How to Get a Credit Limit Increase and Boost Your Credit Score Fast

If you’ve recently changed jobs and earned a higher salary – or just haven’t updated your income information with your card issuer recently – there is one very simple step you can take to increase the credit limit of your credit card.

By getting a higher credit limit, you’ll give yourself more buying power and keep your credit utilization rate low — and those two factors make up a big part of your credit score. Even better, everything can be done quickly in the customer portal of your credit card account.

Below, select details on how you can quickly increase your credit limit – and potentially your credit score – simply by updating your income information with your credit card issuer.

When you apply for a credit card, the issuer will ask you for details regarding your current salary. Whether it’s been several years since you applied for a new card or you’ve recently started a new job with a higher salary, it can be beneficial to update your earnings information.

Keep in mind, however, that if you are approved for a higher line of credit, it may still take several weeks to show up on your credit report and your potential credit score increase will correlate with the magnitude of the credit score. your changes in credit usage.

For example, if you have a $40,000 line of credit and are actively using $10,000 of it, your credit utilization rate is 25%, which is considered high. If you are able to extend your line of credit to $50,000, then your credit utilization would drop to 20%. While this drop will likely net you a few points on your credit score, increasing your credit limit while keeping your usage to a minimum is the ideal situation.

One way to do this is to simply call customer service and see if your earnings information has been updated. If everything is settled, consider applying directly for an increase in the line of credit. It’s good for credit card issuers to give you more credit, which then gives you more flexibility to spend, so don’t be shy. Asking about it won’t hurt your credit score, and the worst thing they can do is say no.

If you’re too shy to talk to someone on the phone, you may be able to do so online through your client portal. In the Capital One Customer Portal, for example, there’s a “Request a Line of Credit Increase” option – the prompt asks for your current income, the amount of credit you’re requesting, and why you’re requesting it. It took me about 30 seconds to fill everything out and I never even had to speak to anyone about customer service. Citibank also offers similar functionality for its credit cards in its mobile app, and you can receive a credit limit increase instantly if you qualify.

Although credit scores tend to involve more complex financial risk models, it’s quite simple to make small adjustments to steer your credit score in the right direction. However, maintaining a strong credit rating requires the consistency to make sound financial choices over the short and long term. Here are some simple steps you can take to improve your credit score if it’s not perfect.

Check for errors on your credit report

Millions of Americans, in fact, a whopping 25% have incorrect line items in their credit reports and you could be one of them. If you happen to spot an error the next time you go through yours, contact the credit bureau directly — either Equifax, Experian, or TransUnion, depending on which credit report you’re viewing — to dispute it. You can view and monitor your credit score with a credit monitoring service like Experian or identity strength.

Become an authorized user on someone else’s account

If you have a trusted family member or friend with a credit card that has a high credit limit, you might want to consider asking them to add you as an authorized user, which would allow the card from appearing on your credit report and may help increase your available line of credit. Even better, many credit cards offer free authorized user accounts and you don’t even have to spend anything to count. Just make sure the primary cardholder pays their bills on time, as their spending habits will directly impact your credit score.

Get credit to pay your bills on time

Many of your bills — your rent, your utilities, or your monthly Netflix subscription — don’t actually show up on your credit report, so you won’t get any official credit for paying them on time. *Experian Boost™ now gives consumers an instant “boost” to their FICO® scores by reviewing the last two years of credit history and taking into account all your recurring bills. Signing up for the service is free, and the average FICO score increase is around 13 points.

While higher lines of credit are a great way for consumers to gain flexible spending capabilities, they should never be maxed out. If you haven’t requested a credit limit increase or have recently received a raise, be sure to update your income information with your credit card issuer.

Small actions like this may only make a small difference in the short term, but over many years they can have a significant effect on where your credit score stands. And the the better your credit score, the better loan options you will have for your future financial goals, whether it’s a car loan or a mortgage.

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*Results may vary. Some may not see an improvement in scores or approval ratings. Not all lenders use Experian credit reports, and not all lenders use scores impacted by Experian Boost.