How to Ask Wright Patt Credit Union for an Increased Credit Limit
A credit card is practically a necessity in the US today. You can't rent a car or shop online without one, and carrying lots of cash isn't always safe. But in a world that's so reliant on plastic, how do you increase your credit card limit? This is a particular problem for new cardholders or for people who are rebuilding their credit profile, who aren't sure if they can even get a higher limit.
The good news for Wright Patt Credit Union (WPCU) members is that on your Visa card. Read on for DoNotPay's tips on how to ask for, and get an increase on your card.
How Credit Limit Increases Work
WPCU calculates the credit limit on your Visa card using these factors.
- Credit score
It's important to understand how WPCU and other financial institutions think about credit use when you get a credit card. Basically, they reward you for paying off the balance every month and discourage you from carrying large balances by charging super high late fees.
If you pay off the card every month, that improves your credit score. Unless you have paid other debt completely off, or have more income, a higher credit score is the only way you can qualify for a higher credit limit.
If you pay the minimum amount due every month, you can apply for a higher credit limit after four months.
Benefits of a Higher Credit Limit
Aside from having more spending power, these are the benefits of a higher limit. If you get a higher limit, pretend it's not there unless there's an emergency.
- More funds in case of emergency
- Improve your credit score with decreased credit use—how the credit bureaus calculate spending vs. your credit limit
- Lower chance of exceeding the limit and incurring late fees, and damaging your credit score
WPCU and Visa
Credit unions differ from large banks in that they don't offer a broad portfolio of credit cards. WPCU offers two Visa card options, the Platinum Low Rate Visa and the Platinum Rewards Visa.
The Low Rate Visa offers no annual fee, free balance transfers, and zero-liability protection if you're the victim of fraud. You don't have to bank with the credit union to get the card.
The Platinum Rewards Visa has the same benefits as the Low Rate option, but you can earn cashback on your purchases.
First Time User Low Rate Credit Card
WPCU also offers a Visa card to students and first-time borrowers. This card has a $500 limit, but it is possible to increase that to $1,000 after a year of responsible use and timely payments.
Who Can Request a Higher Credit Limit?
When you have had your credit card for several months and have used it responsibly—you haven't gone over the limit, you've made more than the minimum payments every month, and you've kept your balance around 30% of your available credit—you may be eligible for an increase.
Here are the factors that disqualify you from getting a higher credit limit.
- You've recently opened a new card.
- Your credit limit has decreased in the past few months.
When Can I Request a Credit Limit Increase From WPCU?
Wait between four and six months before asking for a higher limit. This period lets WPCU know that you are paying the bill on time and can handle a greater amount.
Some credit card companies automatically raise limits after a few months. Capital One is famous for giving automatic increases to their Platinum cardholders, but they'll also give more leeway to students with the Journey Student Rewards Card, and even Platinum Secured Credit Cardholders are eligible for automatic review and the possibility of a higher, partially unsecured, credit limit.
Things to Consider Before Requesting a Credit Limit Increase From the Credit Union
Here's an important factor to think about before you ask for an increase to your credit limit, especially if your credit score is dicey. The request may lower your overall credit score, which sets you back in your journey to better credit health. If your request is not a sure thing, the card issuer may run a hard inquiry on your credit, which can lower your score by several points if the request is denied.
If you decide to go ahead and make the request, here's what to do.
How to Ask For an Increase
- Gather your pay stubs, W-2, and other income documents.
- Contact the credit union by mail, phone, or online to make the request.
If you phone them, you can request a soft pull on your credit report, which will not affect your overall score. If you go online or by mail, there is no way to avoid that hard pull if WPCU it's necessary.
If this seems daunting and a little uncertain, don't worry. DoNotPay can take the stress and frustration of dealing with the credit union off your hands and make the request for you. We make the request on your behalf and can ask for the increase professionally and with a minimum of fuss.
We can also ensure that they don't run hard pull of your credit file if you are worried about a score decrease. This is important if you need to speak with someone during business hours but can't take the time to make the call.
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.
We can also help with credit increases for credit cards issued by:
|Chase||Capital One||American Express|
|Apple Card||Bank of America||Discover|
|Citi||Wells Fargo||Credit One|
DoNotPay Can Take Care of More of Your Financial Tasks
After you've used DoNotPay to increase your credit card limit, check out the other tasks we can take care of for you. Our state-of-the-art AI can handle your bill-paying every month, sign you up for virtual credit cards, and even help you apply for a small business loan. Once you've let us help you with one problem, you'll wonder how you ever managed without DoNotPay.