How to Increase Your Line of Credit with BMO: A Comprehensive Guide

Introduction

Bank of Montreal (BMO) offers a plethora of financial products to its customers, one of which is the line of credit. This financial product is designed to be flexible and convenient, and BMO customers can easily increase their line of credit as their financial needs change. This article will guide you on how to increase your BMO line of credit through online banking, mobile app, and customer service call.

Increasing Your Line of Credit through Online Banking

Increasing your line of credit through BMO's online banking system is fast and straight forward. Here's how to do it step by step:

• Log onto your BMO online banking account.
• From the main dashboard, navigate to the ‘My Accounts’ tab.
• Under the 'Bank Accounts', select your line of credit account.
• From the 'Line of Credit Details' page, look for 'Credit Limit' and select the option ‘Make Changes’.
• Follow the instructions to request an increase in your credit limit, and then click 'Submit'.
• You may be asked to provide additional information or documentation to support your request.
• Your application will be reviewed and you will receive a response within a few business days.

Increasing Your Line of Credit through BMO Mobile App

BMO's mobile app provides similar functionality to the online banking portal. Follow these simple steps to increase your line of credit through the mobile app:

• Open the BMO Mobile app and log in.
• Tap 'More' on the bottom-right corner of the screen.
• Under 'Banking', you will find ‘Manage my accounts’.
• Find and select your line of credit account.
• Under the account details, you will find 'Credit Limit'. Tap on ‘Make Changes’ to increase your limit.
• Complete the instructions and submit your request. Remember that you may need to provide additional information or documentation.
• Wait for a response which is usually sent within a few business days.

Increasing Your Line of Credit by Calling Customer Service

Finally, you can also increase your BMO line of credit by calling Customer Service. Follow these steps:

• Call BMO’s general customer service number, which you can find on the back of your BMO debit or credit card.
• When prompted, enter your card number and passcode.
• Choose the option to 'Speak with a representative’.
• Once connected with a representative, state you wish to increase your line of credit limit.
• The representative might request additional information for verification purposes. Provide the necessary information as requested.
• Your request will be reviewed and responded to, generally within a few business days.

Conclusion

Increasing the limit on your line of credit with BMO is a great way to have extra funds handy during unexpected financial needs. Whether you choose to do it via Online Banking, Mobile App, or by calling Customer Service, remember that all requests are subject to approval. BMO will evaluate factors such as your credit history, income and debt-to-income ratio. Wanting more than just an increased credit limit? BMO representatives can provide professional financial advice tailored to your needs.