The #1 Way To Increase Your Credit Limit FAST (5 Easy Steps)

Рет қаралды 26,048

Күн бұрын

Want to know how to INCREASE your credit limit in a BIG way? Follow the 5 easy steps in this video to make it happen and increase your credit score in the process! Click “Show More” to see Ad Disclosure.
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00:00 - Intro
00:47 - Step 1
1:39 - Step 2
4:07 - Step 3
5:18 - Step 4
6:33 - Step 5
7:00 - American Express Credit Limit Increase
9:11 - Chase Credit Limit Increase
10:17 - Citi Credit Limit Increase
11:36 - Capital One Credit Limit Increase
13:13 - Step 6 (Hard Pull vs. Soft Pull)
13:59 - Step 7 (Authorized Users)
14:31 - Step 8 (Apply for a New Credit Card)
15:05 - Why Ask for a Credit Limit Increase?
15:26 - Credit Score
15:47 - 2 Examples
Firstly, what exactly is a credit limit increase, and why should you care? Think of it as a vote of confidence from your credit card issuer, indicating that they trust you with a higher spending limit. This boost can offer numerous benefits, including increased purchasing power, improved credit utilization ratio, and enhanced credit score potential.
One of the primary advantages of obtaining a credit limit increase is the expanded financial freedom it provides. With a higher credit limit, you have more room to make larger purchases or handle unexpected expenses without maxing out your card. This can be particularly beneficial in emergencies or when dealing with time-sensitive opportunities.
Moreover, a credit limit increase can positively impact your credit score in several ways. Your credit utilization ratio - the amount of credit you're using compared to your total available credit - plays a significant role in determining your creditworthiness. By increasing your credit limit while maintaining or reducing your spending, you effectively lower your utilization ratio, which can boost your credit score over time.
Additionally, demonstrating responsible credit management by successfully securing a credit limit increase reflects positively on your credit report. It indicates to lenders that you're a reliable borrower capable of handling higher credit limits responsibly, potentially improving your eligibility for future credit opportunities.
So, how can you increase your chances of obtaining a credit limit increase? Follow the 5 main steps outlined in this video. I also included a few bonus steps in case you want alternative methods, as well as a couple examples of how credit limits - and your use of them - can affect your credit score.
Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, Biltrewards.com and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#creditcards #increasecreditlimit #creditlimit

Пікірлер: 87

@pishposh4506 12 күн бұрын

When it comes to Chase you apply for a new card that you don’t really plan on ever using because credit limits when getting new cards are higher than applying for a CLI. Then after you get the card you call Chase and ask to transfer the credit limit from the new card to the card you wanted a CLI on

@MarkReese 12 күн бұрын

Another good way to do it!

@ToboeKey309 12 күн бұрын

@MarkReese u have a very nice room 🧐🧐

@bassoonplayer 12 күн бұрын

its a waste of 5/24

@MarkReese 12 күн бұрын

@@ToboeKey309 - Thanks! Hotel room 😁

@ToboeKey309 11 сағат бұрын

@MarkReese oooooh it's a hotel room lol NOICE 😆

@wanchak0225 12 күн бұрын

Thank you 🙏🏻

@MarkReese 12 күн бұрын

You're welcome!

@rambosidi7634 6 күн бұрын

Thank you for sharing this information with us

@MarkReese 6 күн бұрын

You're welcome!

@jaws2003 12 күн бұрын

I'm so glad you posted this video. I'm trying to rebuild and not have any low limit cards. I would like to eventually have around 15k to 20k worth of credit. I would like to know if student loans would hurt your chances of getting a credit increase or higher limits? I don't have rent/mortgage because my home is paid off as well as my car.

@MarkReese 12 күн бұрын

Great to hear you're rebuilding! I have no data to suggest the effects of student loans on credit limits.

