As You Get Older, Your Expenses Usually Grow

As your expenses grow, you need your credit limits to grow as well because otherwise, your credit score can be hit terribly due to high credit utilization.

What You Need to Know When Requesting a Credit Limit Increase

In this post, we’ll discuss some info you need to know when requesting a credit limit increase from each bank. Plus, I’ll add some tips to help you succeed in getting approved for higher credit limits.

Before You Request a Credit Limit Increase

Banks will only consider increasing your credit limit if your relationship with them is perfect. If you recently had a late payment, a payment was returned, or if you often carry excessive balances, these can all be reasons for the bank to decline your credit limit increase request. Before you request a credit limit increase, make sure your credit score is good and that you haven’t had any issues with the bank that can hurt your relationship within the past six months.

Requesting a Credit Limit Increase from Each Bank

American Express

Amex is king when it comes to credit limit increases! With American Express, you can request a credit increase in as little as 60 days from when you open an account. You can get approved for up to 300% of your current credit limit. If you currently have a credit limit of $5,000, you can ask for a limit of $15,000 and get approved for it.

Here is what you need to know before requesting a credit limit increase from Amex:

• You can request a credit limit increase online or by calling the number on the back of your card.
• Starting from 60 days after opening your credit card, you can get approved for up to 300% of your current limit.
• Most credit limit increase requests do not result in a hard credit pull.
• Once you are approved for a credit limit increase, you need to wait six months before you can get approved for another credit limit increase.

Barclays

You can request a credit limit increase from Barclays at any time, even on the same day you get approved for a card. (If you request the credit limit increase the day you get approved, then Barclays will not pull your credit again).

Here is what you need to know before requesting a credit limit increase from Barclays:

• A credit limit increase will result in a hard credit pull.
• You can request a credit limit increase at any time over the phone by calling 1-866-408-4064, or online by clicking this link after being signed in.
• On Doctor of Credit, I found a comment from "the man who can" which reads as follows: “If you first ask for an APR deduction, you will be transferred to the department that handles the APR deductions, and then that same department can give a credit limit increase without making a hard credit pull.”
• You can ask the representative if there is a targeted offer on your account for a credit limit increase. These types of increases are only a soft pull.
• It's recommended to use your card often before you request a credit limit increase from Barclays.

Bank of America

Bank of America can often give nice credit limit increases. Here is what you need to know before requesting a credit limit increase with Bank of America:

• A credit limit increase will result in a soft credit pull only.
• You can request a credit limit increase by calling the number on the back of your card or in the app.
• It is recommended to wait six months before you request another credit limit increase.

Capital One

Capital One often will increase your credit limit without even asking. However, if you do not receive an automatic credit limit increase, then go ahead and request one.

Here is what you need to know before requesting a credit limit increase from Capital One:

• Asking Capital One for a credit limit will not result in a hard credit pull.
• You can request a credit limit increase every 90 days by calling the number on the back of your card, or online by clicking this link after you sign in.
• People get the best results when waiting a year before requesting an increase. Recently, we are seeing great increases on the Capital One Venture X Rewards credit card even right after approval.
• Capital One may want to see high credit usage before approving a credit limit increase.

Chase

My experience with Chase regarding credit limit increases was never great. They always do a hard pull, and even with pulling your credit, the limit increase you get is very meager, if any.

Here is what you need to know before requesting a credit limit increase from Chase:

• Update: Chase no longer does hard pulls for credit limit increases. A credit limit increase will only result in a soft pull.
• A credit limit increase can be requested by calling the number on the back of your card or online.

Citi

Citi can sometimes give decent credit limit increases when you request one, sometimes even automatically as well. It is recommended to wait six months after approval before you ask Citi for a credit limit increase.

Here is what you need to know before requesting a credit limit increase from Citi:

• There is an option, if eligible, to get a credit limit increase without a hard pull. If you are not eligible, it will result in a hard pull (you will be notified).
• You can request a credit limit increase by calling the number on the back of your card, or online by clicking this link after you sign in.
• If you’re not approved on the spot, cancel your request, since that may indicate that it will result in a hard pull.
• It is recommended to wait six months before requesting a credit limit increase.

Discover

Discover will usually give a micro credit limit increase of $500 - $1,500 every time you ask (once every 90 days). It’s recommended to ask every three to six months for an increase. Like that, you can slowly build up a nice credit limit with Discover.

Here is what you need to know before requesting a credit limit increase from Discover:

• You can request a credit increase once every 90 days by calling the number on the back of your card, or online by clicking this link after you log in.
• Discover will usually not do a hard pull when requesting a credit limit increase. If they do need to do a hard pull, they will notify you.

US Bank

A credit limit increase with US Bank can be done without a hard credit pull.

Here is what you need to know before you request a credit limit increase from US Bank:

• A credit limit increase can be done without a hard credit pull.
• It can be done online or by calling the number on the back of your card.

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