Estimate your possible credit limit
Credit card issuers set low credit limits for a variety of different reasons. The overall national economic outlook may be somewhat dismal, inspiring lenders to be conservative with the amount of credit they are willing to extend to cardholders. You may have a low credit score or a shaky credit history, causing your credit card company to have little confidence in your 'creditworthiness' as demonstrated by the low spending limit they choose to extend to you. Or perhaps your credit card company simply may not feel like it's necessary to increase the perks associated with your account - like boosting your limit - in order to keep you happy.
How to increase your credit limit?
If you are keen on having your credit limit increased on an existing credit card, there are a couple of ways to go about it.
Prove that you are financially responsible.
Demonstrate to your credit card issuing bank that you are a financially responsible card user by making all of your payments on time, paying your balance in full each billing cycle and using your card regularly. Many credit card companies will automatically reward this type of behavior by offering you an unsolicited increase in your credit line. However, if you feel that you have been a good credit card customer but your bank simply isn`t noticing, then you have another option when it comes to increasing your credit limit.
Call up your card issuer and ask for an increase.
If you feel that you are deserving of a credit line increase yet have not received one, call one of your credit card company's customer service specialists and explain to them why you believe you are worthy.
Be careful what you wish for.
If you do succeed in receiving a raise in your spending limit, be sure that you don`t run right out and max out your card. The credit scoring agencies that issue credit scores (and thus determine your eligibility for future credit card offers and loans) take into account your balance to available credit ratio when scoring. If you have a high amount of debt as compared to the amount of credit you have available, you are doing your credit score a serious disservice.
