increase credit limit or new card app?

shaun99

Hi there, does anyone know if it is easier to obtain an increase to credit limit (where the card is nearly maxed out) or apply for a new card with someone else altogether?

I've never asked for an increase to limit before, do they ask many questions etc? It's a bit of an emergency I need the increase for and would rather not have a rejection.

Any help would be much appreciated. Thanks

pompeyred

Depends on the card issuer and your current financial circumstances.

If you have no negative indicators on your credit report and you have a steady income then the increase could be awarded, if it's the opposite then both an increase or a new card is unlikely.

The only real way to find out is to ask the card issuer. Nothing anyone writes here will make a difference to the outcome.

You-kip

Maxed out credit cards looks like the customer is over committed therefore less likely to offer an increase to someone who's using half their limit.

This is based on previous experience but everyone's different

izools

Your card issuer will have already decided whether or not to give you a limit increase based on how you've run your account, it's a simple "Can I have a limit increase?"... "Yes / No", and that's an end of it.

As You-kip says though if you run your card close to the limit often chances are a limit uplift won't be forthcoming, but asking couldn't hurt.

Herbalus

You-kip wrote: »

Maxed out credit cards looks like the customer is over committed therefore less likely to offer an increase to someone who's using half their limit.

This is based on previous experience but everyone's different

It's a strange one. If you never utilise all your available credit you stand a good chance of an increased limit, and if you are constantly at your limit you are at more likely to be declined. The irony.

izools

Herbalus wrote: »

It's a strange one. If you never utilise all your available credit you stand a good chance of an increased limit, and if you are constantly at your limit you are at more likely to be declined. The irony.

It's a little more complicated than that -

If you run your card up to the limit, and repay all or nearly all of it every month, you stand a good chance of an increase as you're showing you can afford that much debt quite easily.

If you run your card up to the limit and leave it there, chipping away tiny little mouse bites at a time and spending back up it shows you can't afford the debt at all really and won't be considered for increases.