Usually, a person cannot double their credit line, because it's better to ask for an increase of anywhere from 10 to 25 percent, according to Time magazine. Asking for too much and being declined means having to wait two to three months before asking again. Consumers should also realize that credit line increase requests trigger hard credit inquiries.Continue Reading
Consumers should have a valid reason for wanting to increase their credit lines, notes Time. Chances for being approved increase if the individual pays their credit card off in full each month and doesn't rely on the card to meet financial obligations. Requests for a credit line increase should only be made on credit card accounts likely to be approved. A person's chances of being approved for an increased line of credit are better if they can show past evidence of card responsibility. Being with a credit card company for an extended period of time also helps build a case.
Consumers need to wait until they have average or better credit scores before asking for a credit increase, according to Time. Asking for an increase with a low credit score may only bring that score down lower. It's also best to wait until a credit account has been open for more than six months before asking for a limit increase.Learn more about Financial Calculations