Never had a credit card before just applied for my first one, through my bank and they gave me a credit limit of $6,000. That seems weirdly high to me, no?
2007-04-12 02:32:02 · 10 answers · asked by Very Nice Indeed! 1 in Business & Finance ➔ Personal Finance
no, just be careful with it. I have a few cards that have limits up to 15,000.
If you are not comfortable with this high limit call the credit card co and they will reduce it for you.
If you have good self control and are responsible and will not run the bill up leave the limit alone. You will have a higher credit score if the amount you owe on your card is significantly less than your available limit.
2007-04-12 02:36:59 · answer #1 · answered by ♥..It's Me..♥ 3 · 1⤊ 0⤋
No thats good as usually people start lower. Sometimes they will give first timers a high rate because statistically first timers will screw up and they can hit you with lots of interest. Odds are it's a mistake and you should consider yourself lucky regardless.
If the interest is high right now (say 15% plus or even 28%) thats OK right now. Because if you only use it for things that you can afford to pay on the next bill it won't matter. After a period of time you can call them and say you want the APR lowered or you can apply for a better card.
So now is your chance. Good credit means everything. Better rates when buying a car or better car insurance rates. Renting or buying a house. Good credit will save you untold thousands over time. It's easy to suddenly owe a couple of thousand and then be paying high interest and have a hard time breaking out of it. So use it wisely! One of the number one things is to not carry it around and have to go home and get it when you want something...... so no impulse buying.
2007-04-12 02:56:49 · answer #2 · answered by jackson 7 · 0⤊ 0⤋
Well for a starting amount that does seem a little high however your banking history and credit report with this bank in question as it relates to you says that they think they can trust you not to make any major mistakes.
Be careful spend little and always be able to pay the full amount due every month and you will have no problems you can not solve with a phone call.
The reason that the bank in question thinks they can trust you is because whoever/whatever has guided your financial decisions has enabled you to avoid problems they are used to people of your age group making.
Also if you have a parent or legal guardian of yourself as a cosigner their credit report may also play a contributing role to how much they are willing to lend you.
2007-04-12 02:49:21 · answer #3 · answered by demonicunicorn 4 · 0⤊ 0⤋
Don't draw that much money. It will, quite likely, put you in an undesirable vicious circle, if you don't pay up early, "well within," their "prescribed" schedules. In case of many credit cards, the "minimum payment option," becomes the root bait. Credit cards of branded companies/banks, are generally a good tool, in very wise and intelligent hands, alone.
2007-04-12 02:44:09 · answer #4 · answered by Sam 7 · 1⤊ 0⤋
you must have a good credit score to be able to obtain such a high credit limit with your first card......be careful and read the fine print as far as APR and late fees though. The bank makes LOTS of money on people who overextend their credit!
2007-04-12 05:06:39 · answer #5 · answered by karen h 3 · 0⤊ 0⤋
What is the interest rate? Often times banks will give high credit limits with high interest rates.
2007-04-12 02:40:32 · answer #6 · answered by Gen 3 · 1⤊ 0⤋
It does seem pretty high for a beginner, but maybe they felt your income and your record of paying your bills qualified you for that much.
For an established card that's been around a few years and paid regularly, that or even a much higher limit would be very normal.
2007-04-12 02:43:41 · answer #7 · answered by Judy 7 · 2⤊ 0⤋
Call them now before you spend that much and get that limit lowered. They like to give higher balances to young inexperienced card holders so they can get fees and extra money from you--it's how they make their money. In the mean time we all get deeper in debt!! Before you call and talk to them, figure out how much you can pay back easily if it ever got maxed out and do not go over that limit.
2007-04-12 02:37:55 · answer #8 · answered by Krys M 2 · 1⤊ 0⤋
Depends on how much you make. it's good anyway, because your credit score partly depends on the amount of credit you have used versus the amount you have available to you. plus, you won't have to worry about going over your limit. just stay outta nordstrom's, eh?
2007-04-12 02:43:26 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Its a good amt. But yes a little high for a starter. I guess they trust u ...so enjoy.
2007-04-12 02:35:22 · answer #10 · answered by ydo 3 · 0⤊ 0⤋