how often can i request a credit limit increase

How often can i request a credit limit increase

How often can i request a credit limit increase

How often can i request a credit limit increase

Ally CashBack Credit Card Frequently Asked Questions

What are the Credit Card Servicing hours of operation?

Credit Card Servicing is available 24/7, 365 days a year.

Please contact us at 1-888-916-2559 and we will update your credit card account with your new information. This will update your information only for this credit card account.

How can I stop a convenience check payment?

Please contact us at 1-888-916-2559 and a credit card servicing representative will assist you.

How do I find out what my credit limit is?

You can find your current credit limit on your monthly statement. You may also telephone Credit Card servicing at 1-888-916-2559.

You may ask us to close your account by notifying Credit Card Servicing in writing at P.O. Box 84037, Columbus, GA 31908-4037, by first class mail, postage prepaid, or by contacting us at 1-888-916-2559. If you request to close your account by phone, we may require a written notice from you.

Where can I find the privacy policy for this account?

How can I make a payment on my account?

Payments may be made online at ally.ccservicing.com, by phone at 1-888-916-2557 or via the mail at:

Credit Card Servicing

Lewiston, ME 04243-9513

How do I request a credit balance refund?

To request a refund of a credit balance on your account at any time please contact credit card servicing at 1-888-916-2559.

Can I do a Balance Transfer from another card to this card?

Yes. You can transfer balances from Visa, MasterCard and other eligible credit card accounts as long as your credit limit is high enough to allow the transfer and the related balance transfer fee. The minimum Balance Transfer is $250.

How can I request a credit limit increase?

Please contact us at 1-888-916-2559. Your account must be open for at least 6 billing statements before a credit increase will be considered. This determination requires that we obtain an updated version of your credit report.

How do I add an Authorized User?

Authorized users may be added online at ally.ccservicing.com under the account services section or by calling 1-888-916-2559.

How do I remove an Authorized User?

You may revoke your permission for any person you previously authorized to have a credit card on your Account by writing to Credit Card Servicing at P.O. Box 84037, Columbus, GA 31908-4037 or by calling 1-888-916-2559.

I forgot my Personal Identification Number (PIN). How can I find out what it is?

You can request a replacement PIN by calling us at 1-888-916-2559.

How do I report my card lost or stolen?

If any card, account number, convenience check or other access device is lost or stolen, or if you think someone used or may use them without your permission, notify us at once by calling 1-888-916-2559.

How do I dispute a charge on my credit card?

If you believe there is an error on your statement, please contact us immediately at 1-888-916-2559 and a representative will work with you to research the transaction. Your rights regarding a billing dispute are provided on your monthly billing statement. See your statement for additional information.

How do I redeem my cash back rewards that I have earned?

If you want to redeem your rewards, you may do so by logging into your account at ally.ccservicing.com and clicking "redeem rewards" or by going directly to ally.theccrewards.com. As part of your account summary, you will see rewards and a link to redeem your rewards. The minimum redemption is $25. You can also call 877-745-4677.

How can I earn the bonus 10% cash back rewards?

If you redeem your cash rewards into an eligible Ally Bank account (an eligible account is an Ally Bank non-IRA Online Savings, Interest Checking or Money Market Account) you will earn an additional 10% rewards bonus. You just need to have an eligible Ally Bank account which is open and in good standing.

How do I earn the one-time bonus offer for new accounts?

If you spend $500 or more within the first 3 billing cycles, you'll earn the $100 bonus, as long as your account is open and in good standing.

For as long as the Account remains open and in good standing, your cash rewards will not expire. Your cash rewards will be forfeited if your Account is closed for any reason.


how often can i request a credit limit increase

How often can i request a credit limit increase

While you go about it, please note that if it is difficult for you to keep your spending habit in check, all the benefits of getting a credit card limit increase will be pointless.

I ncreasing your credit card limit is not about having the extra spending power. It has several long term benefits. First of all, it has a positive impact on your credit score. It will reduce your overall credit utilisation ratio. This means more credit lines will open for you at a much lower interest rate. Secondly, the surplus limit means you will always have extra funds available for emergency.

Lastly, it is always better to get an increase in the credit card limit rather than applying for new credit card, as your credit score is directly affected by the new credit accounts. Here are a few ways in which you can enhance your credit card limit.

Ask for credit card limit increase

Sometimes, it is as simple as asking your credit card issuers for an increase. If you have maintained a good spending and payment record, the issuer is more likely to accept your request. However, do not ask for it too soon.

If your credit card is less than six months old do not try to negotiate with the issuer. Your credit card issuer will view it as a risk.

Instead, wait for a few months and in the meanwhile build a good credit. Also, when making the request, do not ask for more than ten to twenty per cent limit increase. Any amount higher than that is likely to get declined.

Spend money on your credit card frequently and responsibly

Before you start requesting or negotiating with the issuer, you have to ensure that there is a good basis for your request. For this, you will need to maintain a good spending as well as payment history. Make frequent credit card purchases and pay the full amount every month, before your due date.

This will make you look like a responsible credit card user, who can be qualified to get the increased limit. To do this, you will have to hold the cash payments and start using your credit card more often. Use the cash to make full payments on your credit card. It will also positively affect your credit score.

