Thursday, December 8, 2011

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?|||Your credit card company will base your credit line on your income, expense obligations (they will check your credit scores even if you don't have any yet) then based on your length of employment at least 6mos you will get a credit card or a letter telling you why they turned you down. To start it is best to go through your bank with whom you should be establishing a banking relationship with through a Savings or Checking account. Get one that requires you not to carry a balance or you could accrue fees. Secures credit cards are good only if they do not charge you set up fee and annual fees. When you get your credit card do not carry a balance over to the next month and keep your spending to no more than 1/3 of credit line example $100.00 credit line $25.00 spending monthly and payoff monthly. Soon they will increase you line of credit usually within 3-6mos.|||500.00|||my stepdaughter had a $300 limit on her first credit card.|||My first one was $500 so yours should be around there. It goes up really fast if you pay your balance off every month without any delays. This will improve your score dramatically. Maybe the article below will help you....|||the minimum is usually $300 for bank cards and for store cards it can be $100. It depends on the current situation. Even though you have no credit right now they consider your income and monthly obligations. Just keep paying on time and keep everything under control and it will increase in no time.|||probably around $500.00, but if you manage your credit wisely you will quickly be able to get more credit, be careful and don't get in over your head, you should read this article on building your credit, http://www.monitorbankrates.com/how-to-b鈥?/a>

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