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credit limit |
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Date:
July 1, 2007, 4:33 pm |
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credit limit |
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Answer:
The credit limit is the maximum amount of money you may charge on your credit card. This limit is primarily defined by your credit risk. So, it depends on the terms of your card and may be changed according to your credit history. 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. If your score is poor you'll probably be given a limit of several hundred dollars. If your history is good, the limit will amount to several thousand. All in all, it is only the bank that can decide what limit you will be given. 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. |
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