Can I Increase My Credit Limit on a Secured Credit Card? (Experian)

Can You Increase a Secured Credit Card Limit?

Getting an increased credit limit on your secured credit card comes down to the card issuer’s policy. The Capital One® Secured Mastercard®[11], for instance, comes with a potential credit line increase in as little as six months with no extra deposit needed, while the Merrick Bank Secured Visa® Card[12] allows you to raise your credit line up to $3,000 whenever you choose simply by increasing your deposit.

With a Discover it® Secured[14] credit card, the company periodically assesses your account starting after you’ve had the card for eight months and may refund your security deposit and transition you to an unsecured credit card if you’ve proven to be a trustworthy borrower. This card also allows cardholders to earn rewards, a rarity among secured cards, and even better, will match all the cash back new cardholders earn in their first year automatically—with no maximum.

Not all unsecured credit cards offer an easy way to increase your credit line or a path to an unsecured line. The Platinum Elite Mastercard® Secured Credit Card[15] and the Platinum Select Mastercard® Secured Credit Card[16], both from First Progress, fall into this category. However, both are available to borrowers with low credit scores or limited credit histories, so they could serve as a stepping stone toward other accounts.

Even if a secured card does not offer a way to increase your credit line or switch to an unsecured account, it may help you build your credit enough to qualify for an unsecured card from another lender. By making your payments on time and keeping your credit usage low, you can raise your credit score and improve your chances of approval for other credit cards.

Track Your Progress

If you’re trying to build credit, it’s important to know whether your score is rising and what appears on your credit report. Experian’s free credit monitoring[17] service allows you to get credit score and credit report updates, as well as alerts when there are changes to your accounts.

1 2 3 4 5 6