How to request a credit line increase with Credit One
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There are a number of reasons why you might want to request a higher credit limit than you have now. Maybe you want to free up more available credit in order to make a large purchase or lower your credit utilization to boost your credit score without paying down debt.
Credit One may increase your credit limit automatically, but you can also call the company to request a credit line increase. In many cases, it’s possible to receive a higher credit limit if you simply ask for one. Some lenders may even automatically grant cardholders a credit line increase after a certain amount of time. Overall, different credit card issuers have different requirements that determine who can qualify for a credit limit increase. Read on to understand the best practices when requesting a credit limit increase with Credit One.
Who is eligible for a credit limit increase with Credit One?
Your credit card issuer determines your credit limit when you open a card. After a certain period of time, you may be eligible to increase the limit if you’ve practiced responsible borrowing. While Credit One Bank doesn’t explicitly list requirements for a Credit One credit increase, they do list some general guidelines on their website. To become eligible for a credit limit increase with this issuer, consider the following:
- Make sure to pay your bills early or on time each month.
- Ensure your credit utilization is in a reasonable range.
- Keep an eye on your credit card account and look for signs of fraud.
- Monitor your credit reports for both signs of fraud or identity theft, which you can do for free with all three credit bureaus at AnnualCreditReport.com.
These eligibility requirements aren’t hard-and-fast rules, but instead a list of recommendations that could lead to a Credit One Bank limit increase.
How often does Credit One Bank give credit limit increases?
Credit One may automatically increase your credit limit if they deem you eligible. For example, the product page for the Credit One Bank® Platinum Visa® for Rebuilding Credit* says the following:
“Get rewarded for responsible credit use! We’ll review your account regularly for credit line increase opportunities to ensure you get all the credit you deserve.”
However, these increases aren’t guaranteed and may depend on a variety of factors including your credit score, credit utilization ratio and history of on-time payments.
What to do before you ask for a credit limit increase
Before you ask for a Credit One Bank credit line increase, you should make sure that your credit score is in good standing. Fortunately, there are plenty of ways to check your credit score online for free. Taking a look at your credit score can help you 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 credit utilization ratio below 30 percent for the best results.
Also, take the time to check your credit reports for incorrect information that could be hurting your score. If you find mistakes on your credit report with any of the three credit bureaus, you can dispute them.
What to consider when requesting a higher credit limit
Before you request a credit limit increase from Credit One Bank, you should consider 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 of a credit increase you need.
- Will a different credit card leave you better off? If you’re interested in a credit limit increase, you should also consider applying for a new credit card. A new credit card can increase your spending power and may come with upfront perks like a sign-up bonus or introductory APR.
- Why do you need an increase? You should only ask for more open credit if you have a plan in mind. If you’re in a tight financial situation, increasing your credit card debt burden might not be the best option.
- How will a credit limit increase affect your credit score? Be sure to ask yourself how requesting a credit limit will affect your credit score. If a card issuer conducts a hard inquiry before giving you a credit limit increase, it could temporarily lower your score. That said, a credit limit increase can also improve your credit by lowering your credit utilization ratio.
How to request a higher credit limit with Credit One
Some Credit One credit cards, including the Credit One Bank Platinum 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 may be able to earn credit limit increases automatically as time goes on (provided you prove your creditworthiness).
In situations where your credit limit has not been increased by the issuer, you can also call Credit One using the number on the back of your credit card to ask for an increase. The worst they can say is “no,” and it’s possible you’ll qualify for the increase you want if your credit is in good standing and can offer a good reason as to why you want more access to credit.
Lastly, and arguably the easiest route to take, request a credit limit increase online. In order to submit a request with Credit One Bank, log in to your account and go to “Settings,” then choose “Credit Line Increase.” You will be prompted to enter your personal information and desired limit increase before you submit your request. Remember, credit limit increases are approved or denied on a case-by-case basis, and they do not trigger a hard inquiry.
What to do if Credit One denies your request
If Credit One Bank denies your request for a credit limit increase, there are a few steps you can take to increase the likelihood of a future increase.
Improve your credit score. 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 any other accounts. If you work to improve your credit for at least six months, it’s possible you could qualify for an automatic credit limit increase or get one if you ask again.
Consider applying for a new credit card. You should also consider applying for a credit card from another issuer. A new rewards credit card can help you to secure additional available credit, and a credit card for borrowers with fair credit, in particular, may be easier to qualify for than a credit limit increase. Some issuers, including Credit One, even allow you to prequalify for a new credit card without affecting your credit score.
Update your income. Cardholders can update their income on Credit One Bank’s website. If you haven’t updated the income listed on your credit card account in a while, doing so could help your case when asking for a credit limit increase.
Use your credit card regularly. Credit One may not be inclined to increase your credit limit if your card has been collecting dust. Try to use your card more often before asking for a credit limit increase.
The bottom line
If you’re interested in a Credit One credit limit increase, there are a few steps you can take. While some cardholders may automatically qualify for a credit limit increase, it’s not guaranteed. If your account is in good standing, you can also contact Credit One directly in order to request an increase in your credit line. While Credit One isn’t guaranteed to approve your request, you can boost the likelihood of approval by making on-time payments each month and paying down existing debt.
*The information about Credit One Bank® Platinum Visa® for Rebuilding Credit has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.