Answers
I got my first credit card a couple years ago via Bank of America, and my current credit limit is $9000. Since I don't have any experience with credit cards in the past, I'm wondering if this is good or not? Is there anyway I can increase this limit? What do most credit card limits start at?
9000 is a very good credit limit, definitely dont try to increase it because that puts an inquiry on your credit report which causes your FICO to lower. most people think the higher their limits the better their credit and this isnt true(it does effect it slightly but there are far greater ways to raise FICO).
one thing to definitely keep in mind is that if you feel you will never need 9K limit; call and get it lowered, this doesnt hurt you at all and is a good idea to protect yourself from identity theft. people get these ridiculous credit limits and dont realize how appealing that is to ID theft.
but to answer your question the best way to increase it without putting an inquiry on your credit report is simply to not use the card at all and leave it with a 0 balance.
different credit card companies have different standards and different mediums for credit limits. Bank of America and American Express are known for having really high limits, while Discover card is known for having more conservative limits.
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I know that applying for a new card will reduce my FICO, and that increasing credit limits (while keeping debt amounts constant) will increase my score - but this would not be the case if requesting the increase in credit limit is treated as a new credit card application?
Depends. Some banks do a hard pull on your reports and check your scores which is called a hard pull. Sometimes they do a soft pull. A hard pull is a new inquiry on your report just like a new application and has to be authorized by you. A soft pull isn't a new inquiry and can be done by your card companies periodically. Soft pull is like account maintainance. Chase always does a hard pull as far as I know for CLI. When you request your CLI, ask them to do a soft pull and not a hard pull and see if they will do that. I tried this with RBS, they dont do soft pulls. Capital One and HSBC did and increased my credit without a hard pull. Cards that offer automatic CLIs tend to do it via soft pulls. As long as it is not a hard pull, it wont count against your FICO scores. Read the difference in the following article.
http://credit-free-report.blogspot.com/2 007/12/hard-pull-vs-soft-pull.html
What would the average credit card limit be for someone who's 18 with no credit history? And also what would the credit limit be for someone who is 40 with good credit history.
This is a good question.
average credit limit per house hold is 21k, all combined credit cards
18 year old 300-750 per card
40 year old 5000 per card
I just got my first credit card and I was wondering how to increase the credit limit on it?
Can I max it out and pay the entire bill off each month?
Also, how can I get the limit raised and get my credit score increased as well?
Usually you should wait six months before calling a bank and asking for a credit line increase. Since this is your first card most banks won't give you one. Some have a policy that after six months of good payment history they will automatically increase your limit. For example an issuer specializing in cards for new credit and bad credit may initially issue a 300.00 limit. If you pay on time for specific amount of time they might raise your limit to 500.00. Usually the credit card company will tell you this to give you an incentive for paying on time.
If you want to increase your credit score don't max out or go near your credit limit every month. You should use around 40% of your credit limit. At the most 60%. If you max out your card every month it keeps your score lower because it looks like you could be a potential credit risk.
I called bank of america, they said they cannot raise my credit limit because I called and they said they cannot because I make $1200 a month. I spend my own card for my company and I only have $400 left to spend. How can I survive for the incoming months? Is $1200 a month a problem?
You would definitely have a problem getting that raised on your personal credit card. It sounds as though you are using this for your private business. Credit card companies will not consider your business income in relation to a personal credit card. Call Bank of America back and ask them if it is possible to apply for a Business Credit Card. You should have 2+ years within the business and be ready to report your personal earnings within the company and be ready to produce all tax filings. Hopefully this helps!
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