Credit card provider if one is not already provided automatically. You may apply to several other card issuers online, including Chase. When determining whether or not to increase your credit limit, the company that issued your credit card will look at your account history and your income and credit history. Unfortunately, requests to raise a person's credit limit are occasionally turned down.

Reasons Why You Were Turned Down

If you apply for a new card, you might be turned down for many of the same reasons you were turned down for your old card, including the following ones:

Opened Too Many Accounts Within The Two Years:

The number of purchases that constitutes an excessive amount varies from one credit card company to the next. If you have established many credit cards in the last two years, you shouldn't be shocked if you are denied an increase in your credit limit when you seek it.

Too Much Available Credit:

If you already have a significant amount of accessible credit or if you have many credit cards, you are at an increased risk of falling into debt. Because getting into debt raises the likelihood that you won't be able to keep up with your credit card payments, the company that issued your credit card would like not to see you fall into trouble. An increase in the credit limit wouldn't do anything except make the situation riskier.

Too Many Applications For Credit In The Recent Past:

Even if you were denied the credit card or ultimately decided not to use it, a recent credit application would impair your chances of acquiring a new credit limit increase. This is true even if you turned down the credit card. Suppose you have recently submitted a large number of credit applications. In that case, it may be a sign that you are overextending yourself financially or in some financial problem that you need to remedy with credit.

The Account Is Too New:

Before you can even be considered for a credit limit increase, most credit card issuers demand that your account be open for a minimum of six months and sometimes up to a year. Several credit card providers may need a lengthier waiting period. If you have just created your account, you should wait at least six months before seeking an increase in your credit limit. Unfortunately, requests to raise a person's credit limit are occasionally turned down.

Record Of Low Monthly Payments:

It's possible that you can't truly afford to pay off the debt on your credit card if you've been paying the minimum payment or just a little bit more than the minimum payment each month. Make far more payments than the minimum required. If you can't pay the whole sum monthly, try to knock off at least the bulk each time you make payment.

The Credit Score Is Much Below Average:

Because of your credit score, the credit card issuer can quickly determine whether or not to accept your request to extend your credit limit. If you have a poor credit score, you will likely have other financial troubles, making you an unfavorable candidate for a higher credit limit. Investigate your credit score to determine the causes of its current poor status. Since your credit score was used in the calculation, the company that issued your credit card will also send you a free copy of it by mail.

After Denied request

The company that issued your credit card would send you a letter. The letter will include your free credit score and directions on how to purchase your free credit report. The letter will also mention the key reasons that led to the decision. If you think you may someday need a bigger credit limit, make sure you use your credit cards in a manner that will make it easier for you to get accepted for one. Be punctual with each of your monthly obligations. Make regular purchases with your credit card and ensure that a sizeable amount of the debt is paid off each month. It may improve your case for a bigger credit limit if you make significant purchases and pay off a significant portion of your amount in one payment. Be wary of setting your prices so high that they exceed what you can pay for them. Finally, in the months coming up to your request to increase your credit limit, try to keep the number of new credit applications to a minimum.