One of the best ways to improve your chances of getting a credit limit increase is to increase your income. Or at least be able to prove that your income has increased. And there are a few ways that you can do this.
On every credit card or credit limit increase application, they ask you for your annual income. This number has a large impact on determining what your limit will be. Of course, there are other factors that go int this decision as well, but your annual income is a big one.
It must be said that you should never lie about your income on any credit application. That's fraud. On top of that, you will likely be asked to prove whatever income amount that you put on the application anyway.
There are a number of ways that you can prove that your income has increased. One of them is if you have gotten a promotion or raise at your current job. Whatever amount that is, you can add to your income on the application.
It may be worth noting that some other forms of income that can be added to your credit or credit limit increase application are retirement income, income from investments, rental property income, alimony, social security, child support, public assistance, disability, workers compensation, military allowances, dividend income, allowances/gifts, trust fund distributions, scholarships/grants and self-employment income from a "side hustle" or business.
The larger your income is, the more credit limit you will get.
Another way to increase your annual income fast is to use other people's income. But not just anybody. By law, you are able to claim any person's income that you share money with to pay bills if they are over 21 years old. All you need to have is a reasonable expectation to have access to it. It's called "third party income". So, if you are married or live with someone that you share resources with to keep the lights on, then you can add that income to your credit limit increase application.
Just know that many banks and credit unions will require you to submit proof of income once your limits start to reach the $20K - $30K mark or even when the account is open. So, you want to submit real and reasonable income numbers.
A last good rule of thumb to increase your chances of getting a credit limit increase is to open a savings and checking account with your lender banking institution and set up direct deposit with them. This helps you build a relationship with that lending institution while showing funds flowing in and out of your accounts with them. It's one thing to be able to submit banks statements, tax returns and W2s as proof of income but it's another thing when the actual income flows directly through the lending institution you want to do business with.
There are more ways that you can increase your odds of getting credit limit increases, but these are the more common ones that are within the scope of most people's actions.
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