How to predict credit limit change on credit cards?
I have two credit cards . I never missed payments. Usually I would pay off the balance in full. I am wondering how popular credit card companies increase credit limit. DO they double the limit? I am in Australia
2007-12-30 09:40:30 · 4 answers · asked by Swagato 2 in Business & Finance ➔ Credit
I heard limit practically doubles every 6 months. Is that so?
2007-12-30 11:28:19 · update #1
It really depends on which card and your usage. If you use the card and pay if off every month, you might see an increase every 6 months to year. You're move likely to see automatic increases if you run the balance up and pay in full or at least make large payments.
How much the increase really depends on what your current limit is. If your limit is only $500, they might double it. But if you limit is $2000, they might only increase by $700.
2007-12-30 11:38:38 · answer #1 · answered by bdancer222 7 · 3⤊ 0⤋
I have a capital one card and only have received one credit limit increase in the past 3 years I've had it. I've read that they do go by how much you pay on your balance and if you are on time. Every 6 months or so I believe the credit card companies go through and see who is eligible. You could always call them and ask for an increase if you need it. If you're not eligible they will send you a letter (from my experience) as of why you cannot get the increase. Hope this helps!
2007-12-30 10:24:03 · answer #2 · answered by ant8949 3 · 1⤊ 0⤋
I agree with the poster above.
I had a credit card with a 7k limit and a 3k balance. I paid the entire 3k off one month and sure enough, they increased me to 10k....
funny thing about it was I applied for a jcpenny card a few weeks ago (for a special discount promo) and they only found me 'worthy' of a $250 credit line...not that it mattered, my purchase was about $150 but I could not see how one card thought I was worthy of 10k and the other only $250. I dont get it
2007-12-30 13:08:19 · answer #3 · answered by lisa s 6 · 0⤊ 0⤋
Every company has their own policy. There is no reliable way of predicting. Some base it on internal factors only; others base it also on credit reports.
If you want a CLI you do not have to wait for the company to offer it to you, you can call them and ask for one.
2007-12-30 11:08:26 · answer #4 · answered by clawedlemew 3 · 0⤊ 0⤋