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credit card limits

Ok so I just got my first credit card and I've got a low limit. :-( My question is, how long does it usually take before you can get a limit increase? I know you have to pay on time, but assuming you did that month after month, will they automatically increase your limit without asking you? Or do I have to request it? reason I'm asking CM is because the so-called customer service is pretty much all automated and when you do actually get a person on the phone, their English skills leave something to be desired...

 
Anonymous

Asked by Anonymous at 11:56 PM on Nov. 29, 2010 in Money & Work

This question is closed.
Answers (7)
  • Most companies will raise it automatically to a certain point, but most will also raise it if you request it. But not always. I have one card that is my oldest card and they refuse to raise the limit past $2,000. They say that's the highest a card ending with the four numbers mine ends with can go.

    Automatic increases are based on the length of your credit history and how high your credit score is. So keep on paying on time and don't get your balance too high and you'll be fine.
    HotMama330

    Answer by HotMama330 at 11:28 AM on Nov. 30, 2010

  • It depends on your history with the cc company i think.. I have 3 that will increase automatic i have had them for awhile.. Some you have to asked for an increase but again i think it is the cc company .. Good luck .
    MTM

    Answer by MTM at 12:18 AM on Nov. 30, 2010

  • After 6 months of consistently paying every month on time (ideally in full), I would call them and ask. Some companies do automatically raise your limit. Just depends on the company.
    musicpisces

    Answer by musicpisces at 12:23 AM on Nov. 30, 2010

  • I know they can get you into a lot of trouble, but I keep track of every penny and am using my card solely for bills.
    Anonymous

    Comment by Anonymous (original poster) at 12:10 AM on Nov. 30, 2010

  • If you carry large amounts from month to month they are more likely to increase your credit limit because they make more money off of you. So they might actually take longer to increase it if you pay it off every month. Though you will need to pay on time and for sure pay at least the minimum payment every month.

    You can call and ask for an increase limit. Though I think they'll make you wait 3 to 6 months.

    Americans spend over $400 BILLION in credit card charges every year. So Yeah it is a big deal and yes it is a huge risk. It's of course your choice, but the large majority of Americans don't pay off their credit cards every month. Life happens and it's way too easy to just pay your minimum payment. I'm not saying that's what's going to happen to you--- I'm just saying that the first poster did have an extremely valid point and shouldn't have been down voted for warning others of the risks of using a credit card.
    Erica_Smerica

    Answer by Erica_Smerica at 1:45 PM on Nov. 30, 2010

  • Thanks Erica!

    I worked in a credit union for a few years and saw alot of people that intended on paying them off every month, they ended up in thousands and thousands of credit card debt.
    nsrush83

    Answer by nsrush83 at 2:37 PM on Nov. 30, 2010

  • I wouldnt want my limit increased. Credit cards can get you in ALOT of trouble!
    nsrush83

    Answer by nsrush83 at 12:09 AM on Nov. 30, 2010

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