How can I get a credit card limit raised?

Question

I called bank of america, they said they cannot raise my credit limit because I called and they said they cannot because I make $1200 a month. I spend my own card for my company and I only have $400 left to spend. How can I survive for the incoming months? Is $1200 a month a problem?

Answer 1

$1200 a month depends on your expenses.  You can always try applying for another credit card for your business.... so technically your credit limit would be "raised"  But don't use credit cards to survive.  You can put yourself in a bad place if you can't pay them off.

http://www.buildcreditblog.com/personal-...

Answer 2

You would definitely have a problem getting that raised on your personal credit card.  It sounds as though you are using this for your private business.  Credit card companies will not consider your business income in relation to a personal credit card.  Call Bank of America back and ask them if it is possible to apply for a Business Credit Card.  You should have 2+ years within the business and be ready to report your personal earnings within the company and be ready to produce all tax filings.  Hopefully this helps!

Answer 3

If you are using your credit card for someplace you work for and don't own - then stop. You need to tell your employer you just can't do it anymore, the credit limit isn't high enough and they won't raise it because of your income. You should never compromise your credit for someone else!

Answer 4

Best is to apply for a business card. American Express is especially known for a more generous limits(especially if your business has a TIN). Please click below to research, compare, and apply for a business credit card.

http://www.apeepa.com/Business_Credit_Ca...

Answer 5

Each credit card company handles credit increases differently. Some re-run your credit when YOU ask them for an increase. Based on your credit and income information, they make a decision. Making 1200/mo is equivalent to 14,400 per year which is quite low (poverty level) so I can understand their decision. Some other credit card companies do complimentary line increases from time to time (Washington Mutual does that) and will NOT increase them if you ask them to. They'll increase based on if you pay on time and don't go over your limit.

My best suggestion is to *not* use your personal credit card for company expenses. Make your company pay for those things. If you are required to use your personal card for business expenses, make sure your company reimburses you immediately.