I Requested a Credit Limit Increase, What Happens Next?

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What is a Credit Limit?

Your credit limit is the maximum amount you’re allowed to borrow on your credit card. It’s set by your credit card issuer and can vary depending on factors like your creditworthiness.

Why Would I Want to Increase My Credit Limit?

A higher credit limit can help you fund larger purchases, cover essentials, or provide a financial cushion in case of unexpected expenses. It can also improve your credit score by lowering your credit utilization ratio (the amount of credit you’re using relative to your total available credit).

However, it’s important to be mindful: a higher credit limit also increases the potential to take on more debt. If you don’t manage that debt wisely or miss payments, it could negatively affect your credit score.

How to Request a Credit Limit Increase

You can easily increase your credit limit through both the Neo app and website. Below, we’ll walk you through the steps using the app.

Ready to request your increase? Follow these simple steps in the Neo app:

  1. Log in to your Neo app
  2. Select the credit card you want to increase the limit on
  3. Tap “Manage credit limit” under your card details
  4. Click the button at the bottom to request an increase

Credit Limit Increase request - Steps
Credit Limit Increase request - Steps8732Ă—3050 887 KB

What Happens After You Request a Credit Limit Increase?

Your Request is reviewed by our specific team!
Once we receive your request, our dedicated team will review it to ensure it meets our criteria. (This usually involves checking factors like your payment history and account usage.)

Let’s Dive Into the Decision-Making Process

If You’re Approved:

:tada: Congratulations! You’ll receive an offer via email and push notification with your new credit limit and the next steps on how to accept it. You’ll have 30 days to accept the new credit limit.

If You’re Denied:

We understand that a denial can be disappointing, but please know it’s not a reflection of you personally. You’ll be notified via email and push notification and you can submit another request in 90 days. Here’s what we consider when making these decisions:

  • Payment History: How consistently you’ve made payments on time.
  • Account Usage: How you’ve been managing your account and how much of your credit limit you’re using.

While we can’t approve every request, these factors and others guide our decision to make sure you’re set up for success with your new limit.

Hope this was helpful everyone! If you have any questions, don’t hesitate to reach out, we’re here to help!

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You’re also one of the few financial institutions that allows overpayments on the credit card account and use the overpayment amount towards your global limit ( example you have 1000$ limit. Your balance is zero but you make a 1000$ , you get a negative 1000$ , you can make a purchase of 2000$ and it should be fine ) that’s my understanding of your terms of service and how people are making larger payments without necessarily having the limit. I don’t know if that feature will stay but I hope it will and won’t be limited. You may have more customers that way who maybe do not qualify for higher amounts or need from time to time just make a payment with their available funds using the card.

It’s still amazing that you virtually offer the best products across the country, and probably the world. If there is a fintech institution that should grow, it’s Neo.

Top rewards
Top customer service
Top community.

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