Maximizing Your Canadian Tire Mastercard- Strategies to Elevate Your Credit Limit

How to Increase Canadian Tire Mastercard Limit

If you’re a frequent user of the Canadian Tire Mastercard and find that your spending limit is not sufficient to cover your purchases, you might be wondering how to increase your Canadian Tire Mastercard limit. Increasing your credit limit can provide you with more flexibility and convenience when shopping at Canadian Tire and other retailers. In this article, we will discuss the steps you can take to increase your Canadian Tire Mastercard limit.

1. Review Your Credit Score

Before you apply to increase your credit limit, it’s essential to check your credit score. A higher credit score can improve your chances of getting a higher credit limit. You can obtain a free copy of your credit report from Equifax or TransUnion. Review your credit report for any errors or discrepancies that might be affecting your score.

2. Pay Your Bills on Time

Lenders consider your payment history when determining your credit limit. Make sure you pay all your bills on time, including your Canadian Tire Mastercard, to demonstrate responsible financial behavior. A good payment history can positively impact your credit score and make it easier to increase your credit limit.

3. Apply for a Credit Limit Increase

To increase your Canadian Tire Mastercard limit, you can apply directly through the Canadian Tire Financial Services website or by calling their customer service line. When applying, be prepared to provide information about your income, employment, and financial obligations. The lender will review your application and credit history to determine if you qualify for a higher credit limit.

4. Provide Additional Financial Information

If you’re struggling to get a higher credit limit, you can provide additional financial information to support your application. This may include bank statements, pay stubs, or tax returns. The more information you provide, the better your chances of getting a higher credit limit.

5. Consider a Secured Credit Card

If you have a limited credit history or a low credit score, you might consider applying for a secured credit card. A secured credit card requires a cash deposit as collateral, which becomes your credit limit. By using a secured credit card responsibly and paying your bills on time, you can improve your credit score and eventually qualify for an unsecured credit card with a higher limit.

6. Monitor Your Credit Utilization Ratio

Your credit utilization ratio is the percentage of your available credit that you’re currently using. A lower credit utilization ratio can positively impact your credit score and make it easier to increase your credit limit. Aim to keep your credit utilization ratio below 30% to maintain a good credit score.

7. Maintain a Good Relationship with Canadian Tire Financial Services

Building a good relationship with your credit card issuer can also help you increase your credit limit. Make sure to communicate with Canadian Tire Financial Services if you encounter any issues with your account or if you have any questions about your credit limit.

In conclusion, increasing your Canadian Tire Mastercard limit can provide you with more financial flexibility. By following these steps and maintaining a good credit score, you can improve your chances of getting a higher credit limit. Remember to use your credit card responsibly and keep your spending within your means.