@Kolbi504 11 күн бұрын

Vice president said they been putting things in place for student debit to not affect your credit

@digantvyas2664 12 күн бұрын

Awesome video explaining clearly how to submit CLI req

@MarkReese 12 күн бұрын

Thanks!

@Anthonyjones-pq4ff 6 күн бұрын

What do you do next if you’re denied credit Incase ? Watched you apply Good information to refer back on.

@MarkReese 6 күн бұрын

I may move on and try again months later.

@DaKidDizzy1 11 күн бұрын

Hey i love your channel. Quick question, how do you know if a credit card has a maximum limit that you cannot surpass? Like is there a list somewhere that will let you know a limit ceiling for credit cards?? For example, my Sapphire Reserve has a $24,000 Limit, how much higher can i go??

@MarkReese 10 күн бұрын

Glad you like the channel! That limit isn't known or specified to the public (if it exists). It's more based on credit score, payment history, income levels, debt levels, etc.

@DaKidDizzy1 10 күн бұрын

I understand, Thank You!

@the23rdbryan 12 күн бұрын

Completely forgot I was already subscribed here and looked into suggestions. My journey into credit has grown in very great ways and this vid answers some questions I have. Thank you !!

@MarkReese 12 күн бұрын

Glad to hear the journey has grown!

@TheZombaslaya 12 күн бұрын

Question: Should you update your income if it decreases? For example, I make around $50,000 a year, but I live at home and my parents' combined income is around $100,000 a year. I put $130,000 on applications since I do a lot of the shopping and they contribute. However, if I ever were to move out, should I then update my income to only $50,000 a year?

@labounti 12 күн бұрын

I wouldn't change it or they will nerf your CL.

@MarkReese 12 күн бұрын

We're supposed to put the figure that complies with the requirement.

@caribdude8151 7 күн бұрын

Hey Mark, I had a question. What is the purpose of using the Citi Custom Cash for only one specific category rather than multiple categories? I've been hearing about this card that the Custom Cash should only be used for category. Why is that? What would happen if you use it for multiple categories? Thanks for responses!

@RedRider1600 7 күн бұрын

The 5% only applies to 1 category, your highest spend category. Everything else only gets 1%. So why put anything else on that card when you have other cards that will give you 2, 3, 4, or 5%?

@MarkReese 7 күн бұрын

That's because the card earns 5% in a single category (the one in which you spent the most in the current billing cycle). Outside of that one "top spend" category, everything else earns 1%, which is about as far from being maximized as possible. So, using the card for 1 category guarantees you earn 5%, and then you can add in other cards for other spend categories from there.

@supereldian 11 күн бұрын

If someone is working on lowering their credit card balance, how long after it's been paid off, should they apply for a credit-limit increase? Could they apply immediately after paying off the balance-as I understand it, credit utilization doesn't have memory?

@MarkReese 11 күн бұрын

I'm not aware of any required waiting period. You could go for it right away, though I'd personally wait until the new $0 balance gets reported to my credit report, which occurs after the billing cycle close date with many issuers. That could lead to an increased credit score.

@cbiii 12 күн бұрын

I just approved for the amex green card 2 weeks ago

@MarkReese 12 күн бұрын

Congrats! 💯

@jacquesmassard9226 4 күн бұрын

one issuer just increased the credit limit without me asking? should i wait another 6 months now before i ask for a CLI on another card from a different issuer?

@MarkReese 4 күн бұрын

Nice! There's no need to wait 6 months if you're looking at a different card issuer.

@jacquesmassard9226 3 күн бұрын

@@MarkReese Thank You!

@caribdude8151 5 күн бұрын

Mark, just curious but how many Citi Custom Cash cards do you have? 🤔

@MarkReese 5 күн бұрын

I have 2 right now.

@caribdude8151 4 күн бұрын

@@MarkReese any plans on getting any more?

@MarkReese 4 күн бұрын

@@caribdude8151 - Nope.

@jackfrost99 2 күн бұрын

I have a security freeze on my credit report. Do I have to unfreeze it before asking for a credit increase??

