Credit Limit Increase
What Is a Credit Limit?
A credit limit is the maximum amount of credit available on your account. Your credit limit is determined by numerous factors including, but not limited to, your total annual income, the number of credit accounts on your credit report, the amount you owe, the length of your credit history, and your repayment history.
What is a Credit Limit Increase?
A credit limit increase is the expansion of your credit limit. Being eligible for a credit limit increase is based on a number of factors. Learn more about your eligibility for a credit limit increase.
How Do I Get a Credit Limit Increase?
Eligibility for an increase depends on a number of factors, including:
- Whether the account is in good standing*
- If you pay your accounts on-time
- Whether the balance is under the credit limit
- Whether you are using your card
- Whether the account has any restrictions
- Your TransUnion credit score
- Your Debt-to-income ratio
If your account is eligible for an increase, we’ll send you an email to let you know. You’ll be able to see the update to your credit limit online immediately.
To be considered for a future credit limit increase, your income and housing information needs to be fresh. Click here to update your income and mortgage or rent information.
*Note: Good standing is defined as the credit account is not over-limit, not delinquent, not bankrupt, no record of fraud or stolen cards reported, and has passed our ability to pay analysis.
When Will I Get a Credit Limit Increase?
Accounts are regularly reviewed for potential credit limit increases. Your Mission Lane Visa® account will be evaluated at least once for a credit limit increase within the first year. After the first year, your account will be evaluated on a more regular basis, provided it is in good standing.*
*Note: Good standing is defined as the credit account is not over-limit, not delinquent, not bankrupt, no record of fraud or stolen cards reported, and has passed our ability to pay analysis.
Can I Request a Credit Limit Increase? How?
At this time, cardholders are not able to request a manual credit limit increase evaluation on the Mission Lane Visa®. Learn more here.
Why Should I Update My Income?
In order to be considered for a possible credit limit increase in the future, your income and mortgage or rent information must be fresh. We recommend updating at most annually. You can update your income and mortgage or rent information in the mobile app, on your dashboard, or over the phone.
- Mobile app
After logging into your account on our mobile app, you may receive a pop-up that prompts you for updated income and housing expense information. Simply fill in the fields and tap “Submit” to update your information.
You can also update your info by tapping the “More” tab at the bottom of the screen, selecting “My Profile”, and then pressing the “Edit” icon next to “Financial Information.”
- Website
After logging into your account on our website, you should see a banner at the top of your Account Summary page when it’s time to update your income. Simply fill in the fields and tap “Submit” to update your information.
Alternatively, you can update your info by tapping the “Profile” icon at the top right of the screen, and then pressing the “Edit” icon next to “Financial Information.”
- Phone
You can also give us a at 1-855-790-8860 and our automated system will guide you through the process of updating your info.
What Should I Include In My Annual Income?
For the purposes of annual income, please include any earned income, including full-time, part-time, temporary or self-employment income. Additionally, the income can include interest, dividends, retirement income, or public assistance.
Alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation.