20 - When Should You Accept a Credit Limit Increase

While it may be flattering to receive a line of credit offer or a pre-approved credit card limit increase, you should think twice before accepting. You need to weigh the benefits against the risks.

While there are a few instances in which a credit limit increase would be to your advantage. On the flip side, having more credit available than you need could lead to problem debt.

In this podcast episode, Francyne Meyers, Licensed Insolvency Trustee with Allan Marshall & Associates, looks at the advantages of accepting a credit limit increase. She also weighs in on the disadvantages and what you need to be aware of.

Other questions answered are:

1. What effect a credit limit increase has on your credit score

2. Why credit card companies want to increase your limit

3. When is it to your advantage to accept the offer of an increase or line of credit

4. How to choose the credit card best suited to you

Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Francyne Myers

In 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.

Additional Resources:

Allan Marshall & Associates - Licensed Insolvency Trustee: https://wecanhelp.ca/

What Does Your Credit Report Say About You?: https://wecanhelp.ca/credit-report-say/

Free Credit Report in Canada: What You Need to Know: https://wecanhelp.ca/understand-credit-report/

Read the transcript: https://debtmatters.ca/podcast/20-when-should-you-accept-a-credit-limit-increase/

Follow Debt Matters

Website: https://debtmatters.ca/
Instagram: https://www.instagram.com/whendebtmatters
Facebook: https://www.facebook.com/whendebtmatters
LinkedIn: https://www.linkedin.com/company/whendebtmatters
Twitter: https://twitter.com/whendebtmatters

Podcast Links

Apple: https://podcasts.apple.com/us/podcast/debtmatters-podcast/id1565856442
Spotify: https://open.spotify.com/show/5JbXGbljRxwEKKyfcgkM9v
Google: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS82MU0yYXZ6bQ
Pocketcasts: https://pca.st/x2oxefik

Видео 20 - When Should You Accept a Credit Limit Increase канала Debt Matters