Why did I receive a credit limit increase automatically?

When you keep up positive credit habits, you may receive an automatic credit limit increase. So if you got a credit limit increase, congrats!

Don’t worry, no hard pull was done on your credit to increase your limit.  

How could a credit limit increase help you build credit? 

Your “credit usage” – A.K.A. how much of your available credit you use – is a major factor in your credit score. Keeping your usage low is one way to build credit. 

There are 2 major ways to keep your credit usage low: 

  1. Pay down your card balance regularly (maybe even a few times per month).
  2. Increase your credit limit and keep your spending low. 

For example, if your credit limit is $100 and you spend $30, you’re already at 30% credit utilization (which is a little high). But if your credit limit is $300, you’d have to spend $90 before you got to 30% utilization. 

Learn more about credit limits HERE.  

How to check your credit limit at Self:

First, login to the Self app and go to your dashboard. 

In your dashboard, you can see what portion of your card’s credit limit is secured by money from your Credit Builder Account, and what portion is unsecured. 

The unsecured part of your credit limit is the part you can use without needing to put down a security deposit or other collateral. 

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