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how is my credit limit determed |
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Date:
September 27, 2007, 1:49 pm |
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how is my credit limit determed |
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Answer:
The credit limit is the maximum amount of money you may charge on your credit card. The limit is defined individually in each case. It is mainly determined by your credit risk, your annual income and bank's decision. 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. If your score is poor your limit won't be high - it will probably amount to no more that several hundred dollars; if you have good score the limit might be several thousand. 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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