Planning a dream holiday? Fridge and washing machine decide to permanently retire in the same week?
There may come a time where you find yourself needing to increase your credit card limit. Here are some tips to make sure that the process is smooth and simple - and what you can do to improve your chances.
|Make sure you have complied with your bank’s rules and regulations in relation to your current credit card - any anomalies or issues will be on your record and make it difficult for your request for an increased limit to be considered favourably.|
|Making payments on time will be a major factor in your bank deciding if you are a good customer who presents a minimal risk. If you have always made payments on time you greatly increase your chances of an application to increase your credit card limit being approved.|
|Keep your balance as low as possible - while you might have always paid the minimum amount on time, banks will also look to see how well and how often you have managed to reduce your outstanding balance. It never hurts to pay off the lot in one go. This demonstrates to the bank that you are capable of paying off a higher credit card limit.|
|Keep your credit rating clean. Late payments on mobile phone bills, car loans, mortgages, and personal loans can all damage your credit rating and indicate that you present a risk when it comes to repayments on a higher credit card limit.|
|Prove to the bank that you are a reliable person, with a steady income who is able to control their spending. Never exceed your current credit card limit and if possible use direct debit to make regular payments on your credit card so that your overall limit is being reduced regularly. Banks are able to track your spending and purchase patterns and monitor your buying behaviour.|
Important Note. Before applying for an increased credit limit you should ensure that it is suitable for you and that you can repay the new limit without substantial hardship. If your personal circumstances have recently changed (or are likely to change in the near future) in a way that could adversely affect your ability to make repayments, please do not request an increase to your credit limit.
Applying for an increased limit on a Bankwest credit card is easy and you can even apply online.