5 Tips to Increase your Credit Card Limit
Your credit card’s credit limit indicates the amount that the issuer allows you to use. This is important because with a high credit limit you can make big-ticket purchases, improve your credit score, avail of a loan in an emergency and capitalise on offers, discounts, and reward points. If you are someone who is prudent with their finances, an enhanced credit limit gives you a greater degree of flexibility and security. From improving your chances of faring well with the issuer’s automated credit limit algorithm to making a request yourself, here are 5 tips to successfully obtain a credit card limit increase . Work on improving your credit score Credit scores generally range from 300 to 900 and speak of your repayment capabilities according to how you have managed credit in the past. Thus, financiers check your credit score before approving a higher credit limit. While a score of around 700–750 suffices to get a credit card on favourable terms, you may need to improve...