Question : What is a good credit limit for a first credit card?
I got my first credit card a couple years ago via Bank of America, and my current credit limit is $9000. Since I don't have any experience with credit cards in the past, I'm wondering if this is good or not? Is there anyway I can increase this limit? What do most credit card limits start at?
- asked by Michelle W
All Answers:
Answer #1
I don't know how old you are. That is very highBecare full if you max that out it will take 10years to pay it offMost first cards are$500-$1,000They will increase it as you prove youcan pay it
- answered by mirage4season
Answer #2
That's very good. You really don't want toincrease the limit for now and make sure you payoff the full amount monthly otherwise it's adownward spiral. Yes if you max out they willincrease our limit but that just get you deeper into the debt mire.
- answered by Dad's found yer scoo'er
Answer #3
That's a high limit. If it is too much depends onyou. If you are responsible and do not carry abalance, it doesn't matter how high your limit is. But, if you are not responsible, then $500 is toomuch.
- answered by Presumptive
Answer #4
Actually,u don't have 2 think about themoney...Just buy the things that u really need tohave and leave all the others when u have cash..Dothis coz i'm sure that u donn't wanna havedebts..!take care..!
- answered by ÉùÜííá Ê
Answer #5
That is a very high limit, but is good, if I wasyou I would try to have a balance of 0 and not useit at all, only for emergencies such as car breakdown, or others.Because if you get laid off atleast you know that you have whatever you havesave up in your bank plus the $ 9,000 in yourcredit card.Now I use cash for all my purchasesand I just got a Credit card with a limit of $2000and it is only for emergencies, after 6 months Ihave only used it twice and paid off rightaway.Yes you can increase your limit the onlything you have to do is call them and ask them foran increase, but is up to you if you think youreally need it. Just remember"Credit cards aregood servants but awful masters"Good Luck
- answered by LUIS P
Answer #6
Increasing it would be stupid. You should askthem to lower it so you don't max it out and getyourself into trouble. You do NOT want to be$9,000 in debt.
- answered by La Vie Boheme
Answer #7
9000 is a very good credit limit, definitely donttry to increase it because that puts an inquiry onyour credit report which causes your FICO tolower. most people think the higher their limitsthe better their credit and this isnt true(it doeseffect it slightly but there are far greater waysto raise FICO). one thing to definitely keep inmind is that if you feel you will never need 9Klimit; call and get it lowered, this doesnt hurtyou at all and is a good idea to protect yourselffrom identity theft. people get these ridiculouscredit limits and dont realize how appealing thatis to ID theft.but to answer your question thebest way to increase it without putting an inquiryon your credit report is simply to not use thecard at all and leave it with a 0 balance.different credit card companies have differentstandards and different mediums for credit limits.Bank of America and American Express are known forhaving really high limits, while Discover card isknown for having more conservative limits.
- answered by sam19zzaz
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