Who can all request an increase?
Any person can ask to increase their credit limit, but only a few qualify according to the bank or card requirements. The bank asks for a few basic details like your current employment status, current income, expenses for a month, amount of increase in credit limit, and the reason for the increase. Apart from these, the other basic requirements are:
Paying back on-timeGood credit scoreHigh current income and the assets in possessionGood credit historyThe appropriate credit utilization ratioIs able or sometimes pays more than the credit card bills
The best time to ask for an increase on the credit limit is:
The steps involved in increasing the credit limit of these types of cards are as follows:
The steps involved in increasing the credit limit of these types of cards are as follows:
