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#88: Increasing Credit Limits & Communication

Plus: How to Grow Your Business

Author

Dan Healy
08 Oct

Good morning, and welcome back!

Today, this introduction is what you make it. So before you dive in, take a few minutes for some quiet, productive reflection.

  • What can I do this week to better myself? At work? At home? Physically? Mentally?

  • What are the most important tasks on my to-do list, and how can I plan for maximum efficiency?

  • What new skills can I learn / enhance to improve my performance?

Just drown out the noise for a precious moment, and focus on whatever matters most to you right now.

Alright, now let’s dive in…

Get Your Feet Wet With… 🕺 

Elevating Your Brand 🤝 

  • Hustle Hub: Green Means GROW

  • All-New Did You Know? Topics for Your Next Networking Event

Boosting Your Productivity 📊 

  • Cool Communicator: Is Over-Communication A Thing?

  • A Food For Thought on Just Doing IT

Fattening The Wallet 💰️ 

  • Making Cents of Increasing Your Credit Limit

Making Cents 💰️ 

Why Should You Increase Your Credit Card Limit(s)?

SHORT AND SWEET: You can increase your credit card limits. You simply need to apply and be approved. Experts say you should take advantage of these opportunities when they present themselves.

Q&A TIME…

What are the benefits of a higher credit limit?

  • Lower credit utilization: “If your available credit is $10,000 and you are carrying a $2,500 balance, your credit utilization ratio stands at 25 percent. Experts advise maintaining a ratio below 30 percent for optimal credit health. This is where a credit limit increase can help since having a higher limit makes it easier to sustain a low credit utilization ratio” - Bankrate

  • Additional financial cushion: A higher limit can help you in a pinch to handle a sudden emergency if you don’t have enough available in your checking account.

Can a credit limit increase be rejected?

  • Yes, you can be denied a credit limit increase due to a history of late credit card payments, a low credit score, too little credit history, too many recent applications to increase your credit limit, or inadequate verifiable income.

How does increasing my credit limit affect my credit score?

  • If you increase your limit, but you lower your credit utilization ratio and have healthier spending habits going forward, you’re likely to increase your score.

If you spend recklessly, fall behind on payments, and rack up interest, your credit score will take hits left and right.

O.T.F. 
O.F.T - One Final Thought

As long as you’re responsible with your spending, there are no downsides to increasing your credit limit. The best part is the potential boost to your credit score, which in turn makes you more attractive to lenders. And that matters, whether for business or personal use.

If you want to increase your credit limit, you can go through your mobile banking app or call your credit card company. We prefer the latter, since you’d be able to get human answers to all your questions.

And whatever you do, don’t become this meme ⬇️

Hustle Hub 📈 

Did You Know? 🕺 

Cool Communicator 🎯 

Is Over-Communicating Really Better Than the Alternative?

We’re all aware of the problems that can arise from under-communication. If you’re a boss giving instruction to an employee and you under-deliver, the odds of that task being completed to your liking are slim.

But how far should we go in the other direction to avoid an outcome like this? Is there a such thing as too much? According to Brad Jacobs (CEO, executive chairman, and/or founder of various companies), there isn’t.

TL;DR Takeaways

  1. “A work environment is at its most productive when communication flows honestly and frequently. It’s impossible to over-communicate with the team.”

  2. “Every employee survey I’ve seen has indicated that employees want to hear more from management.”

  3. “Another thing I try to do is keep a consistent cadence to the communications…A CEO who communicates once every week and then goes silent is inviting speculation.”

    Here we’re in complete agreement: consistency is key.

  4. “Every company faces challenges…and when that occurs, employees want leadership to be clear about what happened…some employees may decide they don’t like the plan [to overcome the challenges], but they can see you’re not trying to hide things from them, and you have a better chance of getting their buy-in.”
     

  5. “You’ll want to implement strong feedback loops and a work culture where people accept that there’s more than one valid way to look at an issue…asking for input is a way to show respect, and we find it pays dividends on both sides.”

    Another key: the communication has to go both ways. If it’s simply management talking at employees all the time, sounds like it’d be hard to maintain a proactive, motivated workforce.

  6. “Over-communication is essential, and feedback loops make it reciprocal and continuous. The result? You’ll not only establish a culture of trust, but you’ll unleash an outpouring of ideas about how to improve the company, generated from within its own beating heart.”

O.T.F
O.F.T: One Final Thought

When it comes to two-way communication, it’s easy to agree with the premise that there’s no such thing as over-communication. But that means you have to be willing to take the time to listen. Because if it’s only supervisors piling information onto their employees, you run the risk of overwhelming or alienating the people you depend on.

Food For Thought 💡 

ig: visualhustles

Before You Go

We hope you enjoyed this week’s edition. Next week, the third Tuesday of October, we’ll be back with our AI-centric edition: Workin’ With AI, Always Informed, and much more!

See you then!

You are now On The Fly and In The Know.