What kind of credit line can i get

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The information on this site does not modify any insurance policy terms in any way. Note that the average credit limit tends to be higher for consumers with high incomes and excellent credit, but that other factors like your current credit utilization can play a role as well.

More recent data from Experian shows how having a longer credit history typically leads to a higher credit score and higher credit limits. The fact that older generations tend to have higher credit scores and higher credit limits really does make a lot of sense.

First, consider why you are requesting the increase. If the reason is to lower your credit utilization rate , asking may make sense. But if the reason is to access additional funds when you don't have a plan for paying off that debt, requesting an increase may not be the best move for your financial health.

Your credit utilization rate is the amount of credit you're using compared to the amount of credit you have available. If you're looking to improve your credit utilization rate "paying down the existing balance on a card is usually a better approach than asking for a credit limit increase," Rod Griffin, Experian's senior director of consumer education and advocacy, tells CNBC Select.

If you do decide to ask for a credit line increase, be prepared to answer some questions. Card issuers typically ask for your current annual income, employment status and your monthly rent. And while you can sometimes apply for an increase on your card issuer's website, you'll likely have a better chance of being approved or finding out more information if you call and speak to a representative.

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Other product and company names mentioned herein are the property of their respective owners. Licenses and Disclosures. Discover personal loan offers that best fit your needs. Advertiser Disclosure. By Jim Akin. Need a Personal Loan? There are platforms that connect borrowers and lenders, so you may be able to get a personal loan even if your credit scores need improvement. Another option is simply to apply for a credit card. It may be cheaper to shop around and apply for a low-interest credit card than to take out a high-interest line of credit.

You may also be able to apply for a personal loan directly from a lender. Consider shopping around for lenders that may be willing to consider people with less-than-stellar credit for personal loans. Lines of credit have a lot of advantages, especially if you can secure favorable interest rates and low fees. They can help borrowers bridge short-term cash needs.

But a bad credit line of credit may be more costly for you than other lending options. Payday alternative loans, personal loans, peer-to-peer loans, and low-APR credit cards may help you stay on top of your finances while you work on improving your credit.

Image: Young man using laptop and wondering if he can get a line of credit with bad credit.