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How will I know what my credit limit will be on a credit card before I apply for it? I want to... |
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Date:
July 21, 2007, 10:40 am |
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How will I know what my credit limit will be on a credit card before I apply for it? I want to make sure it has a high enough credit limit to transfer a balance for example of $14,000 - $16,000? Please advise. Thank you. |
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Answer:
The credit limit is the maximum amount of money you may charge on your credit card. This limit is determined by many factors - your income, your credit risk, your history, the terms of the card, etc. It is only the bank that can make a decision on your limit. If you prove to be a good credit payer, you'll be given a higher limit. That's why before applying for a card consider your credit report and estimate your financial state. Keep in mind that the limit is not a constant figure, it may change as your score changes. And it may not only go up, but also go considerably down. That's why if you want the higher limit you must use your credit lightly, pay all the bills on time and keep your score as high as possible. In this case you'll be able to apply for the best credit cards with the highest limits. The only way to learn what limit you'll be given is to call various issuers and try to get opinions there. Still, it can be said that $14,000-$16,000 is a high limit that is given only to people with good history anf high income. |
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