HOW TO GET HUGE CREDIT LIMIT INCREASES

hi everyone welcome back to the channel in today's video I'm gonna teach you guys how you can get huge credit limit increases on your credit card there are a couple benefits to actually doing this one is going to be your credit score or your credit utilization if you're someone who carries even a small balance if you have a larger credit score that's gonna decrease your credit utilization which actually affects about 35% of your credit score so in essence getting a huge credit limit could actually help out your credit score now another reason why you may want to get a huge credit limit is maybe you just applied for your first starter cart and you have a limit of like $500 I couldn't even buy the newest iPhone if I wanted to with a credit limit of $500 some people just actually get smaller credit limits and it always makes sense to actually just improve that so you can spend more money but remember you guys only spend money that you have do not carry debt that's when you lose the game make sure you guys pay off the statement balance in full now the only other reason I can think of why someone want a credit limit increase is for the Flex now starting out number one having a good credit score now this seems to be the answer to a lot of the problems in the credit card industry if you just have a good credit score most of time that just fixes everything and that actually helps you guys out with having a higher credit limit as well too if you have a good credit score you're telling these credit card issuers and these companies out there that hey I know how to pay off my credit cards on time I am NOT someone who's gonna run off with a month yeah I'm not gonna go crazy with it and I have good self control if you guys have a good credit score that's what you're telling these companies and when you're doing that you're actually building trust with these banks with these credit card issuers when you build that trust it's a lot easier for them to lend you higher amounts of money in hopes that you're gonna actually pay off the credit cards in full back on time now say my name is Billy wrong and I have a 475 credit score and I am known to have a ton of derogatory marks a ton of late payments on my credit cards and I'm just not someone who has good self-control and I probably deserve to be in the Dave Ramsey group as well too if I request a higher credit limit increase on my cards there's a good chance that I'm not gonna get it and it's because I'm already telling these banks hmm I don't deserve it I'm a high risk level if I get a higher credit limit increase I'm probably just gonna add on to the debt that I already have so first things first you guys make sure you guys have a good credit score if you're someone who already has a bad credit score a lot of these methods I'm gonna tell you about it's gonna be a little bit harder to achieve but even if you do not have the best score out there hear me out listen to these things cuz it'll still help you guys out now the second way you guys can actually get huge credit limits it's to apply for the right cards if you guys apply for a beginner card with discover it's not gonna be a surprise if you only get a $1,000 credit limit on that card but if you guys apply for a card like the Chase Sapphire reserve those cards are known to give out huge credit limit and it's because for that card specifically a $10,000 credit limit is the minimum on that card so if you apply for the Chase Sapphire reserve and you get accepted you're not gonna get anything less than $10,000 it's $10,000 or more so shoot your shot shoot higher okay it's like going for the three-point shot instead of the layup if you're trying to get a higher credit limit look into the cards that offer a higher credit limit take a shot for every time I say credit limit now I know I say this a lot on my channel but it's true you guys business credit cards are seriously the goat they offer so much and they do give you a ton of credit limit power so for example the Chase Sapphire Preferred or the chase ink business preferred these are two cards that I both owned previously in the past I had the same score everything was the same I just applied for these two different cards on the personal version of the Chase Sapphire Preferred I had a limit I think it was like two thousand to five thousand dollars but when I actually applied for the chase ink business preferred I actually had gotten over a fifteen thousand to a twenty thousand dollar credit limit so it's not surprising if you guys get a business card the more you pay it off in the more history you add on to that card the higher you're gonna get a credit limit so every time I applied for future business cards with the in chase that card credit limit had a higher limit every time now I've made a ton of videos on this channel on how you guys can get business credit cards even if you don't think you own a business I've made a blog I'll have listed down below in the description make sure you guys check that out but this is gonna go right into reason number four you can always request for a credit limit so when I'm going for specific credit cards it depends on what my goal is do you want to get more points do I want to get more cash back value do I want to go for the status benefits what am I really looking for there's some people out there who want a card that's gonna have a higher credit limit now a company that actually gives very generous credit limit increases is gonna be American Express American Express is actually known to triple your credit limit so if you have a ten thousand dollar credit limit they will actually gladly triple that into a thirty thousand dollar limit I made a video a while ago on mine it's called how to triple your credit limit this is really with American Express you can do this with other issuers too but this is really a data point that has been pulled out of American Express they've been able to do it it's still going on so if you guys want to really have a high credit limit make sure you guys have a couple cards with American Express have a good history with it pay off your credit cards have a good score and they will increase that credit score now there are other credit card issuers I'm gonna mention Navy Federal now if you are in the military or you have a best friend in the military or you have a spouse in the military if you can get into the Navy Federal Credit