Following are some of the factors that affect credit limit increases:
- Payment history: Your payment history is one of the most important factors that will be considered when determining your creditworthiness. If you have a history of making on-time payments and paying more than the minimum amount due each month, your chances of getting a credit limit increase are higher.
- Credit utilization: Your credit utilization ratio is the amount of credit you're using compared to the amount of credit you have available. If your credit utilization is high, it may be a sign that you're relying too much on credit, which can be a red flag for lenders. On the other hand, if your credit utilization is low, it may be a sign that you're playing it safe and not using your credit to its full potential.
- Credit score: Your credit score is a numerical representation of your creditworthiness. A higher credit score generally indicates that you're a responsible borrower and are more likely to repay your debts on time. If you have a high credit score, your chances of getting a credit limit increase are higher.
- Income: Your income is another important factor that lenders consider when determining your creditworthiness.
If your account is eligible for a credit limit increase, we will notify you by email, SMS, and phone call.