Increase My Credit Card Limit
Do you know increasing credit card limits is more than just expanding purchasing power?
In fact, it lowers your individual and overall credit card utilization ratios which results in your FICO® scores getting a boost. On top of that, with lower credit utilization and larger credit limit availability, you will appear much more favorably to banks when applying for additional credit.
For example, when it comes to applying for our stated income business credit lines the size of your personal credit limits have an impact on how much you pre-qualify for. As a general rule, the highest credit limit you have on a personal card means you may qualify for 4 to 5 times that amount in business credit lines.
For example, let’s say you have a personal credit card with Barclay’s and your $10k card limit was recently increased to $20k. As a result, this can potentially pre-qualify you for $80-$100k in unsecured business credit lines for your startup or existing business.
The reason is the higher the credit limits you have, the more creditworthy you appear to banks and lenders. Of course, other factors such as utilization, length of payment history, age of accounts and types of credit play a role as well.
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