How to Easily Submit a Credit Limit Increase Letter via DoNotPay
Due to the economic effects of Covid-19, many Americans are facing financial hardship. Even as the economy gradually reopens, the impact of its protracted closure will continue to be felt. You can to boost your purchasing power and ease the burden of stocking up on essentials during these tough times.
Many lenders and credit card issuers, including Chase, Capital One, American Express, Bank of America, Discover, Citi, Wells Fargo, Credit One, and even Apple, are willing to help their customers increase their credit limit and remain in good standing.
However, the process of requesting a higher limit on a credit card is not as simple as it sounds. In most cases, you have to pick up a phone, plead your case, risk rejection, which can be daunting. The good news is that you don't have to go through this process.
DoNotPay offers a quicker, hassle-free way to increase your credit card limit. Keep reading to learn more.
Who Can Request a Higher Credit Limit?
Not everyone is eligible for a credit limit increase. In most cases, only applicants whose accounts are in good standing and have enough income to support a credit line increase automatically qualify for a credit limit increase.
If your account is too new, you have a secured credit card. You have had a credit limit/decrease in the last several months; you are automatically ineligible for credit increases. Other factors that banks and card issuers consider when they receive a credit limit request include:
- On-time/Delinquent payments
- Credit history
- Credit Score
- Utilization Rate
- Hard inquiries
When Can I Request a Credit Limit Increase?
Generally speaking, the best time to request a credit limit increase is:
- When you get a new job/raise
- When you have good credit
- When you have a good track record
Confirm your eligibility for a credit limit raise before requesting it. Eligibility is contingent on the length of time you've had the card. Card issuers require you to wait a few months after opening your account before requesting a credit limit increase, which varies from one issuer to the next.
For instance, American Express users must wait for at least 60 days after account opening to qualify for a credit limit increase. A credit limit may also increase automatically with no action on your part after 6-12 consecutive months of timely payments with a new credit card account.
Things to Consider Before Requesting a Credit Limit Increase
You should consider a few factors before requesting a credit limit increase. The important things you should be very careful with when requesting a credit limit increase are:
If you've recently lost a job or haven't made monthly payments on time, it might be a good idea to wait until you're in good standing.
- Hard pull
A request to increase the credit limit can start a hard inquiry on your credit report. This could hurt your credit score, especially if you made recent inquiries for loans or other lines of credit.
Consider factors such as credit score/credit history/payment history/etc.
If you've decided that you're due for a credit limit increase after looking at all these factors, we'll go over how to increase your credit limit in the next sections.
How to Request a Credit Limit Increase on Your Own
The process of requesting a credit limit increase varies depending on the card issuer. There are three common ways to request a credit limit increase.
- Online - Some credit card issuers allow cardholders to request a higher credit limit online. Simply log in to your credit card account and look for the menu option for a credit limit increase.
- By phone - Dial the toll-free number on your monthly bill or the back of your card to request a credit limit increase.
- Credit limit increase letter - Write a letter to the card issuer requesting enhancement of the credit limit and provide your reasoning why.
It can be a lengthy process. The card company will probably ask for more information to process your request, adding more steps to the already tedious process. The card issuer may eventually deny your request, culminating in a very frustrating experience.
Next Steps for Requesting a Credit Limit Increase if You Can't Do It Yourself
As you can see, the process of requesting a credit limit increase can be lengthy and frustrating. Unfortunately, credit limit enhancement requests can also be unsuccessful. If the methods in the previous section do not work, there is a
How to Request Higher Credit Limits With the Help of DoNotPay
DoNotPay offers a faster, more convenient, automated, and less frustrating way to request a credit limit increase. If you want to request higher credit limits but don't know where to start, DoNotPay has you covered in six easy steps:
- Go to the Credit Limit Increase product on DoNotPay.
- Select which type of card you own and your credit provider.
- Tell us more about your card, such as when you first created this card, your current credit limit, what you would like your new limit to be, your card number, and whether you've missed past payments.
- Tell us more about your current income and expenses and why you would like to request a limit increase.
- Indicate whether you want to allow hard inquiries to be made into your credit history. Upload a copy of your ID and provide your e-signature.
- Submit your task. DoNotPay will deliver the request letter on your behalf. You should hear back from the card provider with confirmation or a request for more information within a few weeks.
Why Use DoNotPay to Request Higher Credit Limits
Here are some of the many advantages of using DoNotPay to request a credit limit increase from your card issuer:
|Fast||DoNotPay eliminates all the unnecessary steps allowing you to complete your credit limit increase request within no time.|
|Easy||Our automated credit limit increase request service does all the heavy lifting on your behalf.|
|Successful||DoNotPay minimizes the chances of request denial significantly.|
What Else Can DoNotPay Do?
Requesting a credit limit increase is just one of many issues DoNotPay can help you solve. Here are some other problems that our service can help you with:
- Receive chargebacks and refunds from any company
- Get instant approval virtual credit card
- File a complaint against any entity
Subscribe to DoNotPay to leverage our AI-powered solutions for a wide range of legal and non-legal issues.