Credit Cards and Credit Scores

[Langlo Family]

Does anyone know of a way to find out a general idea of what amount of credit line you will get for what your credit score is? It would just have to be an idea. For instance, I am wanting to pay all my bills with a credit card and pay off the balance every month. I have made mistakes in the past, so my credit isn't excellent, but I just wanted to see if I could get a credit line for at least what my monthly expenses were. Any ideas?

[sweeps]

Re: Credit Cards and Credit Scores

Every company is different. You might be eligible for only a $300 credit line at one company and maybe $5,000 at another company. Other factors beside your score will likely come into play too. For example your income and the credit lines on other cards you may have.

[disneysteve]

Re: Credit Cards and Credit Scores

Every company is different. You might be eligible for only a $300 credit line at one company and maybe $5,000 at another company. Other factors beside your score will likely come into play too. For example your income and the credit lines on other cards you may have.

This is true. The last card I got was the Disney Visa several years ago. They gave me a whopping $500 limit even though I've got top notch credit and a 6-figure income. My 2 other main cards have $27,000 and $32,000 limits.

[Mr. Furley]

Re: Credit Cards and Credit Scores

yes, it is really up to each individual company.

[Langlo Family]

Re: Credit Cards and Credit Scores

Is there a way to talk to them and find out before they run your credit? I need a limit of around 1,000. But don't want them to run my credit and find I can only qualify for 500. Then I would have to apply for another one which again, would run my credit and eventually bring down my score.

[Mr. Furley]

Re: Credit Cards and Credit Scores

Is there a way to talk to them and find out before they run your credit? I need a limit of around 1,000. But don't want them to run my credit and find I can only qualify for 500. Then I would have to apply for another one which again, would run my credit and eventually bring down my score.

What you can try to do is get approved first, and when they tell you you're approved, ask for a credit line increase at the same time. I know a lot of people do that.

[disneysteve]

Re: Credit Cards and Credit Scores

Is there a way to talk to them and find out before they run your credit?

I would think it is running your credit that lets them determine what limit to give you.

Maybe someone over at creditboards.com can answer this one. All the credit score junkies are over there.

[rwillard]

Re: Credit Cards and Credit Scores

It's very difficult to predetermine a credit limit prior to submitting an application for a card. Generally speaking, one strategy is to call the card issuer directly and actually tell them what type of limit that you are seeking and the amount that you intend to transfer to the card. The idea is to tell them upfront you want to do a transfer of X dollars and they will be more inclined to do it than merely basing their credit limit on traditional credit scoring methods, letting their own greed get the better of them.

From my personal experience, however, you rarely, if ever get a credit limit that you're really looking for. While I'm not advocating lying, I would encourage you to stretch the truth by significantly "overestimating" the credit line that you actually need and the amount of money you'd like to transfer. The card issuer will no doubt come up with their own number but hopefully it will be more in line with the credit limit you were hoping for.

[neatdesign]

Re: Credit Cards and Credit Scores

What you can try to do is get approved first, and when they tell you you're approved, ask for a credit line increase at the same time. I know a lot of people do that.

Again, depends on the company. Capital One generally will not give a credit limit increase for the first six months to a year. I'd heard of CapOne customers going up the chain of command demanding one but they're rarely given out. CapOne is just stingy that way.

One thing that COULD affect the outcome -- POSSIBLY -- is if you submit a balance transfer request with your application. Since they'd automatically be taking on business, with a high percentage chance that it won't be paid off before the intro rate expires, they MAY try to accommodate as much of the BT as possible. But again, that probably depends on the company.

In my opinion, it's a total crapshoot. There's really just no way to know for sure until you apply.

~ Jenney

[kv968]

Re: Credit Cards and Credit Scores

Here's a great link that gives you an idea of what level and type of credit people got with their credit scores:

http://creditboards.com/forums/index.php?autocom=creditpulls

[Langlo Family]

Re: Credit Cards and Credit Scores

Thank you. That website definitely helps.

[vsjhoc]

Re: Credit Cards and Credit Scores

What you can try to do is get approved first, and when they tell you you're approved, ask for a credit line increase at the same time. I know a lot of people do that.

Worked for me. They offered $5,000; I asked for $10,000 and got it.