Request a Higher Limit on a Newly Approved BP Credit Card
Being approved for a new credit card is always a financially rewarding experience. However, the line of credit allocated on a new account tends to be on the lower end, which increases the chances of maxing out your balance.
Gas company credit cards are especially prone to lower limits, which are concerning to motorists who depend on them to keep their vehicles running. Fortunately, there are solutions that can help you increase your gas credit card limit.
In this guide, we will explain how to increase your credit limit on a newly approved British Petroleum (BP) credit card. Though you can request a higher limit on your own, DoNotPay can handle this request for you and improve your chances of success for a higher limit.
How Credit Limit Increases Are Granted
Companies take several factors into consideration before granting an increase in your line of credit.
- Credit scores measure your creditworthiness.
- Limits on your present cards
- Debt to income ratio, which compares your income to your outstanding debts
- Credit utilization rate, which is the ratio of revolving debt to your available credit.
What You Should Know About the BP Credit Card
. These are the BP Visa and the regular BP credit card. Though both are issued by Synchrony Bank, they do have significant differences.
|BP Visa Credit Card
|BP Credit Card
When inquiring about increasing your line of credit, contact Synchrony Bank directly through your online account or by calling customer service at the number on the back of your card.
When Can I Request a Higher Credit Limit?
Banks carefully consider all requests for higher credit cards. As a new BP cardholder, it is usually best to wait 6-12 months before asking for a credit limit increase. This demonstrates to the bank that you are capable of paying your bills on time.
who meet the following conditions stand a better chance of having their credit limit raised upon request.
- A recent rise in income
- A good credit score
- A good track record of making all your payments on time
Factors that can go against you when requesting a higher credit limit for your BP card are as follows:
- A limited credit history, which may be insufficient to prove creditworthiness
- A credit card utilization rate higher than 30% of your total available credit. This may demonstrate you are having difficulty repaying what you borrow.
- Delinquent accounts in your credit history
- Several hard inquiries into your credit history may signal that you are a high-risk borrower.
What Information Is Needed for a BP Credit Limit Increase?
Generally, the issuing bank will request the following information when considering a credit limit increase.
- Your current annual income.
- Employment status.
- Monthly housing costs.
Submitting a Letter Requesting a BP Credit Limit Increase
If requesting the credit limit increase by mail or email, you should express the following points to improve your chances of success:
- The length of time you have been doing business with the bank as a trustworthy customer
- The primary reason you require the higher limit. For example, a new job that is further from home, resulting in greater fuel consumption.
- You are considering equivalent bank cards that have higher limits but would rather continue to do business with the current institution.
Examples of letters requesting credit limit increases can be found here.
How to Request a BP Credit Card Limit on Your Own
- From the Contact Us section of the bank's website, select "Send us a Secure Email" under the Get Help section and submit your request.
- You may also select Chat. Follow the prompts to chat with a customer service agent.
- By phone, call the card-specific toll-free number located on your statement or on the back of your credit card.
How DoNotPay Can Help
Dealing with a card issuing bank can be a tedious and frustrating task. However, DoNotPay can cut through the red tape and submit your request 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.
That's all there is to it. DoNotPay will submit the request for a credit limit increase for your BP credit card on your behalf to Synchrony Bank. No forms, emails, or agent chats are needed.
What Other Credit Limits Can DoNotPay Help With?
DoNotPay can assist you in obtaining higher credit limits for many other accounts, including the following:
DoNotPay cuts through bureaucratic red tape and quickly solves many problems. With over 300K people helped so far, our innovative platform continues to streamline applications and provide solutions that can save you money.