Each line of credit we have comes with its own credit limit or line of credit. Depending on your credit history and your tenure as a customer, you may find you have a relatively large credit limit or perhaps a more modest one. The good news is that your credit limit can always grow if you practice smart borrowing habits, paying back what you owe promptly and in full as often as possible.
Sometimes we may need a bigger line of credit based on a project we’ve got up our sleeves. Perhaps you need a few new windows or you’ve got to replace your hot water heater and some pipes at the same time. These costly repairs can easily eat up most if not all of your available credit on your existing credit cards. To try and give yourself a little leeway, simply call your card company and explain the situation. Bring up how you’ve been a good, responsible cardholder for however long, and express your interest in increasing your credit limit. Next, mention how high you would like your line of credit to be. The representative will likely put you on hold to check and see if it’s possible, but most times you should be able to increase your limit with this approach.
Did you know your debit card may also come with a credit limit? Even if you have $10,000 in your checking account, your debit card may only let you spend $1,000 or $2,000 at a time. This per-transaction limit helps to protect you from someone cleaning out your bank account should you lose your wallet or have your card stolen. If you are looking to make a singular purchase that comes in a bit above your current credit limit with your debit card, you should be able to call your bank or card issuer and ask for a one-time increase just for this transaction.