How To Ask For A Credit Limit Increase

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The wrong time to ask for a credit limit increase. When you've recently requested increases elsewhere or applied for new lines of credit. A flurry of requests for new credit can be a sign of financial distress. When you apply for new credit, and sometimes when you apply for a credit limit increase, a hard inquiry appears on your credit report..Applying for a credit limit increase is just like applying for credit. "They will pull your credit history. They will ask questions. You have to go through the process," she says. Be prepared for one temporary negative side effect Asking for a higher credit limit triggers a hard credit inquiry, which can lower your credit score temporarily. So, "apply for it when you need it, not just when you want it," Winston advises..First and foremost, ask yourself why you want to increase your credit limit. If it's to go on a shopping spree or purchase things you can't afford without credit, stop right there..

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