I’m glad to hear you are good at managing your credit! With nothing in collections over the last decade, you should be in pretty good shape as far as your credit score. Have you taken a look at your credit report, and do you know your credit score?
When a bank decides what credit limit you are eligible for, they take a few factors into consideration: your credit history, your income, how much credit you already have, and how much of that credit limit is in use. The most important factor out of all of these is your credit score.
People with excellent credit – above 720 – can usually get cards with a limit of $10,000 – $30,000, especially with companies like American Express, which often gives high credit limits. Your credit has to be extremely good though – almost spotless.
There’s a better chance of being approved for a card that gives a limit in the $5,000 – $8,000 range if you have good credit, and if your credit is only average, then you can expect something below $4,500.
You don’t say which card you’re looking at, but as a rule, credit card limits depend on your credit history, your annual income, and how much credit you currently have with a particular issuing bank. If you have excellent credit, you can usually get a credit card with a limit in the $10,000 – $30,000 range if you are getting your first card with the bank that issues the card.
The easiest way for you to find an appropriate credit card is to use the Credit Card Navigator on our home page. That should get you started on your search for the perfect credit card.