How To Raise Your Credit Limit

One of the few good things about the big banks is that it is relatively easy to raise your credit limit if you have a decent or better credit history. If you don't have any substantial debts, and haven't missed a payment in the past 12-18 months, then you should most likely be able to get a credit limit raise from the likes of Wells Fargo, JP Morgan, Bank of America, and Goldman Sachs. And if you belong to a small bank or credit union, then you can probably get a credit limit raise if you have a good rapport with the bank or can provide a compelling reason for why the credit limit raise is necessary.

Generally speaking, it's best to come up with a legitimate reason why you want a credit card limit raise. If you just say, 'I want to raise my utilization rate,' that may not be enough to convince banks that you're worthy of a credit raise. Instead, talk about a large purchase that you're about to make, the need to have a bit of breathing room in your monthly purchases, or my favorite, mention that you want to consolidate all of your purchases with that banking company. To read a great article on raising your credit limit with a hard inquiry, be sure to check out this link at Sweating The Big Stuff: http://sweatingthebigstuff.com/how-to-raise-your-credit-limit-without-a-hard-inquiry/ .