*WOW!* I GOT A CREDIT LIMIT INCREASE (and CANCELLED the WORST credit card ever!?)

Find out what happened with my credit limit increase request on a U.S. Bank business credit card! A LOT of learnings came out of all this :D Click “Show More” to see Ad Disclosure. 💳👉VIEW CREDIT CARD OFFERS! https://markscreditcards.com/offers 🛍 RAKUTEN - Earn Cash Back! http://markscreditcards.com/rakuten ‼️ GET FREE STOCKS FROM WEBULL when you open an account & deposit $100: http://markscreditcards.com/webull I applied for a new business credit card about a week ago - it was the U.S. Bank Business Leverage Visa Signature Card. I was really excited about the approval, but not as much about the $3,000 credit limit. Naturally, I wanted to get a credit limit increase, especially since I have some larger business expenses coming up. So, I called U.S. Bank to see what could be done. And this video is what happened! Here’s a summary of some of the key takeaways and what I learned about credit limit increases with a U.S. Bank business credit card. - U.S. Bank DOES allow reallocating credit limits within the same card product (e.g. primary card to employee cards) - U.S. Bank DOES NOT allow reallocating credit limits from one card product to a different card product – at least not for business cards. - I requested a $5,000 decrease on my Business Select Card and an increase on my new Business Leverage Card (unspecified amount). - This resulted in a hard pull on my credit report (TransUnion) & a waiting period (est. 7-10 days) - I also CANCELLED my Business Select Card entirely to (potentially?) increase my chances of an approval for the CLI request on the new Business Leverage Card. Here’s why I did that… Since I already had an $18,000 credit limit on my older U.S. Bank Business Select Card (now discontinued), and then got the new Business Leverage Card with a much smaller $3,000 credit line, that got me thinking… There’s a good chance that I’m close to the maximum amount of credit that U.S. Bank will extend to me based on my current income and business revenue. So, I initially requested a $5,000 credit line DECREASE on my Business Select Card and an (unspecified) credit line INCREASE on the new Business Leverage Card. Then, I decided to cancel the U.S. Bank Business Select Card entirely to part ways with that $18K line. That way, I lowered the total limit to my name with U.S. Bank. The goal, of course, is to INCREASE my chances of getting an approval for my new Business Leverage Card. By parting ways with the $18K I already had, I should make a lot more room to get a more generous credit line increase. (Plus, the rewards on the Business Select were among the worst I had ever seen: 1 point was worth 0.67¢ each ... the card only earned 2X points at most ... and that 2X category was chosen during the application process - plus frustrating to change on the phone!) In the end, IT WORKED! I went from a $3,000 credit limit to a $10,000 credit limit on the new Business Leverage Card! Hopefully you won’t have to go through all these hoops for your next credit limit increase. They key principles here are as follows: 1. Consider asking for a credit limit increase directly. The only reason why I wanted to reallocate a preexisting line was because I thought I was nearing the total limit I could get across all cards from U.S. Bank. 2. If denied, call back and see if you can move credit from an older card to the new one. 3. Also ask if there will be a credit check / inquiry required to perform a credit line increase or reallocation. That way you can make an informed decision. Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor. #creditcards #businesscredit #usbank