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Requesting an increase in your credit limit
If you find you need an enhanced limit on your credit card, you may consider requesting a credit limit increase. Find out how to make this request and whether it is an appropriate decision for your financial situation.
Should I request an increase?
First, assess why you need the extra credit. There are 2 common reasons why cardholders request an increase:
- Looking for more spending power: You might be interested in making a large item purchase or even starting an ongoing project such as home renovations. Extra credit can help in both of these scenarios.
Banks and credit card companies are more likely to approve an increase to your credit limit if you pay your bills in full and on time.
How do I ask for an increase?
Submit a request through Online Banking Customer Services: look for “Request a credit limit increase” listed under “Banking Services.” You can also request a credit limit increase over the phone by calling the customer service number on the back of your card (1-800-465-4653) to inquire about increasing your credit limit. You may be able to complete the request over the phone, or you may be asked to go to your branch.
How can I improve my chances of approval?
To increase your potential for approval, it’s best if you:
- Practice good spending habits
- Have been a cardholder for a year or more
- Paid your balance in full each month
What are the benefits of requesting a credit limit increase?
Should you have any unexpected large expenses or costly emergencies, an increased credit limit gives you the peace of mind of being able to handle such unanticipated expenditures.
Explore credit card options offered by CIBC
Requesting a credit limit increase can be beneficial to your credit score. It’s best to request an increase only when you feel confident you will be approved and can manage the additional credit. Learn more about protect your credit rating as well as choosing the right credit card from CIBC. If you have more questions about credit cards and their limits, you can also speak with a customer care representative at 1-800-465-4653.