1. Call the Customer Service Number on the Back of Your Credit Card
It can be extremely frustrating to see that your credit limit has been cut. The first step you can take in getting your credit limit restored is calling the customer service number on the back of your credit card. Being able to talk to a customer service representative will give you the chance to explain your situation and why you are not deserving of a credit limit decrease.
When you are speaking to a customer service representative, remember to be polite when you are explaining your situation. They will likely not have the ultimate power to restore your credit limit. Still, you should be able to eventually get connected to a manager, depending on how you explain your situation. Remember to mention things such as how long you have been a loyal customer and how you have never missed a payment. There is no guarantee, but you miss 100% of the shots you do not take.
2. Open a New Credit Card
If you were not able to get your credit limit restored on that card that had its credit limit cut, it might be time for you to consider opening a new credit card so that your overall credit utilization does not increase. In opening a new credit card, you must conduct the appropriate research so that you are getting a credit card that will benefit you.
You must be understanding of your spending habits, the kind of rewards that you want, the benefit that you want, and if you are willing to pay an annual fee. Once you can respond to those points, you can go ahead and apply for a new credit card. It is important to remember to continue to be a responsible user of credit with your new credit card so that you can continue to witness increases in both your FICO Score and VantageScore.
3. Do Not Close Your Old Credit Card
If you decided to or not to open a new credit card, you should not close your old credit card. If you do close it, you will likely experience an increase in your credit utilization and a decrease in your credit history. Building credit is a long-term game, so you should plan on keeping old credit cards open unless it is completely necessary to close them.
The primary reasons to close an old credit card would be it being a secured credit card that you cannot change into an unsecured credit card, or it having an annual fee and you cannot downgrade it to a no-annual-fee version.