There are numerous reasons you might want to request a higher credit limit than you have now. Maybe you want to free up more available credit so you can make a large purchase, or perhaps you want to lower your credit utilization to boost your credit score without having to pay down debt.
Either way, it is possible to receive a higher credit limit if you simply ask for one, but you might also get one automatically over the years. Of course, different credit card issuers have different requirements that determine who can qualify for a credit limit increase, and that includes Credit One Bank.
Who is eligible for a credit limit increase with Credit One?
While Credit One Bank doesn’t explicitly list requirements for a Credit One credit increase, they do list some guidelines on their website. To become eligible for a credit limit increase with this issuer, they make the following suggestions:
- Make sure to pay your bills early or on time each month
- Keep your credit utilization in a reasonable range
- Keep an eye on your credit card account to look for signs of fraud
- Monitor your credit reports for signs of fraud or identity theft, which you can do for free with all three credit bureaus using the website AnnualCreditReport.com
The eligibility requirements are not hard and fast rules, but instead a list of recommendations that could lead to a Credit One Bank credit increase.
What to do before you ask for a credit limit increase
Before you ask for a Credit One Bank credit line increase, the issuer says you should make sure your credit score is in good standing. Fortunately, there are plenty of ways to check your credit score online and for free. By taking a look at your credit score as it is right now, you can gauge your ability to qualify for a Credit One credit increase.
Other steps you can take right away include ensuring your bills are paid early or on time and paying down debt if you can. Keep in mind that credit card issuers may believe you’re a higher risk if you max out your available credit limits and ask for more. As a general rule of thumb, most experts recommend keeping your utilization below 30 percent for the best results.
Also, take the time to check your credit reports for incorrect negative information that could be hurting your score. And if you find mistakes on your credit report with any of the three credit bureaus, follow the steps in our guide to disputing errors on your credit reports.
How to request a higher credit limit with Credit One
Some credit cards from this issuer, including the Credit One Bank® Unsecured Visa® for Rebuilding Credit, promise to review your account regularly to see if you’re eligible for a Credit One limit increase. In this case, you get the chance to earn credit limit increases automatically as time goes on and you prove your creditworthiness.
In situations where your credit limit has not been increased by the issuer, you can also call into Credit One using the number on the back of your credit card to ask. The worst they can say is “no,” and it’s possible you’ll qualify for the increase you want if you ask nicely, your credit is in good standing and you can offer a good reason why you want more access to credit.
What to do if Credit One denies your request
If Credit One Bank denies your request for a credit limit increase, there are some steps you can and should take right away. For starters, you should do all you can to increase your credit score, including making on-time payments, paying down debt and refraining from opening or closing other accounts you have. If you focus on improving your credit score for at least six months, it’s possible you could qualify for an automatic Credit One credit limit increase or get one if you ask again.
Also, consider the prospect of applying for another credit card from another issuer. A new rewards credit card can help you secure the additional available credit you might need for a large purchase, and you could even earn a sign-up bonus if you meet a minimum spending requirement in the first few months.
Some credit cards also offer 0 percent APR for a limited time, which could help you avoid interest and save money for the short-term. Others come with balance transfer offers that can make switching your credit card an attractive option.
What to consider when requesting a higher credit limit
Before you request a Credit One credit limit increase, it helps to think over how asking for more credit might impact your finances. Here are some of the most important considerations to keep in mind:
- How much more available credit do you need? Before you ask for a credit limit increase, you should have a general idea of how much more available credit you want.
- Will a different credit card leave you better off? Also, ask yourself whether you should ask for a credit limit increase or simply apply for a new credit card. After all, a new credit card could come with upfront perks like a sign-up bonus or 0 percent APR on purchases for a limited period of time.
- Do you want more credit so you can rack up more debt? Only ask for more open credit if you have a plan in mind. If you just want more credit so you can rack up debt you cannot afford to pay off, then you should reconsider.
Also, think about your credit, keeping in mind that the way you handle your credit limit increase will determine whether it will help or hurt your credit score.
If a card issuer places a hard inquiry on your credit report before giving you a credit limit increase, for example, that could temporarily ding your score. However, you have the potential to see your credit score improve with a higher credit limit since your utilization will automatically go down.
Just keep in mind that your utilization will only remain lower than it was if you avoid racking up more debt, which would cause your credit utilization rate to spike again.
The bottom line
If you have your eye on a Credit One credit increase, then you have some work to do. Start the process by checking your credit score to see where you stand and take steps to figure out where your credit utilization rate falls.
From there, make sure all your bills are paid early or on time and refrain from racking up more debt that might cause your utilization to spike. Credit One may or may not be willing to increase your credit limit, but you won’t know either way unless you ask.