Thread: How often do you increase your credit limit(s)?

I just got a increase on one of my cards last week. I have a few cards I use for different purchases. Never max them out and always pay on time. I've called to have them increase my limit twice (past 2 years), the last time they raised it more than I asked for. One of my cards already has a high enough limit so I haven't bother.

Edit: For clarification, the last increase I got last week I did not ask for, so 3 total raises on that card (2 I asked for).

I've had credit limit increases on five cards in the past 6-9 months. I think I've only asked for increases on two of them. I will usually use a card or two to make some everyday purchases and keep the balance at around 40% of the limit. Then I usually either pay the entire balance or pay the balance over two or three months. I read that it's more likely you'll get a credit limit increase if you pay the balance over a three month period rather than the entire amount each month, obviously, because the bank will earn interest.

I usually get my limits raised once or twice a year. Though after reaching a certain point, I found that I don't really care anymore.

I'm sure they [my credit card limits] will continue to increase accordingly as my income grows, but there's really no need to have massive credit lines if you don't use them, or can't use them (while paying them off on time) even if you wanted to.

To maximize your credit score, as long as you spend around 30% or less of your available credit, and have no intention of spending more, anything above your current credit limit is overkill. And when you decide you want to spend more (i.e., have both the money and desire to spend more), you won't have trouble increasing your credit limit anyway.

I haven't checked my credit in 4 yrs. No more credits for me, unless it's a VC

My limit is high enough and I don't really use my card so I never really think about it. I only have one credit card and try not to use it, I prefer cash.

I have an Amex for my company without a limit, you have to pay it in full each month though.

Originally Posted by RichKid

Anyway, just curious as to how yall approach credit cards/lines of credit etc.

Increase them as soon as you can. As often as you can.

These lines of credit reflect positively in your credit score.

And they also are a good "emergency" fund of sorts.

Having a big line of credit open is the difference between jumping at a great deal and making a killing, or losing it.

I use credit cards to accumulate points. Pay them off 100% every month. As long as my limit is above what I am buying that month, I don't care.

Originally Posted by healthstatus

I use credit cards to accumulate points.

And airline miles.

Sometimes there are great promotions going on also, just was told that my bank credit card is giving 0% interest for 12 months, all you pay is 3% fee for any cash funds you decide to take out, so pretty sweet as long as you pay full amount back in 12 months or less you only paid 3% rate, compared to 18+% normally.