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A high credit limit can be handy if you need to put a large unexpected expense on your credit card, like a major car repair. High credit limits can also signal to other lenders that you’re responsible with your available credit.

Even if you think you’re doing pretty well with your credit, the next retiree you see is probably far outpacing you. Baby boomers continue to lead the pack for credit limits, and in some cases, they have limits that are three-times higher than those of other generations.

Here’s how much higher baby boomers’ credit limits are and how to boost yours.

$41,906 is the average credit limit for baby boomers

A recent Experian survey found that baby boomers have an average credit limit of $41,906, up nearly 4% from the year before and more than three-times the average for Generation Z.

Here’s how the credit limits look across generations in 2023:

While it’s tempting to be jealous of other people’s financial positions, there are some good reasons why baby boomers outpace everyone else with their credit limits.

For one, boomers have decades-long credit histories. Lenders love long credit histories, and those who’ve paid their bills on time have likely earned higher limits. Second, baby boomers generally have a higher credit score than most generations, with an average score of 743.

How to raise your credit limit

A few of the biggest factors impacting your credit limit are your income, debt, and credit score. The higher your income, the more likely you’ll be able to pay off higher balances. And if you have a high credit score, it means you’ve likely paid your loans on time.

Paying off your debt could help improve your credit limit. Click here to check out our picks for the best balance transfer cards, which can make it easier to pay off your balance while avoiding high interest rates.

If your credit limit is lower than you want it to be, here are a few ways to improve it.

1. Pay down your balance

A credit card company isn’t likely to give you access to more money if you’re already maxing out your current limit. I recently paid off my credit card debt, and my credit card issuer immediately increased my limit by a few thousand dollars.

2. Pay your bills on time

Lenders want to see a long history of on-time payments. The more you demonstrate this, the easier it’ll be to receive a credit limit increase.

3. Improve your credit score

The best way to increase your score is to pay off your debt and make payments on time. The better your score is, the more likely you’ll receive a higher credit limit.

4. Ask for an increase

Getting a credit limit increase isn’t always automatic, even if you raise your credit score, pay bills on time, and pay off your balances. If your income level has increased or you’ve improved your credit score, you can always ask your credit card issuer for an increase. You can do this over the phone or through your online account.

The good news is that having a high credit limit isn’t necessary. Sure, it’s nice to know you have access to extra money if you need it, but it can also become a problem if you tend to use your credit card often. It’s probably best to think of a high credit card limit as something that’s a nice-to-have (but try-not-to-use) feature of your personal finances.

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