@MarkReese 2 күн бұрын

I don't think so. Provided only a soft pull is needed from an existing lender, it should work per my understanding. I'm not 100% sure on this though.

@EPICWILDETAILING 11 күн бұрын

Damn. I just requested a CLI on one of my cards. I’ve only been with them for 5months. Still pending their review. Initial credit: $3000. Requested: $15000

@MarkReese 10 күн бұрын

Good luck!

@EPICWILDETAILING 10 күн бұрын

@@MarkReese just got a response! $10k limit!

@MarkReese 10 күн бұрын

@@EPICWILDETAILING - Boom, congrats!

@keenanhenry95 4 күн бұрын

I called Chase last night to have some of my cl transferred from one card to another, but the rep told me that it's not possible to do it across payment processor networks. Any dp's to suggest otherwise?

@MarkReese 4 күн бұрын

Interesting. I've done a number of CL reallocations over the years with Chase, but I don't recall if I went from Visa to MC, for example. I'd personally ask multiple reps to confirm again.

@keenanhenry95 4 күн бұрын

@@MarkReese Yeah, since almost all of Chase's cards are VISA, it might be tough to find someone who encountered the same issue. But yeah, I'll have to call them again, just like I did a couple of weeks ago when I tried to pc my CFU to the OG Freedom 🙄

@keenanhenry95 3 күн бұрын

Quick update: I called again just now and got it done quickly and easily. The inconsistency with Chase's cs is starting to get a bit annoying if I'm being honest.

@MarkReese 2 күн бұрын

@@keenanhenry95 - Awesome, glad to hear it! Good to hear reallocating lines across cards on different payment networks is still possible. The more I think about it, I'm pretty sure I did the same years ago to / from my old IHG card (MC) and another Chase Visa card.

@keenanhenry95 2 күн бұрын

@MarkReese Thank you. I only had to do the limit transfer because Chase is being a little stingy with how much credit they wanna lend me. They gave me a measly $200 automatic increase around January, and when I asked for more recently, I got denied because "I just got an increase recently". I think they gave me a tiny increase on purpose, then used that as an excuse.

@jaykid007 4 күн бұрын

I did the same with Citi and then because I didn’t use one of the 3 cards they tried to cut the limit in half but let me call to get it restored.

@MarkReese 4 күн бұрын

Capital One did the same thing 😄

@jaykid007 4 күн бұрын

Interesting

@jaykid007 2 күн бұрын

Hurry and make the video on the we travel Partners announced today! Lol

@MarkReese 2 күн бұрын

@@jaykid007 - "we travel Partners"?

@jaykid007 2 күн бұрын

@@MarkReeseyes sir. Well’s just sent an email with travel partners to transfer points. Hotels and airlines. You want me to send you the email?

@SOXGATORS 12 күн бұрын

👍🏻

@MarkReese 12 күн бұрын

👍

@anthonywilliams9415 12 күн бұрын

Another fantastic video. Are you a "team cash back" person or "team travel" person?

@MarkReese 12 күн бұрын

It varies. Depends on the year & what my goals are at the time. Right now I'm focused on points that are good for both (Citi ThankYou points, specifically).

@jetski335 12 күн бұрын

🙌⬆️💳

@MarkReese 12 күн бұрын

💯

@andreayton1993 12 күн бұрын

Yooooo Mr Mark what’s up

@MarkReese 12 күн бұрын

What's good! 🤙

@tower07 12 күн бұрын

why bother doing it? just open new cards with bonus

@Adiscretefirm 12 күн бұрын

You might want to avoid inquiries, new accounts or average age issues if you are gardening. You might also have a purchase that is a great earner on a current card.

@MarkReese 12 күн бұрын

Many CLIs avoid hard inquiries and don't require opening a new account. The majority of people don't chase bonuses. Also, it's possible to get CLIs if denied for a new card account.