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Changes to your credit limit

  • Updated

Your credit limit is the maximum amount you can borrow with your credit card. When you apply for a credit card from Neo, we’ll let you know what credit limit you’re eligible for. 

View your current credit limit in your account details by going to your credit account.

Increase your credit limit

You can request a higher credit limit for standard credit cards. If you have a secured credit card, you can increase your credit limit by adding more money to your security fund.

Decrease your credit limit

Neo currently doesn’t offer the option to decrease the credit limit for credit cards. 

Automatic changes to your credit limit

Your credit limit may be reduced by Neo for one of these reasons:

  • You only use a little bit of your available credit
  • You have missed some payments to your credit account
  • You haven’t used your credit card recently
  • External factors that impact your credit report

We monitor and adjust credit limits to help maintain account security and ensure that your credit limit is tailored to your individual requirements. Automatic changes to your credit limit are not necessarily permanent, and you can still request an increase to your credit limit.

Why was my credit limit reduced?

If your credit limit was automatically reduced, our support team isn’t able to provide the exact reason. It was likely reduced for one of these reasons:

Low credit usage: You may not be using much of your available credit. If your spending needs change, you can request an increase to your credit limit. You can also upgrade to Premium to monitor your credit score and request an increase to your credit limit if your credit score changes.

Missed payments: You may have missed payments to your credit account, so your credit score may be negatively impacted. Here’s what makes up a credit score

Inactivity: You may have not used your credit card much in recent months, so your credit limit has been decreased to protect your account from fraudulent activity. You can request an increase to your credit limit.

External factors: There may be external factors that have impacted your credit score. For any concerns with your credit report, contact TransUnion directly to file a dispute. 

Credit limit for secured credit cards

The credit limit for secured credit cards is equal to the amount of money in the security fund. You can add more money to the security fund to increase the credit limit of a secured credit card, but you can only withdraw money from the security fund if you close your credit account.

Learn more about secured credit cards.

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