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For major concern is job security and work life balance.
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Asking to have it increased will not impact credit score.
Opening a new card will decrease your score in the short term; however, if you don't utilize the increased credit, your score will go up.
In fact, having a lot of credit available without utilizing it is one of the better ways to keep your score up. Kind of ironic of course - people that need the credit the least have the most access to it, which makes sense from the bank's perspective.
Think about it. If you average 2k a month of credit card debt with a 10k limit you have a 20% utilization. If you get that limit increased to 20k with the same usage you now have a 10% utilization. Increasing your limit doesn't negatively impact your score. It does improve your utilization, which improves your score.
Open another card or 2. Some issuers are better than others at raising credit limits periodically, and some make it very easy to request a credit limit increase. Chase doesn’t like to offer more than $5k on a new account to anyone who doesn’t currently have a card with them or history of another high limit card. But after 6 months of good usage they’ll give you another card with a higher limit or raise the limit on a current card.
As long as you’re responsible you should be able to get a card with $5-15k and over time you can ask for increases and also transfer available credit between cards of the same issuer in order to have more available credit on one card that you use more and lower that card’s utilization.
In addition to cards that offer high credit limits you want cards that add some other value. If you travel frequently you want a card with good travel rewards. Or if you spend a lot on certain categories you want a card that offers bonuses (points or cash back) in those categories. And lastly, you want to consider whether it’s worth it to pay annual fees.
Examples of great cards (with great benefits but fees)
-Amex gold
-Chase Sapphire Reserve
-Citi Premier
Examples of great cards no fees
-Chase Freedom/Freedom Unlimited
-Discover It
-Amex Everyday
You can actually apply for 2 cards from 2 different banks/issuers on the same day. You’ll get a small negligible hit for the hard credit pull (5-8 points max). But once you’re approved you’ll see an increase on the score within a month. If you keep the balances below 30% utilization you should see another bump over the next 6-12 months.
Rising Star
Sometimes credit card companies will reach out and see if you want to increase your limit otherwise just call and ask. They will likely have a form asking for income and other information to where they will review increase your limit.
I would ask for an increase. The first credit card I opened gave me a stupidly low limit (I think it was $1000 or $2000, so low that I had to front load my card by paying it off and adding hundreds more above that onto my payment in order to artificially inflate my credit limit in order to buy a plane ticket and other items for an overseas trip). They didn’t increase it until I figured out how to request it years later. I think it would still have that low limit if I hadn’t requested an increase. Didn’t affect my credit score in the short term. In the long term increasing the credit limit helped me increase my (already solid) credit score by about 20-30 points by decreasing my utilization.
They may never raise your credit limit if you don’t request it from your end.
Ask or just get another card
Just get more cards. Banks will raise your limit when they see your balances are consistently reaching close to it. But current market conditions likely mean they’ll be less likely to do so.
Pro
Don't do this. You should never be close to your limit. The less % of your available credit you use, the better. Get a higher denominator on the bottom and pay off your balance each month. If you need to build credit, take out a loan on a car or something else you can already afford, and pay it off month by month for the 5 year period (don't pay loan off in full early, otherwise that will ding you temporarily).
Can I ask everyone on this thread a side question - how many credit cards should people have? I have 4 currently at 27 years old. Should I get more?
I would ditch PayPal due to the frequency of their security breaches
You ask for a credit increase
Raising your limit is not the question you should be asking. Unless you can afford to pay off the entire card on time and in full every 30 days. Never. Ever. Carry a card balance. It’s the ultimate sign you will appear middle class but stay perpetually poor. Use the card for the rewards points/bonuses but always pay it off on time and in full each statement. There’s cheaper debt options for “down the road”, and if you don’t have access to those options, you should save some money in an emergency fund.
Great answer (on utilization that’s smart)!
I don’t see any need for raising a credit card limit higher than $10,000. Especially at such a young age
Keep your income updated in your profile for your card and they may raise your limit automatically. Or you can ask usually once a year to have it increased.
Pro
Just call them and blurt out a number. I did this 5 years after graduating and asked for $35k on my Amex. The rep typed it in and it got approved by the algo. For reference, my limit was $3000 till that moment.
Capital One does credit line increases every 6 months w/ on-time payments
Discover has decent starting credit lines & does increases w/ on-time payments
Request CLI increase
Open more cards
For me, the respective CC company will send me a notification that my line of credit has been increased. The longer you hold the card and pay it off every month, the more trust you earn essentially, and they’ll bump you up. But then again, my credit score is over 800 and I don’t have that high of limit 🤷🏻♀️