How Do You Increase Your Line of Credit?

There are a few different options available to you when you need to get some extra money. You may choose from personal loans, an instant payday advance, or even an Fit My Money instant tax refund loan. However, probably the first thing you’ll try to do is increase your credit card limit.


By doing so, you’ll have more money available to use in case of an emergency. Plus, if you use your credit card responsibly, you can improve your credit score over time. So increasing your credit card limit may be a good option for you to consider if you need extra money.

The credit line on the card is different for each client. Even if banks advertise promising a card with a million-dollar line, not all borrowers will be approved. How do I increase my line of credit, and what affects the bank’s decision?

It can be revolving and non-revolving. It depends on the program and the bank’s product.

A revolving line is an amount available for borrowing, which is restored after making a monthly payment or full repayment of the debt. Renewal rules depend on the bank’s terms and conditions. Within the line, the borrower can pay for purchases, and services, transfer money, and change currency.

Under the terms of some products, you can withdraw cash, but it is not mandatory. For example, there are cards with only non-cash transactions available.

A non-revolving line is an amount you can use only once. Usually, it’s a consumer loan, given not in cash but on a particular card. After you repay the debt, the organization will reset the balance. After that, the card is closed; you can’t use it again.

How the Line Is Set

It is the amount the bank can lend to the borrower with or without interest if it is a card with a grace period.

Two advantages of a line on cards are:

  • Renewability. the line is renewable after the borrower pays off the debt.
  • You can spend as much as you need within the line. You don’t have to spend the entire amount on one purchase; you can pay as long as the available limit remains.

Banks set the line individually for each customer, considering:

  • Salary size. The higher the income, the more significant the amount the bank is willing to approve.
  • Length of service. The bank considers both complete employment history and the last job — clients who don’t stay in one place for a long time cause no confidence in the bank.
  • Documents. The more guarantees of solvency the bank receives from the potential borrower, the higher the limit will be approved.
  • Loan history. Bad or zero histories are a reason to approve a lower limit or refuse to issue a card.
  • Other parameters that the bank considers significant. For example, some banks pay attention to the marital status or the presence of dependents of the potential borrower.
  • The length of your employment, income, documents, and history quality also impact the credit line you are approved for.

Maximum Line. In advertisements, banks often indicate a maximum line amount but only approve it for “perfect” borrowers. In the best position are payroll customers or those who are already working with the bank, such as holding a deposit or using a large money brokerage account. To such potential borrowers, the bank offers the most favorable conditions.

Minimum line. It is set for new customers with low income or even no income. Also, a small line can be set due to problems in the previous loan history. But this does not mean that this amount will remain forever. For example, if you use the card often and repay the debt on time, the bank may increase the limit.

If the potential borrower has many debts, and half of his income or even more goes to repay them, the bank may refuse to issue a card even with a minimum limit. Sometimes, borrowers can spend all their money on things that they don’t even need, for example you can buy really expensive presents for your family and use Creative Packaging Ideas. But the main point is that you will spend your whole income and then you will need to borrow money that can make your limit lower.

Who Decides on the Limit

The customer can’t change the line himself. Instead, the bank decides to increase or decrease the maximum available amount on the card. The procedure is different for each bank. In some, it may be an automated system. In others, a bank specialist assesses whether you can or cannot increase the limit. Most banks use both methods at the same time.

Banks use automated systems to avoid human error. The software collects information about the borrower, his rating, and the activity of using the card and conducts a scoring analysis on the available data. Bank employees do not interfere in this process. They only “help” in making the final decision.

If there is a technical failure, the specialists cross out the errors. In some cases, credit department employees may manually decide to change the limits.

You should not contact bank managers to change the line or influence the final decision. Bank employees can only advise the borrower, suggesting ways in which the bank will understand that the client is reliable.

You can find out the size of the limit in the bank’s mobile app or your cabinet through a web browser. To do this, select the desired card and click “find out more about the debt.” You can see not only the size of the line but also the amount of the monthly payment, the total amount of debt, and the dates of the reporting period.

