How To Get Approved For High Credit Limit Cards With Average Scores

High limit credit cards make it possible to finance big purchases without having to take out a loan. That way, credit seekers can avoid having to meet cumbersome personal loan document requirements. However, credit limits are based entirely on an individual’s credit worthiness. If you have a poor credit score, you may not be eligible to receive huge credit limits from your credit card company. Thankfully, there are ways to improve your credit score and get access to high credit limit cards or just get your own credit card limit increased. If you need access to a large amount of credit to fund a big purchase, it is possible. Find out how to improve your chances at getting approved for high credit limit cards in the post below.

Keep Current Accounts Open

Do not close existing credit accounts if you are looking to get approved for a high limit credit card. Unfortunately, many credit cardholders believe that if they have less credit, they will be better able to get more credit. However, the inverse is actually true. Closing existing accounts will only hurt your credit score. It shortens your credit history, which will negatively impact your overall credit report. If you want to get approved for high credit limit cards, you want to have the longest credit history possible. Closing accounts will have a detrimental effect. Be sure to keep current credit accounts open to help improve your chances at getting approved for high limit credit cards.

Look For Cards From The Same Company

Apply for high limit credit cards from the same company with which you already have another credit card open. Oftentimes, this will improve your odds at credit card approval. This is because it limits the credit card company’s exposure to extending new credit. In simple terms, a credit card company would much rather extend credit to someone they know, rather than a new debtor that could wind up making late payments or otherwise being delinquent on their accounts. This is a great way to get approved for high credit limit cards that you may not get approved for with other credit card companies that do not already have a relationship with you. This is a must-remember tip for you to find the best high limit credit cards for yourself.

Include All Income Sources

Include all your income sources in your high limit credit card application. The more money you make, the more money creditors will extend to you. Even if you make money from a side hustle job that is not related to your primary career, include this. If you have made money from yard sales, include those figures too. This way, you have an accurate debt-to-income ratio represented on your application. This will improve your odds at getting approved so that you can use a high credit limit card to pay for your next big expense or to finance your business.

Reach Out To Current Card Issuers

Reach out to your current credit card issuers to see if they would be wiling to increase your line of credit. This is one of the easiest ways to increase your credit capacity. Of course, it will not be effective if you have been delinquent on your credit card accounts with them. However, if you have a good credit history with your card issuer, you may be surprised at just how much they are willing to offer for an increased credit limit. This is a great way to get access to a higher line of credit if you do not have a perfect credit score.

Pay Down Your Credit Card Debts

Immediately start paying down outstanding credit card debts. If you have a high credit utilization percentage on your credit report, it will be near impossible for you to get access to a high limit credit card. You do not want to make it seem like you are taking out debts that you will never be able to pay back. Instead, take a couple months before applying for a high credit limit card to pay down credit card bills as much as possible. Once you have gotten your total credit utilization under 30%, your credit score will immediately improve. Then, you are much more likely to get approved for high credit limit cards.

If your ultimate goal is to find the best high credit limit cards that will provide you with a cash crate of capital, this is not hard to do. However, it can be hard to get approved for a high credit limit card if you do not have a perfect credit score. For those who have an average credit rating, you can improve your chances at getting approved for high limit credit cards using the tips above. These finance tips will help you get approved for credit cards much more easily. This way, you can get access to higher lines of credit to finance large purchases in the future. Then, you can happily use your high limit credit card to buy whatever your heart desires without having to worry about maxing out your credit utilization or worse, your credit card getting declined.

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