Question : How can I get a credit card limit raised?
I called bank of america, they said they cannot raise my credit limit because I called and they said they cannot because I make $1200 a month. I spend my own card for my company and I only have $400 left to spend. How can I survive for the incoming months? Is $1200 a month a problem?
- asked by genesisv8man
All Answers:
Answer #1
Each credit card company handles credit increasesdifferently. Some re-run your credit when YOU askthem for an increase. Based on your credit andincome information, they make a decision. Making1200/mo is equivalent to 14,400 per year which isquite low (poverty level) so I can understandtheir decision. Some other credit card companiesdo complimentary line increases from time to time(Washington Mutual does that) and will NOTincrease them if you ask them to. They'll increasebased on if you pay on time and don't go over yourlimit. My best suggestion is to *not* use yourpersonal credit card for company expenses. Makeyour company pay for those things. If you arerequired to use your personal card for businessexpenses, make sure your company reimburses youimmediately.
- answered by HelpMeEscrowStuff
Answer #2
If you are using your credit card for someplaceyou work for and don't own - then stop. You needto tell your employer you just can't do itanymore, the credit limit isn't high enough andthey won't raise it because of your income. Youshould never compromise your credit for someoneelse!
- answered by Michelle C
Answer #3
You would definitely have a problem getting thatraised on your personal credit card. It sounds asthough you are using this for your privatebusiness. Credit card companies will not consideryour business income in relation to a personalcredit card. Call Bank of America back and askthem if it is possible to apply for a BusinessCredit Card. You should have 2+ years within thebusiness and be ready to report your personalearnings within the company and be ready toproduce all tax filings. Hopefully this helps!
- answered by Eric B
Answer #4
$1200 a month depends on your expenses. You canalways try applying for another credit card foryour business.... so technically your credit limitwould be "raised" But don't use credit cards tosurvive. You can put yourself in a bad place ifyou can't pay themoff.
http://www.buildcreditblog.com/personal-credit-cards/the-difference-between-personal-and-business-credit-cards
- answered by Credic J
Answer #5
Best is to apply for a business card. AmericanExpress is especially known for a more generouslimits(especially if your business has a TIN).Please click below to research, compare, and applyfor a business creditcard.
http://www.apeepa.com/Business_Credit_Cards.php
- answered by ApeepA.com
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