Question : Are there any credit cards where you can choose what your maximum credit limit is?
I want to get a credit card, but I want the credit limit to not exceed 200 dollars. (im new to this whole credit card thing lol). Any suggestions?
- asked by Chelsea R.
All Answers:
Answer #1
I would think the best thing to do to limit yourcredit spending limit is to open an account thatis backed by a savings account. The credit limitwill accordingly be tied to the amount youmaintain in your savings account. This is popularwith credit unions and credit card agencies thatcater to poor credit quality candidates. However,should you go over the limit or not pay on timewith these cards, beware! The rates are certainto be exorbitant. You maybe better off justapplying for a general credit card and beingfiscally conservative.
- answered by nosoup4allu
Answer #2
Why not get a prepaid Visa - you can get them atthe grocery store or Walgreens - even online! They are great! If you are getting one to rebuildcredit, then you might want to consider one of thecards where you have a savings account for $200attached to the card as a deposit, and as long asyou make your payments, your money stays in theaccount and they report good for you - good luck!
- answered by Chris
Answer #3
get the prepaid visa or the russell simmons creditcard.they were made for you.it is very smart thatyou want to manage your spending but i dont thinkthat the limit is the way to do it.....becausemost cards wont really honor your limit anyway.....if you set your limit at 200 bucks and youjust happen to spend over that amount, your cardwill probably accept the charge from the merchant(lets say walmart). So you run your card thru thesupercenter reader. Now your balance is 229. Thenyou have to pay over the limit fees and yourinterest rate will increaseLastly if yourintention is to build up credita card with a lowlevel and a high balance will mess up your credit(balance) to debt ratio (how much you have chargedso far)so get the highest one that they will giveyou and keep the balance low
- answered by karen g
Answer #4
There you no way you can choose your own creditlimit. Credit limits are base on your credit scorethat involves credit history, income, credit debtratio, and your payment behaviors. There is aformular to calculate your credit score, and it iscalculated by this FICO company/system. It takestime to build up your credit score in order foryou to have higher credit limit. Are you maxed outon your credit limit already? That means youbetter pay it down now, and pay more attention towhat and how much you spend.
- answered by XoxoxoxoX
Answer #5
The answer to your question, is no. They give youcredit limits based on your credit worthiness. Ifyou get a credit card use it wisely, don't use upto half your credit limit and do not go over halfof it. I have many cc's and I use them sparingly.If I don't have the money to repay then I don'tspend. I use only in emergencies. They get youwith interest and fees, pay your balance off everysingle month. Building a credit history takestime, so use it just for gas or something small,pay it off for the month. This shows that you canrepay your debts and not spending more than youcan afford to pay back.
- answered by dimpelss
Answer #6
As long as you are credit worthy for $200 or more,you can request that you're credit limit be set at$200. Apply for a credit card, get approved forwhat ever amount they decide at first, then calland ask for them to set your limit at $200. Noproblems.
- answered by RantingLover
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