Get How To Fill Standard Bank Business Online Limit Increase Form

Apply for a New Card with a Higher Credit Limit. ... Pick an Existing Card to Request an Increase On. ... Plead Your Case, But Don't be Desperate. ... Don't Be Greedy When Requesting an Increase. ... Entice Them with a Balance Transfer. ... Wait For an Increase to Occur Naturally.

If you have a credit card in good standing, there are generally two ways to get a credit limit increase. Your credit card company may decide to automatically increase your credit limit. This decision could depend on factors like how long your account has been open and whether you've used your credit responsibly.

Whether you request a credit limit increase online or over the phone, you may receive a response in as little as 30 seconds or you may need to wait up to 30 days.

Call your card issuer. Call the number on the back of your card and ask a customer service representative whether you're eligible for a higher credit limit. The rep may ask the reason for your request, as well as whether your income has gone up recently. Look for automatic increases.

Your issuer usually won't raise your limit unless you appear to be good at repaying your debts, experts say. "It's a sign of something good," Hardekopf says. So give yourself a round of applause. You've been handling your credit well so far.

Oftentimes, a limit increase request will trigger a hard pull on your credit report. This can hurt your credit, especially if you have a short credit history. If you call your credit card issuer, you can ask whether a hard inquiry will be initiated. Sometimes you can take a smaller increase and forgo the pull.

Although a credit limit increase is generally good for your credit, requesting one could temporarily ding your score. That's because credit card issuers will sometimes perform a hard pull on your credit to verify you meet their standards for the higher limit.

As long as you don't increase your spending by too much and keep making payments on time, your credit score shouldn't be negatively affected by a credit limit increase. And that's because a higher credit limit can lower your overall credit utilization ratio.

At the same time, you don't want to ask for too much or seem too confident. For example, don't insist the rep double your credit limit. Instead, ask for 10 to 25% more up to $250 for every $1,000 in credit you already have. If you have excellent or even good credit, you may be able to ask for more.

The right time to ask for a credit limit increase You'll have a better chance if the account has been open at least six months to a year. When your credit is good. A good credit score signals to your credit card issuer that you're responsible with borrowed money.