Sometimes in life we are faced with the need to make a sudden high purchase that may need to be accomplished by obtaining credit. Knowing when and how to increase you credit limits can be a real stress saver. There are a few approaches to take that can get higher limits on your credit cards.
One way is to simply ask for an increase in your credit limit. It is best if you already have a creditor that you are established with. Before you do this READ THE BELOW…..
One of the key things is do not just apply for anything you “think” you can get without exploring your true FICO scores to the point where you almost know you will be approved before you even apply. That is not the best strategy. Applying with a company that is offering balance transfer is a more secure way to establish a relationship with a new lender.
Why you might ask? Reason being is that banks love money, and truth is they would love to take money from other banks. It helps their bottom line….. Makes sense right?
So with a good Bankcard FICO score, and showing the right limits on your existing reports can indeed help your cause. We talk about balance transfer’s and how that works in other articles.
One of the easiest key ways to get these higher credit limits on your accounts or when establishing new accounts is by Piggybacking on someone’s account that has already been established and is in good standing, (read more about Piggybacking in my other posts). This doesn’t just mean have your mom add you to every credit card account that she has lol. This means being “strategic” is the cards that you add to your credit. Believe it or not you could lose points just being willy nilly on adding anything and everything that is available. Age, limit, and balance are the things to think of when choosing the accounts to piggyback off of.