How to 3X your Credit limit in 3 easy steps

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Building a large Business credit portfolio requires a little proactiveness. Let’s say you want MASSIVE credit limits on each of your business credit accounts. When you call your lender to double your credit limit, what makes them approve it? What will trigger a denial? Below, I’ll outline 3 action items that will increase your odds of getting approved.

Step #1 – Do the prep work.

This is the most important step and unfortunately, often overlooked by most business owners. Just like you need a solid foundation before you build a house, so too should you go through this checklist to make sure you’ve prepared for the limit increase properly:

  1. Review your personal credit to make sure your personal credit card balances are low and your scores are high.
  2. Make sure the business credit card that you’re about to request an increase on has had a revolving balance over the past 2 months.
  3. Make sure the balance on the business credit card that you’re about to request an increase on isn’t over 20% of available limit.
  4. Know why you want the increase and be prepared to answer what the funds will be used for. The banker may ask you this during your call.

Step #2 – Requesting the increase.

Now it’s time to call the bank. You can simply call the number on the back of the card and they will get you to the correct department. If you did the above prep work correctly, getting your increase approved should be easy. Additional tips that will make it easier:

  1. Be cordial and friendly to the bank rep that is helping you with your request.
  2. Be prepared for small talk. The bank rep will ask you how business is going this year, what your business does, revenues, customer count, growth projections, etc…
  3. Your goal is to demonstrate that you are able to handle additional capital with minimal additional risk to the bank.

Step #3 – Don’t take No for an answer.

There is a chance that you may still get declined. If this happens, you don’t have to just accept it and move on. I recommend kindly asking for their head credit analyst or team lead and trying to plea your case for an increased limit. Sometimes, you may get a counter-offer. For example, we advised a client to call his lender to increase his limit from $20K to $40K. He didn’t get the entire $40K but the bank offered him $30K. At this point, they’ve most likely put an inquiry on your personal credit. You might as well take what you can get.

If you’re still unsuccessful, check out this Masterclass that we put together on how to get MASSIVE credit limits. For 2 hours, we do a deep dive on the exact process we show our premium clients for limit increases. Links: https://www.midwestcorporatecredit.com/landing/credit-limit-increases/



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