I applied for a credit card up to $5000 limit. How much will my min limit be?? Such as $300 or 500 or what?

Question

I applied for a credit card up to $5000 limit. How much will my min limit be?? Such as $300 or 500 or what?

Answer 1

Unfortunately no one here can answer what amount of a credit line a bank will issue you. It is purely speculation.

What we can say is that the amount of credit you receive will be based on your:

1. credit score.

2. job income.

3. job history (length at present and past jobs).

4. living stability (how long lived at current address, and prev addresses - 2 years is the min preferred time lenders want to see).

5. monthly expenses.

6. comparative credit lines (if you have other credit lines with other banks, you may receive similar credit line amounts.)

7. how much credit you use.

8. and most important - payment history.

Go ez on the cc's. It can, and does get a lot of people in financial trouble, especially right now (slowed economy, and mitigating factors such as increased job losses and the so called housing 'crisis').

I would actually suggest having an AMEX card. Something that you pay off each month, instead of being tempted to spend and finance yourself at some outrageous interest interest rate. The teaser rates frequently are short lived (3 to 12 months), have high fees, and soar thereafter.

Good Luck!

Answer 2

There is no such thing as a minimum limit. You could propably buy a can of soda pop with it. But in the end, that can of soda pop, buried in all the other purchases will probably end up costing you ten bucks, what with the interests and all. I'd be very careful.

Answer 3

Depends on the card. I've seen minimums at $300.00. It really depends on your credit score.

Some of these cards will then apply fees which lowers your available balance before you even use it.

Answer 4

depends on your credit score and history - you may get turned down altogether