When you open a credit card, it comes with a maximum amount you’re allowed to borrow at any given time. This number is known as your credit limit. Although you typically can’t spend more than the credit limit on your account, that number can adjust over time.
Sometimes your card issuer will increase your credit limit on its own. Other times you might get a higher limit simply by making a request.
Ask Yourself Why You Want a Higher Credit Limit
Before we cover tips for asking for a credit limit increase, it’s important to hit pause. Ask yourself why you want the option to charge more on your credit card.
Do you want to add an authorized user to your account and need a larger credit limit to keep up with the increased spending?
Would you like the ability to make larger purchases and earn more rewards?
Have you heard that a higher credit limit might boost your credit scores?
If any of the above is your motivation for wanting a credit limit increase, asking for one might benefit you (provided you manage your credit card well). But if you want a higher credit limit because you’ve maxed out your account or you’re revolving a high balance from month to month, a larger credit limit will only set you up for more credit and financial problems in the future.