Everyone, a credit stripper, here today. We are going to be looking at how to get a credit limit increase. First of all, let's talk about the reason why you may want a credit limit increase. If you want it to buy a new sofa or a new massive flat-screen TV, that's not a good reason. The only reason I can really think of to want a credit limit increase, well, there are a couple of reasons. One would be to increase your overall amount of credit so that you can decrease your credit utilization. If you spend the same amount of money, which will help your credit score, and it will look good on your credit report. To give a very simple example of that, let's say if a person has a thousand dollar credit limit on their credit card, they spend $500 a month. That's 50% utilization. If they then increase that limit to $2,000 and they still spend $500 a month, they're down to 25% credit utilization. So that's one reason. Another reason may be, and this is for people who are just starting out, that they know they've only had a credit card for a few months, their limits are just too low for them to be able to buy large-value items and earn points. I can give you an example of this. When I first had the Chase Freedom, my limit was $500. I couldn't buy flight tickets because it wasn't quite enough. I was spending $1,000 on a plane ticket. So I called them for a credit limit increase, and they gave it to me. Okay, so let's now look at how to get a credit limit increase, and there are basically three different ways to do it. One passive way and two active...
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Credit limit worksheet Form: What You Should Know
Student Tuition and Fees Enter the amount from line 7 of the Credit Limit Worksheets here and on Schedule 3 (Form 1040), line 3. Credit Limit Worksheet. Complete this worksheet to figure Student Tuition and Fees.
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