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Higher Credit Limits Can Increase Your Credit Score
05/15/24
A key factor in credit scoring is the ratio of your available credit to the amount of credit you currently use. The lower the ratio – meaning the less you borrow compared to what you could borrow – the more positive the impact on your credit score. One way to increase your credit score is to ask for and receive a higher credit limit. That way your current debt instantly makes up a smaller percentage of the total debt available. Your ratio drops, and your score should increase.
Just keep in mind that if you spend the credit available, your ratio goes back up – and so do your monthly payments and your total debt.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.