Question : How much credit limit increase should I ask for?
I got my first credit card (a student card) from Bank of America last year. I've had it for about 15 months. I am 20 years old and a full-time student on financial aid. My current limit is $500.I have heard that you can ask for a credit limit increase after a year. How would I go about doing that? If they ask how much I want, what should I say? Thanks.
- asked by P-Eishal
All Answers:
Answer #1
You can typically do so by logging into youraccount (web info on back of card), and there isoften a Request Credit Limit Increase optiononline. You simply request an increase, withoutstating an amount. You can also call the customerservice number and ask for an increase. They mayask you for income verification, reason forincrease, and perhaps an amount. If you have $500,you are probably going to settle for $1000. Justmake sure you pay your card in full every month,always, no exceptions. Credit card debt will eatyour soul if you fall down that hole.
- answered by MoneyMonkey
Answer #2
I have a student credit card from Wachovia and aMacy's store card. I asked for an increase exactlysix months after I got my card and they gave it tome (I have now had it for about 8 months). It useto be $400 and I asked for $600. You should haveasked sooner so if I got a 150% increase youshould be able to get at least that (I'm guessingyou have never asked for an increase and you havealways paid your balance in full and stayed lessthan 10% of your card limit). Best of luck, andlet us know what happens.
- answered by Johnny Boy
Answer #3
You won't get an increase if you are living onfinancial aid.
- answered by My Take on It
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