One quick way to raise your credit score and increase your chances for a higher credit limit is to decrease that ratio by paying down your credit card debt.

Your credit limit is determined by numerous factors, including your income, current debt levels, credit score and credit history. If you’re new to credit, you’ll likely start out with a lower ...

Increasing your HELOC limit can also offer greater flexibility and convenience compared to borrowing with a lump-sum home equity loan, as a HELOC allows you to borrow as needed up to your new limit.

Same goes for a maxed out card. 3. You recently opened your account or asked for an increase. Often, you have to wait for a little while after you open your account to get a credit limit increase.

For example, if you consistently have a balance of RM5,000 on your card, your credit utilisation ratio for a limit of RM12,000 is 42%, while a limit of RM17,000 is only 29%.

If you go over your limit, prioritize paying down as much of the balance as you’re able to open up more room on your credit line and lower your overall credit usage.

This week, Senate Republicans unveiled legislation that would raise the debt limit by $5.1 trillion, higher than the $4 trillion increase that House Republicans voted for in their bill last month.