Sunday, September 23, 2007

5 Ways To Obtain A Higher Credit Card Limit

Many credit card holders are looking for ways to increase their credit card limit easily. A higher limit usually means that the card holders can afford more expensive items. It also opens the door to many privileges that are not available otherwise. Here are 5 ways that can increase your chance to obtaining a higher credit card limit 1. Obtain a copy of your credit score report from the credit bureau. Make sure that there is no error in that report. If the report indicated that you have less than favorable creditworthiness, call up the credit bureau and ask them how you can fix the problem. A bad credit report can have many other negative consequences, so you will want to take action to correct the problem as soon as possible. If necessary, consult a credit-repair expert to see how you can resolve the situation in the shortest time possible. 2. If you have a significant increase in your salary, give your credit card company a call and request for an increase in your credit card limit. You can fax or mail your new pay slip to the company to prove that you are eligible for an increase. Do include a cover letter to explain your intention. 3. Use your credit card regularly. As long as there is no difference in price between paying by plastic or cash, you should always choose to use the plastic. This way, you will be deemed as a valuable customer by the credit card company. In addition, you will accumulate more reward points, which you can use to exchange for other useful items later. 4. Do not spend beyond the limit. It is fine if this only happen once in a blue moon. However, if it happen too frequently, this is a clear indication that you have poor control over your personal finance, which means that your credit risk will be high and it will be difficult to get a limit increase. 5. Always pay your outstanding balance on time. This indicates that you are a good borrower, which translate to lower credit risk. Besides paying on time, you should try to pay the full amount instead of the minimum sum. Credit card company charged very high interest rate and you want to avoid paying more that what is necessary. Keep in mind that your credit card company keeps a record of your transactions and will know your spending and payment pattern. Your performance in the records of your card company will determine whether you will get a higher credit card limit or not. By using your card wisely, you will have an easy time upgrading to a higher credit limit.


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