Choose the card on which you want limit increase

This card should be the one on which you get the best rewards or the one which you use more frequently. There is another reason to limit your request to just one or two cards. Every time you request for a credit limit increase, the issuer will pull your credit report.

Too many requests for credit report at the same time can dip your credit score, as it seems to indicate that you are desperately trying to get new credit, which is not a good sign for the credit card issuing company.

Now is the time to put all your negotiation skills to work for you. Start with reminding the issuer that you have had a long history with them as a very loyal customer. Tell them how you have maintained a good spending and payment record on the credit card issued by them. If you are expecting a promotion or a pay rise, make sure that you let them know about that too.

However, if you are considering a job change, never mention that to your issuer. Even if you are getting a 30 per cent salary hike in your new job, your credit card issuer will considered the job change as a risk.

If the issuer is still not willing to increase your credit limit, you can use the last resort of letting them know that though you have other credit card offers, you wish to be their loyal customer.

Photograph: Simon Cunningham/Wikimedia Commons

The author is a credit expert with 10 years of experience in personal finance and consumer banking industry and another 7 years in credit bureau sector. Rajiv was instrumental in setting up India's first credit bureau, Credit Information Bureau (India) Limited (CIBIL). He has also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.


Should You Accept That Pre-Approved Credit Limit Increase?

If you faithfully pay your loans, mortgage and credit cards each month, then you’ve probably received a call or letter from your bank with the news that you were pre-approved for a credit increase or a line of credit.

You might be thinking, I don’t even use all the credit I currently have. I don’t need an increase.

But guess what? Turning down a pre-approved credit increase may actually hurt your credit score.

If you already have an account with a bank, and it pre-approves you for a credit increase or new line of credit, it’s typically because you are being recognized for being a good customer. By diligently paying off your card every month and staying on top of your current loans, your bank now trusts that you will pay them back if they increased your limit.

How an increased credit limit can improve your credit score

Usually, when you apply for a loan or request a credit increase, your bank sends in a request to the credit bureau for your current credit score. This is known as a hard credit check. And whenever a credit inquiry is recorded, your score is slightly affected. In the credit bureau’s eyes, applying for new credit is an indication of someone who is having financial difficulties.

However, the bank often doesn’t perform a hard credit check on your file before pre-approving you. Rather than performing a check, the bank’s decision to give you additional credit is typically based on what they already know about you as a customer: repayment history, account balance, how much you’ve invested, etc.

As a precaution, you should still ask the bank if they intend on performing a hard credit check before accepting the increase. Some banks may claim that you’re pre-approved but still do a credit check after the fact. And even if they do plan on performing a check, this doesn’t mean you shouldn’t accept the increase. While one hard credit check won’t cause your score to fall too much, multiple inquiries at the same time could really tank your score.

Decreased credit utilization ratio

Your credit utilization ratio is a key factor that plays into your credit score. It is recommended that you keep your utilization ratio within 10 to 20 per cent of your total available credit across all of your credit sources. This means that if you have $10,000 in total available credit, you shouldn’t carry a balance of more than $2,000. Spending more than 10 to 20 per cent can affect your score – even if you pay off your balance every month.

If you have more than one source of credit, it is also better to spread the balance over each card or line of credit. For example, if you have two credit cards and each has a limit of $5,000, it’s better to have $1,000 in charges on each card than $2,000 in charges on one card.

By increasing your available credit and maintaining the same level of credit utilization, you are essentially decreasing your credit utilization ratio, which can improve your credit score.

For example, if your limit is $5,000 and you spend about $2,000 each month, you are using 40 per cent of your available credit, which is way above the recommended ratio to keeping a good credit score.

But if you accept a pre-approved increase to $10,000, and you continue to spend $2,000 each month, you are only using 20 per cent of your available credit, which is within the recommended ratio range.

Diversified credit portfolio

Did you know that having diverse types of credit on your record can bump up your score? Ten per cent of your score is calculated based on the types of credit you use.

So if you only have credit cards and your bank offers you a line of credit, think about accepting that offer. Having a line of credit can benefit you, and you don’t even have to use it.

You never know when you’ll need It

We often think that we can just call up the bank and request a credit increase when we need it, but that’s not always the case.

For example, I once got a new job and had to buy a car within the span of one week. In an attempt to simplify the process (and earn a bunch of reward points), I planned on paying for part of the car and purchasing insurance on my credit card. However, that would’ve meant spending over 30 per cent of my total credit. I called my bank to request a credit increase, but the time needed for an approval was too long, so I ended up paying for my car via debit.

Similarly, if you lose your job, having a line of credit as a back-up source of income would be a relatively inexpensive way to make ends meet. But if you’re already unemployed, you’re going to have a hard time getting approved for any type of new credit.

Of course, there are reasons why you should say no to a credit increase. If you are in credit card debt or have a problem controlling your spending, giving yourself more credit is probably not a good idea. While an increased limit can potentially improve your credit score, it’s probably better to keep your available credit low if it prevents you from going into further debt.

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How often can i request a credit limit increase

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