How to Increase the Credit Limit on Your Secured Card
Are you interested in? This may interest you if you feel like your current limit is too low. If you have ever made an attempt to increase your credit limit, you have most probably found that this is not the easiest thing to do, depending on your credit company.
While building up your credit limit may seem like a tall order, this does not have to be the case at all. Getting approved for a credit card increase may be easier than you had imagined. The good news is that it is possible for you to get a secured credit card increase just by sending a simple request.
At DoNotPay, our goal is to help you This guide will show you how you can successfully get a secured credit card increase on your own and how DoNotPay provides you with the fastest and the easiest solution.
How Do Credit Card Increases Work?
It is important to note that the decision to increase your limit on your secured credit card boils down to your card insurer's policy. Some credit card limits remain the same, notwithstanding your history with them.
Even if your secured card does not offer you an option to increase your limit or change to an unsecured account, it may assist you in building your credit card overtime to qualify for an unsecured card from a different lender. All you have to do is ensure that all your payments are made on time, and credit usage is low.
Who Can Get a Higher Credit Limit?
Whereas every cardholder has different guidelines, there are some general guidelines you should follow to increase your chances of getting a credit card limit increase. Any individual who wishes to increase their credit limit on their secured card should:
1. Have Good Credit Card Habits
A secured credit card offers you a chance to showcase responsible credit behavior. You can do this by always paying on time and not using more than 30% of your credit line. A good rule of thumb to follow is to never, at any given time, let your balance roll over to the next month.
2. Maintain a Good Credit Score
If you plan to request an increase in the limit on your secured card, you have to show a solid credit history.
When deciding whether to increase your limit or not, your card insurer will assess your income to ensure you can afford to pay your debts.
How To Request a Secured Credit Card Increase by Yourself
There are three ways to increase your secured credit card limit by yourself:
1. Making your request online
This is done through an online bank or credit account. The dropdown menu on the website should give you an option such as "credit limit increase" that directs you to provide some personal information that can be used by the lender to evaluate if you qualify for a secured credit card increase.
2. Making your request over the phone
You can also directly call the customer service number of your card insurer and request a limit increase over the phone. You will be required to provide some basic information about your financial profile.
3. Through a letter of invitation
At other times, your credit card insurer may approach you, asking if you wish to increase your limit, even without you having to initiate it. From time to time, lenders request cardholders to increase their limits. Hence it is important for you to be on the lookout for an email asking you if you would be interested.
Challenges of Increasing the Credit Limit on Your Secured Card by Yourself
Getting a credit card limit increase on your secured card is often a daunting process for many people. In addition to providing all the needed documentation, you may have to wait in line for a long time. At other times, your request may be declined because you forgot a simple step.
The good news, however, is that you can use DoNotPay to avoid all this hassle. Through DoNotPay's Credit Limit Increase product, we'll handle the request for you and make sure your credit score isn't affected without your permission.
We'll ask you a few questions about your current card, income, employment status, and more and send a formal request to your credit provider to ask for a limit increase.
How To Request Higher Credit Limits Using DoNotPay:
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 Increase Your Credit limit on a Secured Card
The following are some of the top reasons why you should use DoNotPay:
|Fast||You don't have to spend hours trying to solve the issue.|
|Easy||You don't have to struggle to fill out tedious forms or keep track of all the steps involved in solving your problem.|
|Successful||You can rest assured, knowing we'll make the best case for you.|
What Else Can DoNotPay Do?
DoNotPay can offer you many other services, such as:
- Helping you with chargeback and refunds
- Helping you with your credit cards
- Helping you file a complaint
Here are just some of the credit card issuers we are equipped to request a credit limit increase from.
- Chase Credit Card
- Apple Card
- Capital One
- Bank of America
- Wells Fargo
- American Express
- Credit One
And so much more. Increasing your credit limit on a secured card doesn't have to be hard. Let DoNotPay do all of the hard work for you.
Once you have provided us with the required information, we will help you request an increase with your credit card issuer in just a few easy steps. Sign up today to get started.