There are four ways to increase your credit limit on a credit card. They include requesting a higher limit from your credit card’s issuer, waiting for your credit card company to automatically raise your credit limit, adding to a secured credit card’s security deposit, and applying for a new credit card account.

Which option you choose depends on what type of credit card you have and whether you’re looking for more spending power or a higher limit for credit-improvement purposes? One complicating factor is that each credit limit increase request can cause a small, short-term drop in your credit score. So, you need to be careful. With that in mind, we’ll help guide you through your options below.

How to Increase Your Credit Limit

Request a Higher Credit Limit Online

Log in to your credit card company’s website, pull up your account’s main menu and look for the option to ask for a higher limit. Then, answer the questions about your income, expenses and desired credit limit, and submit the request. This option is best with unsecured credit cards that have been open for at least six months, with consistently on-time payments. There may be a hard inquiry into your credit history when the credit card company evaluates your request.

Wait for an Automatic Credit Limit Increase

Credit card companies evaluate existing accounts on a monthly basis, usually beginning once an account has been open for five or six months. If you pay your bill on time every month, you may automatically receive a higher limit. This option is more of a happy surprise than something you can count on.

Add to a Secured Credit Card’s Security Deposit

Secured cards require users to place a refundable security deposit. The amount of the deposit becomes a card’s credit limit. And you can increase your limit by simply adding to your deposit. This option doesn’t let you borrow more, but it may help your credit score improve faster.

Apply for a New Credit Card Account

Opening a new credit card account will likely increase your overall spending power more than requesting a higher credit limit on an existing card. You may even get some extra perks in the process, such as a rewards bonus or a 0% introductory APR. This option is best for people whose credit scores have improved since the last time they applied for a credit card.