Thursday, December 8, 2011

How low will my credit limit be?

I'm looking for a credit card that allows me to get discounted hotels and rewards for hotel stays. However, I'm only eighteen and this will be my very first credit card outside of a debit that i've had for three and a half years. Also, I'm paying a very low note on a car. How low will my credit limit be?|||Rewards cards are usually reserved for those with very good credit. If you are just 18 and you already have a car loan... You have a new account and inquiry that will lower your score. You have a very short credit history.





If you get accepted for the card, expect a low limit. In addition to credit history, lenders consider debt to income ratios, time at your job...|||Don't worry about your credit limit. If you reach it, just call the bank and tell them you're raising your debt ceiling. If the government can do it...



The real answer is that only the bank will be able to tell you that. They'll look at your current income, compare it to your current debts and past credit activity, and base your credit limit on that.|||At 18, you will not get a credit card that comes with rewards for hotels. Why would you need one for hotel rewards at 18? Do you stay in that many hotels during the year? LOL





Also, this car note: Is it from an actual lender and in your name? Is it being reported to the credit bureaus?

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