Requesting an increase in your credit limit

Why request a credit limit increase?

Whether you’re looking for more spending power, interested in making a large purchase or even starting a home renovation project, having extra credit can help. A higher credit limit can also give you peace of mind to handle unanticipated expenses.

How do I ask for an increase?

The fastest and easiest way is to submit a request through CIBC Online Banking^® or through the CIBC Mobile Banking^® App. Sign on to online or mobile banking and go to your credit card details page to find the option to “Apply for a Credit Limit Increase.”

We’ll reply to your request right away. If you’re approved, your new limit will be available to use immediately.

For help with your request, call the number on the back of your card.

Why was I not approved for a higher credit limit?

We understand that it may be disappointing to be declined for a credit limit increase. Here are some factors that go into making this decision:

• Spending over your limit, incurring past due or insufficient funds charges and how much of your current limit is being used
• Your payment history on all your credit cards or lending products
• How much you owe on your credit card and on other lending products

How can I improve my chances of getting approved for a credit limit increase?

Here are some tips on how to improve your chances of approval for a credit limit increase:

• Make your credit card payments on time and make more than the required minimum payment
• Ensure there are no delinquencies or payments returned for insufficient funds
• Maintain good use of credit by keeping a low outstanding balance in comparison to your credit limit

I was declined a credit limit increase because I increased my limit in the last 6 months. What difference would 6 months make?

• When you got your last limit increase, it was based on the maximum amount we could give you based on your account activity in the months prior
• During the 6-month period since your last increase, you established spending and payment habits at that limit, which we consider when assessing for a further increase

My credit card has been open for less than 6 months. Why was I declined?

• When you opened your credit card account, we assigned the maximum credit limit based on the information provided on your application for that credit card, and your credit bureau report
• Over a 6-month period, you established spending and payment patterns on that credit card which we consider when you request a credit limit increase

Where can I get my credit score?

To check your credit score for free, sign on to CIBC Online Banking or the CIBC Mobile Banking App. In the “More” menu, select “Check Credit Score.”