There are a lot of advantages to increasing your credit limit. Your new line of credit can help you fund larger purchases, improve your credit score and help you build a positive credit history. However, not everybody knows how to increase their credit limit —and many people don’t know that getting a higher credit limit can be as simple as making a request online.
If you have a Bank of America credit card, you need to know how to ask Bank of America to increase your credit limit. In some cases, Bank of America will automatically increase your credit limit — but it’s still a good idea to know how to increase your credit limit with Bank of America.
Let’s take a look at what to do before making your credit limit increase request, what to do if your credit limit increase request is denied and how to increase the odds of getting a credit line increase from Bank of America.
Who’s eligible for a credit limit increase with Bank of America?
Bank of America does not have an official set of eligibility guidelines regarding credit limit increases. That said, there are a few common factors that lenders look for when deciding whether to increase your credit limit. These include:
- Responsible credit use: Do you make your credit card payments on time? Do you pay off your balances regularly, or are you close to maxing out your credit cards? If you want a lender to increase your credit limit, you need to prove that you can handle the credit you already have.
- Length of account ownership: In general, it’s a good idea to wait at least six months after opening a credit card before requesting a credit line increase. The longer you’ve been using your Bank of America account responsibly, the more likely you’ll be able to successfully increase your credit limit.
- Increased income: If your income has recently gone up, a credit card issuer might be more willing to bump up your credit limit, as well. This is why it’s important to let your credit card issuers know every time you get a raise or a new job. In most cases, you’ll be able to easily update your income information through your online account.
What to do before you ask for a credit limit increase
Before you contact Bank of America to request a credit limit increase, ask yourself the following three questions:
What is your current credit limit?
How much credit is Bank of America currently giving you? You can locate your Bank of America credit limit by reviewing your monthly credit card statement or by logging into your online account. You should also compare your credit limit to your available credit — that’s the amount of credit you have left over after you subtract your credit card balances. If you don’t have much available credit with Bank of America, you might have a harder time successfully requesting a credit limit increase. Consider paying your balances down before asking for a larger credit line…….Read More>>