Raising your credit limits can, believe it or not, actually hurt your credit rating if you are not careful. Here are a few suggestions, depending on your circumstances, on what to do if you want a higher limit on credit in which you can spend.

First option: Don't do it at all. If you have trouble keeping your spending habits parallel to your ability to pay back what you owe, you should probably not even ask for a credit limit increase. Having a higher credit limit may only be too great of a temptation to spend more than is in your ability to repay, leaving you deep in debt and short on good credit scores.

Second option: There are some occasions when you are in need of something that will cause you to charge over your limit. In this case, raising your credit limit is a must if you want to avoid spending money on penalties and keep from decreasing your credit score. But sometimes you just have to give in and take what's coming to you.

You could ask for the increase anyway and just face the consequences of lowered credit scores. If your credit score is high to begin with, this may not be too severe of a blow, but if you have a high score, why not keep it that way?

Third option: Get an account review from your lender. An account review is sort of a check up on your credit report. Lenders perform these sort of reviews periodically to see if you're qualified for higher limits, whether or not your interest rates should be raised, whether they should close or renew your accounts, and etc.

If you ask for one of these with a specific inquiry about whether or not you qualify for a limit increase, it's less risky than asking directly for a limit increase. Many lenders increase your limits occasionally, whether you ask them to or not, based on your credit history.

The key to getting an automatic limit increase is paying your bills on time. Showing that you can manage your credit and pay your credit cards off often will show lenders that you are responsible. They reward you by giving you wider boundaries to spend within, but it's still important to spend within your means so that you can maintain your good payment history and keep a high credit score.

The biggest question concerning your need for a higher credit limit is, "Could I pay it back if I spent that much?" No matter how high your limit is, you still have to pay back what you spend.