Can I increase my credit limit?

Yes, you may be able to increase your credit limit in New York. Credit card companies are required by the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 to review a consumer’s application for credit limit increase every six months. Additionally, the CARD Act requires that companies must consider a customer’s ability to pay when granting an increase, and may not impose fees for requesting a limit increase. When applying for a credit limit increase, companies may look at a variety of factors such as credit history, payment history, current debt, and income. It is important to keep in mind that even if you are approved for a credit limit increase, this may come with potential risks. An increased credit limit can lead to a higher available balance, which may be tempting to use and could lead to further debt. Before requesting an increase, make sure you have a plan in place for how you will use the extra credit responsibly. Additionally, if you don’t feel that you have enough information to make an informed decision on whether or not to increase your credit limit, then it’s best to consult with a financial advisor or credit counseling service to make sure that you are making the best decision for your finances.

Related FAQs

What happens when I miss a credit card payment?
What are the side effects of using a credit card?
What is a chargeback?
What is a co-branded credit card?
What are the best ways to build credit?
What is a travel rewards credit card?
When is a credit card issuer required to disclose the terms and conditions of a credit card?
What is the most important information to know about a credit card?
How does a balance transfer work?
What is a cash advance?

Can I increase my credit limit?

Related FAQs

Related Blog Posts