Sunday, February 24, 2008

7 Simple Ways to Increase Your Credit Card Limit

Many credit card holders aspire for a higher credit card limit. The obvious reason for this is that a higher credit card limit enables the purchase of otherwise unaffordable merchandise.

First and foremost, credit card holders need to remember that to get a higher credit card limit, they must abide by the terms and conditions of the credit card company or bank.

Below are 7 other ways to get a higher credit card limit.

1. The most important thing to do for getting a higher credit card limit is to prove your credit worthiness. This is the first thing that banks and companies look for when giving a higher credit limit.

2. Attract positive attention from the credit card company or bank by paying finance charges once in a while. Obviously, this is not advisable on a repeating basis and should only be used as a last resort to increase your chances of getting a higher credit limit.

Proving to credit card companies and banks that you are good "borrower" can be a convincing way to get a higher credit limit. But be careful because this strategy also means that you will be paying finance charges which can accumulate in a hurry.

And always remember, a higher credit card limit means greater purchasing power, but it also increases the risk of your having to pay greater interest charges and other processing and late fees.

3. Always spend within your credit card limit because doing so means that you are capable of controlling your expenses.

4. Use your credit cards regularly. Don’t keep your cards for emergency use only. If you use your credit cards sparingly, banks and credit card companies will be unable to understand your spending and pay-back behavior. Under these circumstances, most banks and credit card companies will be reluctant to give you a higher credit card limit.

5. Never make minimum payments. Instead, try to pay for the entire outstanding amount. This will usually give you a better chance of getting a higher credit card limit.

6. Avoid late payments as much as possible. Not only will your increase payment increase, but you may also have to pay an additional fine for not clearing bills on time. This will also dim your chances of getting a higher credit card limit.

7. The best and simplest strategy for getting a higher credit card limit is to use your credit card wisely. Always keep in mind that credit card companies keep a record of your transactions and payment patterns, so always pay on-time.

The bottom line is that your performance in the records of banks and credit card companies will determine whether you’ll get a higher credit card limit or not.


About Payday Loans

You can’t go far these days without seeing a Payday Loan offer. Some come in the form of an actual store (often times found in strip malls or in the parking lot of regular malls) while other offers are presented exclusively on the Internet. But what exactly is a payday loan?

A payday loan is normally a very small loan (under $1,000). Unlike regular loans, payday loans rarely require a credit check. The terms on payday loans are much shorter than other loans and the borrower is usually required to pay back the loan in full within anywhere from two weeks to two months. Payday loans are marketed as a way to get fast cash to hold the borrower over until their next paycheck.

When a borrower applies for a payday loan they are required to present the lender with either a post-dated check or permission to debit their bank account on an agreed upon future date. The finance charge is almost always very high and often comes in the form of a fixed dollar amount as opposed to an interest rate percentage that is found with a standard loan. Many payday loan companies are not licensed or regulated by consumer laws and will charge the borrower the maximum amount that they think they can get. Payday loans are generally very costly for borrowers and should be avoided if possible.

If you do find yourself in an emergency situation where you need to use the services of a payday loan company, then it is absolutely imperative that you repay your payday loan as soon as possible. If you’re unable to repay your loan at the end of the agreed upon term, you’ll be charged hefty fees in addition to the initial finance charge. Payday loans are much more expensive than other borrowing options. The average APR (annual percentage rate) on a payday loan is somewhere around 400%, however, it’s often as high as 5000%! If you have a credit card with available credit, you are almost always better off taking a cash advance from your card, as opposed to getting a payday loan. Even the highest credit card APR out there isn’t nearly as high as most payday loan rates.

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Now that you’re aware of the potential pitfalls of payday loans, you can decide whether or not it is the type of loan product that fits your needs. Payday loans can be beneficial if you’re in need of fast cash in a pinch; however, be prepared to pay the price!

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