How long does it take to increase your credit limit?

[jennifer_bloom]

When my project is done, I expect my income to increase over 8 times. Right now I have a fairly high limit but not as high as I want.

[horsenrhinounicorn]

The credit limit depends on your income, credit score, amount of total debt, debt to income ratio, and available credit depends on the interest rate percentage to calculate the monthly payments. They average out car expenses, cost of living, etc. It is best to avoid using credit unless you can pay it off right away as every year most people lose 18% of their spending or their investing growth due to the interest and hidden fees on credit cards. If you can utilize fixed low-interest methods such as Canadian Student loans or fixed loans, you will have a lot more long-term potential. North America has put in more precautions and restrictions on borrowing due to the spike in Hospital stays around the globe. Another avenue to look into would be starting a Limited Liable Company and getting a loan for your company rather than a personal loan or line of credit. Businesses get lower interest rates and better borrowing power than an individual. That way you can also easily separate personal expenses from business expenses and write off those expenses.

[Redstang88]

Typically you have to wait at least 6 months to up your limit