Is Your Massachusetts Credit Limit On The Rise?
Is your Massachusetts credit limit on the rise?
Day after day, week after week in Massachusetts, we get those all too familiar offers in the mail. You know what I’m talking about. They are high-end, expensive gold colored envelopes offering CREDIT. One of my cards even sends me checks. “Need a little extra cash?” They can be addicting, making us wonder, wow, if they are sending all of the card offers, I MUST BE ABLE to afford it!
What states have rising credit limits? What about lower limits?
The Stats
With millions of Americans utilizing credit cards to help with holiday purchases, the personal-finance website WalletHub today released its report on the States Where Credit Limits Decreased the Most in 2023 to highlight areas where people might be struggling financially this holiday season. You can check out some key findings below.
Where does Massachusetts rank?
Largest Credit Limit Decrease
1. Mississippi
2. Wyoming
3. Louisiana
4. West Virginia
5. Delaware
6. Alabama
7. Indiana
8. Minnesota
9. Kentucky
10. Wisconsin
Massachusetts is on the SMALLEST decrease list.
41. Massachusetts
If your Massachusetts credit limit is NOT on the rise, see these tips from Wallethub:
Use Multiple Cards:
Consider using multiple credit cards for your purchases instead of maxing out one card. This can help you spread out your balances and keep your credit utilization low. Also, using different credit cards that each offer good rewards on a different type of purchase or at a particular retailer can be beneficial in the long run. Many major retailers have their own cards, which are easy to get and often offer really good rewards.
Pay Your Bills Multiple Times a Month
To keep more of your credit limit available, you can make multiple payments throughout the month so you maintain a lower balance. This won’t always be possible, but if you can pull it off, it will help prevent purchases from being declined because your limit is maxed out. It will also help your credit score by keeping your credit utilization as low as possible.
Try to Increase Your Credit Limit Elsewhere
If one credit card company decreases your credit limit, contact your other credit card issuers and inquire about increasing your credit limits with them. If you have a good payment history and credit score, you may be successful, which can help improve your credit utilization.
Hard Inquiry
Keep in mind that asking for a higher credit limit can trigger a hard inquiry of your credit report, so if you need the best possible score in the next few months, you may want to avoid requesting an increase. Consistently paying your bill on time and using only a portion of your existing limit can also lead to an automatic credit limit increase. There’s no hard inquiry with an automatic increase.
Monitor Your Credit Score
Unexpected changes in your credit score could indicate a larger issue with your credit history and financial habits. Keeping track of your credit score can therefore help you identify any areas for improvement and make necessary changes, which may help you get future credit limit increases. There are lots of good services with free credit scores and credit monitoring that you can sign up for.