How to Get a HUGE Credit Limit Instantly!

So today we're going to be talking about credit limit increases and this has been a question across the internet on how to do it so I thought it would be good to address it in this video. We're going to be talking about why you might want to increase your credit limit, how to do it, and what are the potential setbacks of actually doing it. Near the end of the video I'll show you all how I will be increasing my credit limit so let's get started. Hey there, welcome to Venture with Jazzy. On this channel I talk about personal finance and credit cards and if you like the video please leave a thumbs up and consider subscribing. So first let's address the question of why might I want to increase my credit limit and what are the benefits? So for one it can help you to improve your credit score and if you take a look at what factors into how your credit score is calculated you'll see that credit utilization is one big factor and that contributes to 30% of your credit score. So if you have a $500 credit line and you spend $250 you are utilizing 50% of your credit score and if you surpass that 30% utilization then your credit score can be impacted negatively. So that's a big reason on why you want to increase your credit line so then when you're making those purchases you don't have to worry about how much credit you're using. And then that goes into another reason on why you want to increase your credit limit is to buy more stuff and this is pretty obvious but now you wouldn't have to go buy a MacBook and worry about how much credit you're using. So we just went over what are the potential benefits of increasing your line of credit so let's talk about some of the potential setbacks of asking for a credit limit increase. So this is just an FYI and let's go over those. So for one this might lead to overspending. So when you have a higher line of credit you might think that oh I can now buy more stuff. Well if you can't afford what you're actually buying this could really impact you negatively. And two this could lead to hard or soft pulls. And this really depends on how you're actually getting to increase your line of credit. So if you're applying for more credit cards this could lead to more hard inquiries and if you are asking for an increase in line of credit this could also potentially lead to hard inquiries. Now let's go over what is the difference between hard inquiries or hard pulls and soft pulls just in case you didn't know the difference. So a hard pull also called a hard inquiry is when a lender goes in and checks your credit. And this hard inquiry can stay on your account for up to two years. And if you get too many hard inquiries this could potentially tell these lenders that you might be a risky customer. And a soft pull is when a lender basically just glosses over your credit and this has usually little to no impact on your credit score. And also soft pulls generally don't show up on your credit report. So that was all the info on the benefits and the potential setbacks of increasing your line of credit. Now let's get into how to actually do it. So as for a few preliminary steps for one you need to maintain good payment history. Make sure you're paying off your bills on time and if you have any balances on your credit cards make sure you're paying those off. And that's what will help you to show financial stability which is number two. So you want to show lenders that you're responsible with your credit card and that you are trusted for them to lend you a higher line of credit. And the third preliminary step is to have a good credit score. If you do happen to have a low credit score you might want to focus on that before actually asking and applying for a higher credit limit. And I do have a video on how to increase your credit score that you can take a look at right here. The fourth step is to increase your income. So this might not be possible for everyone but if you are capable or you know that you're going to be increasing your income sometime near in the future this will actually help you to increase your credit line because these lenders they'll see that you're making more money and that makes it easier for you to actually pay off your credit card. Now let's get into how to actually increase your credit line. And for one is to do it yourself. And yes you can actually request a credit line increase and that is by calling your credit card company. So you can call that credit card company and ask if it's possible to increase your line of credit in this certain credit card that you own and they might give you a yes or no. Just note that these credit limit increases even when you call them by phone you might be subjected to hard or soft increase. So make sure you do ask them if it's a hard or soft pull if that really matters to you. And then there is another way to increase your credit limit and that is to go into your bank app and see if you're eligible. So I'll actually be doing this right now. So I'm going to go into my phone and actually see if I can increase my credit limit. So let's go into the Chase app first. So if you take a look at any of your credit cards in Chase and you open up show details if you're eligible it will have this credit limit increase and request button. So go ahead and press that. And basically this page will give you all of your eligible cards where you can request a credit limit increase. And it seems like most of my credit cards can be eligible. My lowest credit limit is my United Gateway but I don't use that credit card at all. And then I have the Hyatt card and then I have my Sapphire. So I would actually go ahead and choose my Sapphire because I would say I use that to pay most of my bills out of all of these. So I will go ahead and select this card. Hide my income and also add your monthly mortgage rent. And then it'll ask it'll give you some information. You press next and then it asks you if everything looks okay. And I'm gonna press submit. And then my request is complete and now my new line of credit is 19,600. I don't need that much money but good to know. So that was one way to actually increase your credit limit by yourself. Let's go over a few more ways. So the next method is to actually wait for an automatic credit limit increase. Sometimes your credit card company might automatically give you a credit limit increase if you are showing that you're good at handling your credit cards well. And usually this happens annually or when you increase your income. And sometimes on your bank account you might get a pop-up asking if you have increased your income. So this is optional and if you do feel it will help you then you can go ahead and do it. And then finally number seven is to actually get a new credit card. So applying for a new credit card might be the easiest way of actually increasing your credit limit. So if you're currently holding your first credit card and you only have a thousand dollar credit limit and you know that you've been paying off your bills on time then this is a sign for you to apply for a new credit card. Applying for a new credit card can give you more benefits, new perks. So I did make a couple videos on my channel on how to either get the best cash back rewards or also points cards. So make sure you check out those because I hope you're getting the best benefit out of these credit cards. So that was how you can increase your credit limit and I hope this video helped you all. And let me know in the comments below which method are you using to increase your credit limit. Also if you have any suggestions or questions about credit cards or even suggestions on new videos that you'd like me to make you can let me know in the comments below. Thank you all so much for watching this video and I'll see you in another one. Bye!