How to Extend a Line of Credit
Read the fine print., Visit your credit company's website., Time it right.
Step-by-Step Guide
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Step 1: Read the fine print.
Sit down with your contract, and read through the terms and conditions.
See what the contract says about increasing your credit limit.
You might find that you qualify for an automatic boost if you fulfill certain conditions.
For example, if you pay the minimum balance for six months in a row, your limit may automatically increase.This information may be under a heading such as "Credit and Advance Limits," "Important Terms of Your Account," or "Changes to Your Agreement." There may be a line in your contract that states "We have the right to change your credit limit at any time." While this technically means that your company can decrease your limit, it also means that you are free to ask for an increase at any time. -
Step 2: Visit your credit company's website.
You might already qualify for a credit increase.
Log in to your account on your credit company or bank's website.
Look for a link similar to "Request a credit limit increase." Click it to see if you qualify.
You will be taken to an application or request system, which you will have to fill out.
Depending on your bank, approval may be instantaneous or it may take a few days. , Most credit companies will automatically boost your line of credit after six months.
If six months have passed and you have not received a bump in your credit line, it may be time to ask for an increase.
Once you have attained that initial increase, you can ask for a credit increase roughly every two years.Never wait until your credit is at its limit to increase or extend a line of credit.
If you have maximized your limit, you might find it difficult to get a credit increase.
This is because banks and credit companies prefer customers who use only a small percentage of their credit limit and who pay off their full balance. -
Step 3: Time it right.
Detailed Guide
Sit down with your contract, and read through the terms and conditions.
See what the contract says about increasing your credit limit.
You might find that you qualify for an automatic boost if you fulfill certain conditions.
For example, if you pay the minimum balance for six months in a row, your limit may automatically increase.This information may be under a heading such as "Credit and Advance Limits," "Important Terms of Your Account," or "Changes to Your Agreement." There may be a line in your contract that states "We have the right to change your credit limit at any time." While this technically means that your company can decrease your limit, it also means that you are free to ask for an increase at any time.
You might already qualify for a credit increase.
Log in to your account on your credit company or bank's website.
Look for a link similar to "Request a credit limit increase." Click it to see if you qualify.
You will be taken to an application or request system, which you will have to fill out.
Depending on your bank, approval may be instantaneous or it may take a few days. , Most credit companies will automatically boost your line of credit after six months.
If six months have passed and you have not received a bump in your credit line, it may be time to ask for an increase.
Once you have attained that initial increase, you can ask for a credit increase roughly every two years.Never wait until your credit is at its limit to increase or extend a line of credit.
If you have maximized your limit, you might find it difficult to get a credit increase.
This is because banks and credit companies prefer customers who use only a small percentage of their credit limit and who pay off their full balance.
About the Author
Jose Ortiz
Brings years of experience writing about crafts and related subjects.
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