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How to Increase Your Credit Limit

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Ever wonder how you can increase your credit limit? With the right intention, it’s not a bad question to ask.

Having the right intention matters.

Increasing your credit limit so that you can make irresponsibly purchases and go into debt is usually a bad idea. However, increasing your credit limit so that you can make a necessary purchase, or even just make ends meet, can be a great idea.

There are a few tactics you can utilize to increase your credit limit. We’ll walk through those further below.

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Good Reasons to Use Multiple Credit Cards

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Deciding to use multiple credit cards is not a black and white decision. There are good reasons to use multiple cards, and bad ones.

There are many factors to take into account before deciding to add a credit card to your wallet or purse. They include the impact to your credit score, the rewards it offers, its annual fee, and much more.

Depending on who you are, if you heard a friend or family member had 5 credit cards you may either think they are a personal finance wizard or an irresponsible spender.

I definitely fell into the latter camp a few years ago, scoffing at anyone who had multiple credit cards as someone who clearly had no control over spending.

Though, over time, I’ve come to realize I was sometimes wrong (not surprisingly). There are a few really good reasons to own multiple credit cards that can help maximize your money, beyond the typical advantages that one credit card can offer.

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How Are Credit Scores Calculated: A Beginner’s Guide

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It’s financial literacy month, so this post is focused on something all consumers should know: How are credit scores calculated?

Banks and lenders use credit scores to see how reliable consumers (people like you and me) are and to understand the likelihood that they will pay back a loan.

A good credit score = a reliable consumer.

A bad credit score = a risky consumer.

Most consumers have a general idea of what a credit score is, but we’ll dive into more of the nuances immediately below.

On the other hand, less consumers understand how credit scores are calculated. There are five simple components that make up a credit score, see further below to learn how they come together to form your credit score.

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Is an Annual Fee Credit Card Worth it?

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Is an annual fee credit card worth it? Definitely a question all consumers should ask (or think about) before signing up for a new credit card.

It’s actually a pretty simple question to answer, you just need to do some basic math.

Well… it was basic math until credit card providers started introducing points, miles, bonus offers and other hidden benefits (and fees). It’s not as simple as finding the best cash back offer anymore.

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