There are many good reasons why it is sometimes necessary for you to request for a specific credit limit for a new credit card. Usually the bank or credit card company provides the credit limit based on an assessment of a number of factors involving your financial status and ability to pay, but there are times when you need to or would want to request to have your current credit limit raised.
The first step is to obtain your current credit score. The higher the credit score, the higher the possibility of your credit limit being raised if and when you request for it. To be able to obtain information on your credit score or access the information in your credit line, you may use one of the major credit-reporting agencies. Some websites also enable you to determine your credit score but be very careful in giving your financial and credit card details.
New credit card issued to you usually has a low credit limit if you have little or no credit history, or if your credit score is not very good. Ask the credit card company to provide you with options on how you can request for a raise in your credit limit and how long you will have to wait for the approval. Usually, it takes a year before your credit limit increase is approved.
Monitor your credit card spending and payment to know how far you can go with the credit limit increase. If you feel that your credit card payment would not be manageable if it is raised to a certain level, don’t attempt to go beyond such limit to make sure you can still pay your debts.
While having a higher credit limit will give you the flexibility of buying or paying more than you normally can’t pay in cash, a higher credit limit can turn to a disadvantage if you won’t be able to control and closely monitor how much you charge on it.