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I'm not sure if income is a function to decide the credit limit as I'm not sure how the credit card vendor or bank could verify income in the first place.
Mine is $40k+ limit.... its the same card I've had since I started college. Never asked for a limit increased. I don't think I've ever had more than $4k in it at any period of time.. usually between $500 to $1000. My first card had a $1000 limit when I was a struggling college student. That limit looked scary back then.
It would take a pretty big emergency for me to use a significant portion of that credit. I have another that I use that's $12k limit with points for online purchases. Usually paid off at the end of each month.
I'm not sure if income is a function to decide the credit limit as I'm not sure how the credit card vendor or bank could verify income in the first place.
Well they usually ask for your income on the application. If you default and they find out you lied on the application, I'd imagine that could really hurt you in court...
Well they usually ask for your income on the application. If you default and they find out you lied on the application, I'd imagine that could really hurt you in court...
They do ask but there is no confirmation mechanism and I'd guess it would be entered higher rather than lower.
I used to before my bk. My brother does and my mother did. My very rich ex had the centurion card. When I saw the yearly statement of charges we did I almost passed out
first off: you can't really request a credit limit.
2nd why do you feel you need $20k of credit?
I currently have over $70k in credit across 10 credit cards and will begin closing many of them even though that will negatively affect my 760 FICO score (don't use them, don't need them).
most kids graduating from college don't have any FICO score and might have trouble acquiring a credit card, let alone getting 2 cards with a total of $20k credit. That is a recipe for disaster for you as a consumer who will be required to pay back those credit card bills and for the bank who must carry the risk not getting paid back.
do you have a FICO score?
the easiest way for kids to establish a FICO is for their parents to give them an extension card to an existing line of credit such as walmart or target for roughly 6 months.
Wow! Some of you have amazing limits on your cards! I have one credit card and the limit on it is $15k which I think is ridiculously high for me (I could never charge up that much and comfortably pay it all off in a month). Oh course I suppose my idea of how one should use a credit card and the bank's idea are two vastly different concepts (I won't carry a balance and they want me to).
first off: you can't really request a credit limit.
2nd why do you feel you need $20k of credit?
I currently have over $70k in credit across 10 credit cards and will begin closing many of them even though that will negatively affect my 760 FICO score (don't use them, don't need them).
most kids graduating from college don't have any FICO score and might have trouble acquiring a credit card, let alone getting 2 cards with a total of $20k credit. That is a recipe for disaster for you as a consumer who will be required to pay back those credit card bills and for the bank who must carry the risk not getting paid back.
do you have a FICO score?
the easiest way for kids to establish a FICO is for their parents to give them an extension card to an existing line of credit such as walmart or target for roughly 6 months.
This is something I'd advocate against doing unless you are going to spend an extensive amount of time teaching and coaching your kid on the world of finance and you yourself have to be somewhat knowledgeable in the area. Absent that all you are doing is creating a situation where your kids would get into more trouble with a false credit history that they didn't have the responsibility of creating
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