How to Increase Loan Limits

On average, it is not necessary to ask for a credit line increase before three months of credit card use. Banks review card terms every three months or six months. During this period, it is recommended that you

  • Use the card regularly. Pay for online and offline purchases with it.
  • Make the mandatory payment on time.
  • Notify the bank in time about changes in personal data. Changing your cell phone number, place of residence, and family name is essential.
  • Notify the bank if you have financial difficulties, for example, losing your job. The bank is interested in getting its money back, so it can make concessions and postpone the due date or revise the monthly repayment amount.
  • Keep track of your debt load. If you have several small loans, try to pay them off as soon as possible. You can connect all your loans into one. The more you owe, the less likely the bank will increase your line.
  • Use other bank products as well. You can, for example, open a deposit, an impersonal bullion account, an individual investment account, or an integrated product that combines several banking services at once. Such customers trust the bank more because depositors and investors have savings, which guarantee the borrower’s solvency.
  • Before applying for a card, check your rating. The history will help you assess the chances of approving a loan or increasing the available amount.

Are There Cards with Zero Line of Credit?

When processing, banks often set a minimum amount. If the cooperation is booming — it will increase over time. But if the line is not approved, the card is not issued and denied.

Sometimes zero line cards are called debit cards. You can’t borrow money on them, but you can add funds to the card and use them to make purchases.

Different point — zeroing the line at the initiative of the bank. Such situations happen. Most often, the reason lies in the borrower’s behavior — violating the terms and ignoring the bank’s attempts to get in touch. It is enough to fulfill all your obligations in full and on time to avoid this.

In Conclusion

The bottom line is that banks use a variety of methods to determine credit limits, and it’s important to be aware of all the factors that go into this decision. Understanding how your credit limit is determined can help you manage your finances more effectively and avoid getting into debt. If you have any concerns about your credit limit, be sure to contact your bank or financial institution for more information.

How to Compare Rates between FX Brokers

If you want to be a successful forex trader, you must use a good exchange rate. For this reason, you need to be very careful when you choose your forex brokers. The problem is that with the popularity of forex trading increasing, there are many brokers around to choose from. Considering all their features and benefits, making a choice may seem rather difficult. Here are some considerations to keep in mind if you want to select a good broker for your needs. 


1. Look at Regulatory Compliance

Not every forex broker is the same. Each country has its regulations, so if you are going for a specific broker, make sure that they cover your area. Look for brokers that are members of the NFA (National Futures Association) and are registered with the CFTC (Commodity Futures Trading Commission). Even if the website looks fancy, it doesn’t necessarily mean it is regulated.

2. Check the Account Features

All forex brokers have their own offerings when it comes to their trading accounts. Check their leverage and margins, while considering the spreads and commissions. For example, if you have $1,000 in your account, a 50:1 leverage allows you to hold a position capped at $50,000. This can help you increase your earnings and reduce your risks

3. Consider Deposit and Withdrawal

Each forex broker will have a certain deposit limit. In some cases, the initial deposit may be as small as $50, whereas others may ask for much higher deposits. You may also want to check the ease of deposit and withdrawal. You should ensure they have your deposit and withdrawal method of choice (i.e., credit/debit card or PayPal). Bear in mind that the broker may charge fees for these transactions.

4. Check Currency Pairs

When you want to find on FX-list a good broker, you need to check the currency pairs that they offer. There are hundreds of pairs out there, but you want to get the ones that have the highest liquidity pairs. Moreover, while a broker may provide a huge selection of currency pairs, it doesn’t mean they have your pair of choice. Make sure that they can offer the currencies that interest you the most as a trader. 

5. Verify Their Customer Support

The forex market never really stops, and you don’t know what’s going to happen overnight. As a result, you must be able to contact your broker at all times. See what contact methods they provide, and whether they have 24/7 customer support or not. A tip here would be to give them a quick call before you commit. This will give you a good idea of their responsiveness. 

The Bottom Line

When choosing your FX broker, you must be very careful of the features that they provide. After all, you will put them in charge of your money, so you need to ensure they can be relied on. They should have all the necessary regulations and offer you their support whenever you require it.

Benefits of Accounting Software for Small Businesses

Accounting software has become integral to the growth of small businesses, similar to its role in other industries. Business owners are always looking for new ways to increase productivity and save money. And that’s where accounting packages for small businesses come in handy. Accounting software is a tool that aids bookkeepers, business owners, or accountants in automating and managing accounting transactions for a business. Here are the top benefits of accounting software for startups.

Explore the benefits of accounting software for small businesses, including streamlined invoicing processes, with HVAC invoicing software from a reliable resource.


Access Financial Information Any Time

One of the leading benefits of utilizing online accounting software is that it allows individuals to access their data from any device of their choice, and at any time they want. This has a lot of advantages for all businesses, especially startups. For instance, you can develop and send invoices directly from your device while on the go, or you could generate, download, and view crucial accounting reports and statements at any time.

