Question : What is my likely credit limit on my first credit card?
I'm looking to get a credit card here soon to start building credit and was wanting to know how much someone that has no credit history whatsoever is looking to get in credit limit. I know it depends on bank and what not but what is an average for someone in my position?
- asked by Raul
All Answers:
Answer #1
500.00
- answered by John M
Answer #2
my stepdaughter had a $300 limit on her firstcredit card.
- answered by BJ
Answer #3
Your credit card company will base your creditline on your income, expense obligations (theywill check your credit scores even if you don'thave any yet) then based on your length ofemployment at least 6mos you will get a creditcard or a letter telling you why they turned youdown. To start it is best to go through your bankwith whom you should be establishing a bankingrelationship with through a Savings or Checkingaccount. Get one that requires you not to carry abalance or you could accrue fees. Secures creditcards are good only if they do not charge you setup fee and annual fees. When you get your creditcard do not carry a balance over to the next monthand keep your spending to no more than 1/3 ofcredit line example $100.00 credit line $25.00spending monthly and payoff monthly. Soon theywill increase you line of credit usually within3-6mos.
- answered by Esther D
Answer #4
My first one was $500 so yours should be aroundthere. It goes up really fast if you pay yourbalance off every month without any delays. Thiswill improve your score dramatically. Maybe thearticle below will help you....
- answered by Jenny S
Answer #5
the minimum is usually $300 for bank cards and forstore cards it can be $100. It depends on thecurrent situation. Even though you have no creditright now they consider your income and monthlyobligations. Just keep paying on time and keepeverything under control and it will increase inno time.
- answered by candi h
Answer #6
probably around $500.00, but if you manage yourcredit wisely you will quickly be able to get morecredit, be careful and don't get in over yourhead, you should read this article on buildingyour credit,
http://www.monitorbankrates.com/how-to-build-maintain-and-repair-your-credit
- answered by cdrates
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