Tuesday, April 9, 2013 by Andrew Conkling
There are a bunch of reasons you might wish to increase your credit limit — it may help your credit score, make more available to you in case of an emergency, or even give you better status with your bank/lender. This week's Tips & Tricks Tuesday winning tip, shared by molly.bierman, uses a repeating task to help you remember when to contact your lender.
Any time you can increase your credit limit on your various credit cards, you should take this opportunity. However, people often forget to do so because usually you can only increase your credit limit every 6 months. I have set up a reminder in RTM to check each of my credit cards every 6 months and apply for credit limit increases.
Remember The Milk user peter.jewell adds that you can also use this tip to review whether a credit limit increase or decrease might be best for you:
May I humbly suggest a safer use for this is to remind you to review your credit cards at regular intervals. Then you can decide whether you can afford to increase your credit limit, or whether instead you should be reducing it.
You can ask your provider to lower your credit limit — it's not a one-way process — and this should improve your credit rating and make you less likely to get into problem debt.
Thanks to both Molly and Peter for sharing their tips!
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Posted in: Tips & Tricks