Automates Processes

In today’s business landscape, automation is indispensable. Using accounting packages, you can easily automate loads of processes and avoid expending time on manual activities. Here are some processes you can simplify using an accounting software:

  • Invoicing
  • Payment reminders
  • Importing data
  • Payroll invoicing
  • Expense management

Aids in Tax Filing

Tax season can be quite stressful, especially when you have to compile financial data and reports. To aid in simplifying this entire process, you should utilize accounting software. With accounting software, you can safeguard income statements, invoices, and receipts all in one place, making it essential for filing taxes.

Organizes Your Accounting Records

As a small business owner, sloppy books will lead to several problems for your company. Using accounting software, you can ensure that your accounting records remain nice and well-organized. You can also easily organize your receipts, invoices, accounts, and other documents. This way, you won’t stress over inaccurate records or scramble to get valuable information when necessary.

Saves Time

Similar to any new software, there is always an investment of time at first to install your accounting software. However, afterwards, it can save you lots of time weekly by automatically taking care of time-consuming manual accounting and bookkeeping processes.

Increases Accounting Security

Cloud-based accounting software safely secures all your accounting information because they are stored in the cloud. Your accounting data is protected under various layers of high-class encryption algorithms, ensuring that your financial records are safer than just staying on the shelf. By saving your accounting records on the cloud, you eliminate every chance of them getting erased or corrupted.

Lowers Cost and Saves Money

A significantly small number of businesses outsource their accounting and bookkeeping processes. This means that the majority of companies manage their accounting and every related paperwork themselves, reducing the time employees have to handle their other operations. By installing accounting software that appeals to your business needs, you will save on outsourcing your accounting processes without having to compromise the development of quality accounting statements. Furthermore, as an added perk, you will also save on paper costs.

With these benefits listed above, you can see just how useful accounting software can be to your business’s growth. Accounting packages aid companies in keeping up with the demands of today’s digital landscape.

How to Be Less Risk Averse

There are a lot of psychological elements that play a role in how comfortable we are with risk and what we’re willing to lose in order to gain. These elements are an integral part of our financial lives and how we invest money. 

risk averse

For example, there’s a term called loss aversion, which is a cognitive bias that means that your losses hurt twice as much as any equivalent gains. This relates to risk aversion as well. 

Risk aversion is your tendency to try and avoid risk. In investing, this would describe someone who focuses on preserving their money instead of going for potential returns that are higher than average. 

Risk is price volatility in investing, and if you make a volatile investment, it can lead to wealth or it can also deplete your savings. 

If you’re conservative in your investments, then they grow steadily but slowly. 

Low risk is more stable, but your returns might not be impressive. The flip side is that you have an almost zero likelihood of losing your original investment. The problem is that along with not generating much wealth, you might not even be able to keep up with inflation over time if you only stick with low-risk investments. 

We can think about the stock market and other financial investments as well. For example, buying a second home as a vacation rental can be a high-risk but high-reward investment. 

Smart investors know how risk-averse they should be based on their situation, and they’re also willing to take risks. 

If you have your money sitting in a savings account and that’s it, you may be extremely risk averse. 

The following are things to know about being less risk averse for better possible returns but knowing how to keep a sense of balance. 

Know the Signs You’re Too Risk Averse

Again, some risk aversion is good, but there are signs that you should watch for that you’re not taking enough risks. 

First, is your retirement account growing at a very slow pace? You might want to gain more exposure to risk, especially if you have a long time until retirement, which would give you a chance to make up for losses. 

Other signs you’re too risk-averse can occur in different parts of your life. Maybe your career is stagnant, or you’re afraid to invest in yourself by doing something like going back to school. You might refuse to move for a job, even if a better opportunity came along, or maybe you’ve been toying with the idea of starting your own business, yet you won’t take the leap. 

Inaction can be as detrimental to your life and goals as too much action. Sometimes, it’s more harmful. 

Start Small

If you’re someone who has essentially zero risk tolerance, start small with decisions that aren’t going to be life-altering. Maybe, for example, instead of deciding you’re going to go back to school, you take a course online. 

If you own a business, maybe you decide to diversify your product offerings, but you start with a digital product that’s low-cost to produce and gives you a chance to experiment a bit. 

You don’t have to be all-or-nothing when it comes to increasing your risk tolerance. 

As far as investing, maybe you put a small amount of money in a single stock rather than a mutual fund or ETF. Do some research to find one you believe in, and only put money in that you’re okay with losing. 

