Getting Credit Cards with High Limit gives you a lot of freedom on your purchases. The following are steps that can be followed to apply for the credit cards from your credit card company:
1.Type Of Card Select a Platinum or Gold version of the credit card. Besides having a high limit, they also come with a lot of benefits like airline miles, cash back and bonuses.
2. Credit Score And Report Monitor your credit score and get your credit report from the credit reference bureaus. To get Credit Cards with High Limit you need an excellent credit score. Your credit score is composed of your credit card utilization rate, on-time payment history, age of credit history, total number of accounts and number of hard credit inquiries. All these factors give a three digit number which represents your creditworthiness. If there is any information from the credit reference bureau that is incorrect, make sure you dispute it. The credit reference bureaus usually drop any errors they cannot verify on the report. Confirm with the report if these errors have been removed before using it.
3. Personal income The credit card company will want to know if you have the income to cover anything you charge.
4.Repayment history Lenders will also be interested to know how often you have paid your debts.
Having a high limit on your credit cards is important because:
You Get cheaper and Easier Loans
When you are not using all of your available credit, you appear to lenders to be financially responsible and this also increases your credit score. If your credit score is high, you will have a better chance of getting approved for a car loan or mortgage in the future. You also have a better chance of getting a lower interest rate.
Helps In Emergency Situations
Having a high credit limit gives you a resource, in case of a genuine emergency which you cannot pay for with cash.
Increases Your Rewards
When you consistently pay off your balance in full and on time, you are able to earn more rewards. These rewards can reduce your spending in other areas.
You Can Make Large Purchases Efficiently
The high limit on your credit card will make it convenient for you to make large purchases as well as live the life you want.