How do I increase my credit limit on my existing card?
To increase your credit limit you can either wait for an automatic increase or request one.
- Increase your credit automatically
Many credit card providers will increase your credit automatically if you’ve shown that you can manage your credit effectively - by keeping up with your monthly repayments and using your credit.
If you’ve shown that you’re a responsible credit card user, you could be offered a higher credit limit as frequently as every six months. An automatic credit increase will not appear on your credit file and therefore won’t impact your credit score. You’ll be able to see it but other lenders won’t. An automatic credit limit doesn’t require your permission but you’ll have 30 days to reject the credit limit increase.
You can also contact your provider to request a credit limit increase. A requested credit increase will show on your credit file and lenders will be able to see. Your provider will either agree to your credit limit request, decline it or present a counter offer with a lesser increase.
You can request an increase either over the phone or via online banking. If you’re making a request online, you’ll need to sign into your credit card account or via your mobile banking app, although this will vary from provider to provider.