By Vanessa Santilli | CreditCards.ca | May 30, 2013
Read More, and see what Scott Plaskett says about how to get a good credit score.
When it comes to credit cards, you might feel powerless over how much your issuer allows you to charge. But a few simple steps can prove to banks you can handle debt responsibly and encourage them to raise your credit limit.
“What [banks are] looking for is evidence that you can pay off your credit card on a regular basis and that you’re able to properly handle your debt,” says Scott Plaskett, Senior Financial Planner and CEO at IRONSHIELD Financial Planning.
When Plaskett wanted to increase his credit limit years ago, he followed a simple strategy. “I would go out, buy some things and I would pay the credit card off in full,” he says. “I would do that for a quarter and then I’d call the company back and request an increase in the credit limit.”
