come as no surprise that people with good credit or better tend to get the highest credit card limits. But anyone can try to get a higher credit limit, either on a card they already have or by applying for a new one.

Here are some tips to get higher credit limit cards:

• Get your score to 700+. Cards that require good or excellent credit for approval are more likely to have higher minimum credit limits (up to $5,000-$10,000 in some cases). Also, you can get more than the minimum, based on your creditworthiness. The higher your score the better.
• Practice responsibility. Using less than 30% of your current credit lines and always paying your bills on time are some of the best ways to demonstrate that you can handle a higher limit.
• Show all your income and assets. Credit card companies have to make sure you can afford the spending power they give you. So, the more money you have available, the better your chances of getting a high limit will be. When you apply, be sure to give the correct total income, including both your salary and any additional sources. If the application has a spot for assets, put that in as well. 
• Reduce your debt. You're unlikely to get a higher credit limit if you already owe a lot to other lenders. You can only afford to pay a certain amount per month. And the combination of high debt levels and an appetite for more spending power is a sign of risk.
• Apply for a credit limit increase. If you've been making on-time payments on your current credit accounts for at least six months, call the number on the back of your card and inquire about a credit limit increase. Some companies may require a hard pull of your credit report for this inquiry, but they will always ask your consent beforehand.

It's also important to note that credit card companies may offer you a higher limit without even asking. After months of paying on time, you might receive an automatic credit limit increase. How much this increase is will again depend on your credit history. But any more credit you can get will be beneficial for your score, as it lowers your overall utilization. 

To get approved for a high limit credit card, you will need good to excellent credit and proof that you can afford a high spending limit. More specifically, your credit limit will be determined by several factors, including your income, assets, and existing debt obligations. Picking the right credit card goes a long way, too.

How to Get Approved for a High Limit Credit Card

• Apply for a credit card with a high starting limit: Top-notch credit cards such as the Chase Sapphire Preferred® Card typically offer credit limits starting at $5,000. You may find minimum starting credit limits listed in some cards' terms and conditions. In other cases, you might be able to get some information from cardholders' reviews.
• Improve your credit score: High limit credit cards typically require good or excellent credit. Before you apply for such a card, you should check your credit score to gauge your approval odds. If you're unlikely to qualify based on your score, you will need to add positive information to your credit report. Once you've established a strong credit profile, you can then target credit cards known for their high initial credit limits.
• Increase your income and reduce your debt: The higher your income is, the better chance you have of getting a new card with a high initial credit limit. Similarly, reducing your debt boosts your odds. Also, if your income goes up in the future, be sure to update your credit card's information, as this could help get you a higher credit limit.
• Get a credit limit increase: Some credit card issuers may automatically review your account for a credit limit increase every 6 to 12 months, but it's not guaranteed. You can also request a credit limit increase, either online or by calling the issuer's customer service department. Keep in mind that requesting a credit limit increase on your own may result in a hard inquiry, which could hurt your credit score. 

Ultimately, to have a better chance at getting approved for a high limit credit card, you should also make sure to always pay bills on time, use 30% or less of your available credit, and otherwise make good financial decisions.

There are no credit cards with a guaranteed $20,000 minimum credit limit. However, your best chance at getting a $20,000 limit is with the Chase Sapphire Reserve® card, which has a $10,000 minimum credit limit. If Chase thinks you can handle a limit that's twice the minimum amount, based on your income and debt, you could be approved for $20k.

In general, you could get approved for a credit card with a $20,000 limit if you have excellent credit, a lot of income, and very little debt.  

Best Credit Cards with the Possibility of a $20,000 Limit

If you're not able to get a credit card with a $20,000 limit right away, you can always call your issuer to request a credit limit increase after 6 months. And you can always get more total credit by applying for another credit card, though you should probably wait a year in between.

Requesting a credit limit increase can hurt your score, but only in the short term. If you ask for a higher credit limit, most issuers will do a hard “pull,” or “hard inquiry,” of your credit history. A hard inquiry will temporarily lower your credit score. Bank of America, Barclays, Chase, U.S. Bank and USAA will conduct a hard inquiry if you request a credit limit increase. American Express, Capital One and Wells Fargo will not. Citi will notify you when you call if they will generate a hard inquiry or a soft inquiry, which does not affect your score. Discover typically uses soft inquiries, but if you don't accept the credit limit offered and request a higher limit, it will then be a hard inquiry.

Hard inquiries will lower your credit score by a few points, but can only affect your score for one year. After two years, hard inquires completely drop off of your credit report. The other thing you need to watch out for is overspending. Requesting a credit limit increase could really wind up hurting your credit score if you use the extra spending power to rack up debt you can't afford to repay.

Still, the potential negatives that come with requesting a credit limit increase can be managed and are often outweighed by the benefits of having a higher credit limit. The boost in your credit limit could also raise your credit score as long as your spending stays at the same level. The additional credit would lower your utilization, which is the ratio of your balance compared to your credit limit. Ideally, this number should be less than 30 percent for each card. Keeping utilization low tells issuers you're responsible and aren't just desperate to max out your card.

Some issuers also extend automatic credit limit increases to eligible cardholders. These increases may occur periodically and do not generate a hard inquiry. To give yourself the best odds of receiving an automatic increase, make all of your monthly payments on time, preferably in full. And give it some time. Issuers tend not to extend automatic increases until you've had a card for at least six months. Similarly, if you recently received an increase on an existing account, expect to wait at least six to 12 months before you're considered for another increase, assuming you manage your account responsibly in the meantime.

Credit One might automatically increase your credit limit after six months, or you can request a Credit One credit line increase online or by calling (877) 825-3242. For the best odds, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Credit One has on file.

How to Get a Credit One Credit Limit Increase Online

1. Log in to your online account.
2. Choose the Credit One card for which you're requesting the increase (if you have more than one card).
3. Click "Settings," and then "Credit Line Increase."
4. Enter your required information and click "Continue".
5. Confirm the information and click "Submit" to complete the request.
6. You should receive a decision in just a few seconds. If you're approved for a Credit One credit limit increase, the new limit will be effective immediately.

When you request or get an automatic Credit One credit limit increase, Credit One will conduct a soft pull of your credit report, which does not affect your credit score.