Typical Credit Card Credit Limits
Author: cabledude
Posted: Mon Sep 06, 2004 7:01 pm
Post subject: Typical AMEX CL's
I got approved for Amex Blue Cash with a 676 Fico this weekend. I've heard they are pretty stingy out the gate with CL's. I need at least 4-5K to use it hard, otherwise I will have to switch cards mid month and make multiple payments.
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Author: Board Monitor
Posted: Tue Sep 07, 2004 8:07 am
Post subject: Typical Credit Card Credit Limits
Can't comment on the average initial credit line, but, with your FICO, I'd be surprised if you get a 4-5K limit. You might surprise me, though. Let us know how things turn out...
_________________
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Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: cabledude
Posted: Tue Sep 07, 2004 5:19 pm
Post subject: Typical Credit Card Credit Limits
Just got $20K out of MBNA, but AMEX may be more conservative and I've been a card member of MBNA for 4 years. On the flip side Fleet only gave me $5K as a new card member. I guess I was wondering if my current limits have an bearing on their decision. I have an $8K, $10K, $10K, and a $20K currently.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Verne
Posted: Tue Sep 07, 2004 5:55 pm
Post subject: Typical Credit Card Credit Limits
When it comes to the initial credit limit, barring any derogs or problems on the credit report, the three most important factors are:
1. stated income (even though it may not be verified)
2. existing credit limits on other cards
3. credit usage - what percent of your overall credit limit are you using?
If everything looks good and you have high limits elsewhere, new lenders tend to give you a high limit to start out. "High credit limits beget high credit limits" (from the Book of Begetting)
With a score of 676, there may be a minor derog on your credit report or your credit usage is high.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Sep 06, 2004 7:01 pm
Post subject: Typical AMEX CL's
I got approved for Amex Blue Cash with a 676 Fico this weekend. I've heard they are pretty stingy out the gate with CL's. I need at least 4-5K to use it hard, otherwise I will have to switch cards mid month and make multiple payments.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Tue Sep 07, 2004 8:07 am
Post subject: Typical Credit Card Credit Limits
Can't comment on the average initial credit line, but, with your FICO, I'd be surprised if you get a 4-5K limit. You might surprise me, though. Let us know how things turn out...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Author: cabledude
Posted: Tue Sep 07, 2004 5:19 pm
Post subject: Typical Credit Card Credit Limits
Just got $20K out of MBNA, but AMEX may be more conservative and I've been a card member of MBNA for 4 years. On the flip side Fleet only gave me $5K as a new card member. I guess I was wondering if my current limits have an bearing on their decision. I have an $8K, $10K, $10K, and a $20K currently.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Verne
Posted: Tue Sep 07, 2004 5:55 pm
Post subject: Typical Credit Card Credit Limits
When it comes to the initial credit limit, barring any derogs or problems on the credit report, the three most important factors are:
1. stated income (even though it may not be verified)
2. existing credit limits on other cards
3. credit usage - what percent of your overall credit limit are you using?
If everything looks good and you have high limits elsewhere, new lenders tend to give you a high limit to start out. "High credit limits beget high credit limits" (from the Book of Begetting)
With a score of 676, there may be a minor derog on your credit report or your credit usage is high.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:06 PM
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