American Express Increase Credit Limit Guide
If you use an American Express card frequently, you might be interested in a credit limit increase. This can be particularly useful if you’re making a large purchase, or even just to keep your credit utilization down.
First of all, a bit of good news: requesting a credit limit increase from American Express will not result in a hard pull. That is to say, doing so won’t negatively affect your credit score.
That said, you still don’t want to request a credit limit increase without properly preparing first.
With that in mind, this short guide will tell you all you need to know to get American Express to increase your credit limit! We’ll start with some basic background information, followed up with concrete recommendations. Finally, we’ll tell you exactly how to go about doing it.
So, without further ado, let’s get started!
American Express considers a variety of factors when it comes to offering credit limit increases.
Perhaps unsurprisingly, one of these factors is your credit score. In fact, two factors that affect your credit score are especially important. The first is credit utilization, and the second is payment history.
If your credit utilization is particularly high, that’s a red flag in the eyes of American Express. It says that you’re desperate for more credit, and therefore it could be dangerous to lend you any more money.
Your payment history is also important for a pretty obvious reason. If you haven’t been paying your bills consistently and on time, American Express likely views you as less than trustworthy. Who wants to lend money to someone they don’t trust?
Finally, American Express will also consider your income when deciding whether to increase your credit limit. Once again, the logic here is quite clear: the more money you make, the quicker you should be able to pay back your debt.
The easiest step to take to before requesting a credit limit increase is updating your income information with American Express. If you’re making more money now than when you opened your account, this is an especially good idea!
Next, it’s a good idea to make at least five consecutive, on-time payments before requesting a credit limit increase. In fact, this should be considered the bare minimum. Simply put, more is better.
Lastly, your account should be at least sixty days old before you request a credit limit increase. Once again, consider this the bare minimum. If you can wait six months, you’ll be in an even better position.
American Express Increase Credit Limit Guide: Final Thoughts
When you’re ready to request your credit limit increase, you can do so online or over the phone.
To do so online, log in to your American Express account and follow this link. To do so via phone, simply call (800) 528-4800.
If you’ve followed our recommendations, there’s a great chance that you’ll be approved for your credit limit increase. That said, if you’re denied, don’t fret. Keep working on improving your preparedness, and then try again once at least ninety days have passed. Remember, you can at least take solace in the fact that no hard pull means no damage to your credit score!
We sincerely wish you the best of luck as you seek to increase your credit limit. Thanks for reading!