Then, depending on how these smaller decisions go, you might be willing to take larger risks going forward. 

Framing these small decisions as experiments can be more appealing, especially when you realize even the downside possibilities won’t mean the world comes to an end. You’ll build more confidence with each risk that you take. 

Create a Portfolio of Options

You’ll often hear people talk about a portfolio of options in business. This means you aren’t going all-in on one thing. Instead, you’re offering yourself a lot of possibilities that could lead to successful outcomes. 

If you can put together a group of initiatives, it seems less scary if one fails because you know that some of them might succeed. 

If you feel like your options are limited, risks become much scarier.

If you think about this in terms of investing, it’s essentially diversification. You’re spreading out your options. If you’re diversifying your investments, your portfolio will include assets and also asset classes that aren’t all correlated with each other. If some of your securities fall for a period of time, others might rise, and you’re offsetting your losses. 

Stop Making Perfect Your Goal

If you’re aiming for perfection in any part of your life, whether your business or career or your finances, you’re always going to fail because it’s not possible. 

Don’t let perfect be the enemy of done in any part of your life. 

For example, maybe you want to write a book. You’ve started working on it, and it’s nearing a point of completion where you could potentially earn money from it. Unfortunately, you never think it’s good enough, so you never take the risk to put it out there. Again, it will never be perfect, so let it be good enough. 

This is something you have to embrace throughout your life, and it’s tough, especially if you are someone who’s very risk averse, but if you understand you’ll never achieve perfect, you’ll be able to make a lot more progress. 

People who always aim for perfection tend to get stuck and be more stagnant. 

Finally, don’t focus too much on your end goal. That’s going to make you scared to take risks, and you might be paralyzed in your decision-making. The first step is what you need to think about—not the end outcome. That could be years away. Taking the first step, as cliché as it might sound, is the most important thing you’re going to do. 

If you’re nervous about something, break it down into very small steps, and make the first one as easy as you can on yourself. For example, if you want to start saving for retirement, start an account and put aside $20. That’s all you have to do, and you’re started working toward your goal. 

Waste paper recycling – a positive impact on the environment

The electronic revolution continues in the world. But despite the use of various digital media, as well as the use of virtual communication tools, the demand for paper products has not decreased, but, on the contrary, has increased. As waste paper suppliers say, more and more paper waste is generated with each subsequent year of the life of modern mankind. Of course, in some areas, paper began to be used in smaller quantities, for example, for document management purposes. But as the volume of consumption of goods is growing, paper products continue to be in great demand.

waste paper recycling
Paper waste in its ratio to other types of waste is approximately 40 percent. An ordinary modern person annually accounts for approximately 200-250 kg of paper waste. But as reality shows, most of the garbage ends up in a landfill. In developed countries, they try to solve this problem in various ways. Because waste paper can be used as a secondary raw material. That is, it is suitable for processing purposes, after which the materials obtained from it can again be sent to the stages of production of various goods. But there are also landfills where paper rots and pollutes the environment. Despite its “naturalness” in terms of origin, it still releases harmful substances when it rots. In particular, it emits harmful methane gas, which pollutes the surrounding air.

Recycling as a way to cleanse the planet

The recycling industry, with proper development, is able to cope with a large amount of garbage on the planet. After all, then the waste will not end up in landfills. They will participate in a closed cycle “production-processing-production”. In many countries, the development of this area is slow. And in order to accelerate the pace of development, it is necessary that the state take control of everything that happens in this area. Recycling should clearly become a priority in public policy in any country in the world.

Recycling allows solving global environmental problems. Since paper is made from cellulose, and cellulose is made from wood, it will be possible to save the trees that grow on the planet through recycling. It is clear that the timber processing industry will continue to function, because wood is used not only in the production of paper. But with the help of processing, it will still be possible to reduce the volume of deforestation.

In addition, recycling saves energy. It is no secret to anyone that electricity in the modern world is quite expensive. Accordingly, it will turn out to reduce the cost of such a valuable product. The same can be said about water. In the production of material from primary raw materials, a huge amount of water is used. Recall that in some countries today there is a catastrophic shortage of fresh water, its price is comparable almost to the price of gold. So why waste valuable water? Recycling saves money.

In order for recycling to develop, it is necessary to support processors. Everything possible should be done so that they can easily buy old books in bulk and other types of waste paper. Their development, success in their field of activity will positively affect the environment.