Union program they actually have a bunch of credit cards that offer huge credit limits as well too now applying or requesting for a credit limit increase isn't really anything abnormal if you guys have credit cards is this something you guys can do call the customer support rep or even better go into the website of your credit card so if I go into American stress comm there's usually gonna be a tab where it says increase your credit limit you want to make sure that when you do request a credit limit though it's a soft pole I do mention a lot that Hart poles really aren't that bad for you but I know a lot of people out there are afraid of them for whatever reason so if you are trying to get a credit limit increase you can always ask the rep hey if I request a credit limit increase on this card will it affect me will it affect my credit is it gonna be a soft pole usually they can give you a straightforward answer on that the easiest way I do it is just by chatting with them just because they're there you don't have to wait on the phone in case they're really busy and that's really just one of the best ways you guys can go about increasing your credit limit now a few things that I really want to mention is that you need to know why you want to get a credit limit increase if you're someone who has a tendency to carry over your balances and you think okay if I have a 50 or 60 thousand credit limit on this cart I'm gonna go crazy it has a no Apr promotion for 12 months and I think this is the best way to do about it I just want to live my life for the next year that's really not the way you guys want to go about it if you're someone who wants to get a credit limit increase just to have more flexibility that makes sense go ahead and do that but if you're someone who's really trying to take advantage of promotional offers in the hopes that you're gonna pay off your credit card I think that's a risky move I really don't recommend a lot of people to go for credit limit increases for that reason I just see a lot of people going into debt and that's really the last thing I want from you guys now here's some of the best practices to know if you guys are trying to get a credit limit increase how long have you been with that credit card issuer if you've been with chaser American Express for two weeks does it really make sense to go for that credit limit increase right now probably not if I've held a relationship with them for maybe three months even six months which is the most ideal then I know hey there's a good chance I will get that credit limit increase if I don't do it manually they will probably give it to you automatically now there are a ton of legitimate reasons on why a lot of people actually want to get a credit limit increase it's not that hard to get all you guys really have to do is just request it if it doesn't happen automatically but if you guys are doing everything right make sure you guys keep in mind as well that if you have a higher credit limit it can increase that risk level on your profile so there are rumors and data points out there saying that hey if I'm making only $50,000 a year but I have a credit limit of 120 or 200 thousand that could raise some red flags so what I recommend to you guys is to really figure out why you guys want that credit limit increased before actually going for it now here are a couple cards that I recommend if you're trying to get high and huge credit limit increases on your cards any one of American Express's cards like I mentioned are really gonna be good for getting high credit limit increases my two favorite ones is gonna be the blue business plus and the blue business cash card those are great business cards very very easy to get accepted for I would say one of the easiest business cards to get accepted for and they do offer pretty generous credit limits especially once you've paid off your balance so if you initially get the card and you only have like a two thousand dollar credit limit don't worry just pay off the card a couple times wait a month or two and then go for the credit limit increase I always recommend at least 61 days before going for that credit limit increase and you can actually find yourself tripling whatever they gave you originally now if you already have those cards and you're looking to get a higher credit limit like I mentioned the beginning of the video the Chase Sapphire reserve is another great card it's gonna be $10,000 and up if you do get accepted for that card or any one of Chase Inc business cards is what I really recommend I love their cards or cards offer a ton of value and if you guys are interested at all in any of the cards that I mentioned make sure you guys check out the links down below in the description and that's pretty much it you guys I hope this video really helped you guys out if you guys have any data points if you guys have any cards with huge credit limits let me know down below what card do you have with the highest credit limit in your arsenal and who has been the most generous in terms of giving you those credit limit increases for me it's been American Express I've always tripled my credit limit on each one of my cards I've had no issues I've had no shutdowns no financial reviews and they've been very very generous with those credit limits but for the most part every credit card issuer I've gotten I've requested a credit limit increase for I've gotten accepted and approved and I think the major trend is just to pay off your credit card on time I've always kept a really good payment history with my credit cards and my score has always been excellent so I think that really ties in with what you guys are looking for make sure you guys do those things and make sure you guys share this video if it did help you guys out but I will see you guys on the next one [Music] [Music]

Channel: Brian Jung

Views: 774,122

Rating: 4.8422399 out of 5

Keywords: Brian Jung, Credit Cards, credit limit increases, how to get huge credit limit increases, how to increase your credit limit, how to increase your credit card limit, how to credit limit increase, credit limit increase, 3x cli amex, american express triple credit limit increase, credit limit increase chase, credit limit increase discover, credit limit increase apple card, credit limit increase without asking, capital one credit limit increase

Id: ljY2Ni6NgJU

Length: 10min 3sec (603 seconds)

Published: Wed Nov 20 2019