You want to apply for a new credit card. You want to make the most use of the credit card and therefore want a really high credit limit. A card with a limit in which you can shop all you need, yet still keep the total balance way below the credit limit so that the credit utilization is not too high. A card with a limit in which, if it is a card that has 0% APR on purchases or balance transfers, you can transfer your high balances to and pay it off slowly without paying interest and get out of credit card debt.
How do you make sure you get approved for a high credit limit??
Investigate Credit Pull Database
When you apply for a credit card, the card issuer (bank)will have a look at your credit report. They look at your credit report in the form of a credit pull, meaning they “pull” your credit report from one of the credit bureaus, Transunion, Equifax, and Experian. They’ll check your report to see what cards you already have open, what your balances and credit limits are, your credit utilization, credit history, delinquencies, and some more. They base their decision to approve you for the card and for your credit limit on all they see on your credit report and credit score.
How can you have control over what they should see and what they should not see so that your chances of getting approved for a huge credit limit are higher? By first investigating the credit pull database.
Every bank has the credit bureau they pull credit from when they decide on a credit card application. The way you can investigate that is by finding a credit pull database which will tell you which bank pulls from which bureau. So you can choose a credit card according to the bank you want to apply for, according to the credit bureau they pull from. Let’s say you know your Experian report is cleanest of all from late dates, and that you have the fewest hard pulls with Experian, meaning you applied for the least new credit lines through Experian where they pull your credit every time before approving or declining your request which affects your credit in the form of a hard pull. Then, obviously, your choice of credit card will be from a bank that’s known to pull Experian reports when weighing a credit card application. That’s how you can up your chances of showing off your cleanest report and get approved for the card with a high credit limit. By checking out credit pull databases.
Up Your Existing Credit Limits
Since you want a high credit limit, show the card issuer that you already have some high credit limits on your report. The card issuer will be so much more willing to approve you for a high limit when they see they’re not the first ones giving one to you and that you already have high limits on some credit cards and are using them well.
The way to increase your existing credit limits is easy, by picking up the phone to the bank and asking them to raise it. Do so before you apply for a new card. They may not even have to do a credit pull to do so which would otherwise affect your score.
Once you get the raise you’ll have to wait for the credit card issuer to report it to the credit bureau so they should update your credit report. That should happen on the day your statement closes. You can always check WalletHub for free, daily, to make sure the higher credit limit is on your report, before applying for your new card.
Pick A Credit Card
If you know which credit card to pick you can easily make a difference in the credit limit you can get approved for. Credit cards that have higher annual fees will usually approve for higher credit limits. More than a card that’s free or that has a lower annual fee. Travel cards too, usually approve for higher credit limits. So pick a card that falls into one of these categories so that you’re more likely to get approved for a higher limit.
Slow Down With New Accounts
Another reason a bank will give you a higher credit limit, is if they see you haven’t been opening up too many new accounts recently. They can then see you’re a responsible borrower who they can trust with a new card and a high limit. If, within the past 24 months, you have lots of new accounts opened, you might have a very hard time getting approved for high credit limits. So make sure to slow down on opening new accounts so that the banks are not turned off from giving you a high limit.
Don’t Let Them Get Away With It
Lastly, don’t let the credit card issuer get away with giving you a low credit limit. Give them all the reasons in the world why you deserve a higher limit. Tell them to match an existing credit limit on your report. Show them what a good customer you are and why it’s so important to you to have a higher limit. Try talking to a few of different representatives at the bank. You might be lucky and get your wish after all that begging!
I hope all these tips above help you in getting the credit limit you deserve.
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