About credit cards?

Question

I was wondering if a person has good or understanding credit what is the maxium about of credit would that person get from a credit card?

Answer 1

It depends.
It all has to do with your willingness, history and ability to pay it back. No one loans money if they don't believe they'll be paid in full, with interest.
Most times, the first credit card someone gets (in the US) will have a $500.00 limit. If that card has been used, paid timely, and never been late or over-limit, then the next card will be in the $2,500.00 range. Again, that could leverage to $10,000.00 in a few years.
The highest card I have (after 35 years of paying with never missing a payment, or going over my credit limit) is $25,000.00. But I've heard of people with credit cards having $100,000.00 or more on them.
I wouldn't be issued one like that, because the banks know I couldn't reasonably be expected to make the payments on a card that high.
The other thing I'll tell you is DON'T use a credit card as a source of money. It isn't. It is merely a convenient tool for moving money about.
If you need a loan, don't borrow on a credit card. Borrow against some legitimate, tangible asset. (Real estate, a car, etc.)
Only use a credit card as a tool to make an easy purchase.

Answer 2

If you have a good credit score of over 640, you may get a starting credit limit of $5,000-$10,000 depending on income and debit to income ratio. If you pay all bills on time and are not late on payments with other creditors (credit bureaus files are assessed) then your limit would be raised every year.

Most established people have limits in the $20,000 range. Even the "no credit limit" cards actually have a floating one that is determined by a credit analyst and bank guidelines. If you are just starting out with credit, then $500 to $1000 is the credit limit.

Secured cards are also in this range, but the credit limit is also determined by the deposit.

Answer 3

Well, I think you are thinking about it wrong. Just because a credit card might give you a 25000 limit, that doesn't mean you should go out and rack up 25G in expenses. You would be completely SCREWED. But to answer your question, it depends on the individual, they might start a youngin out at 1000, some people will have 15G, or 25G, or even more. It depends on your credit and income, mostly your credit history.

Answer 4

I don't know if there is any maximum. The companies often keep raising the limit if you're a good customer and pay your bills, and they can go well into the tens of thousands on each card.

Answer 5

I have some worth 10000 dollars.