kingston Posted August 25, 2011 Report Share Posted August 25, 2011 just wondering, currently how much available credits do you guys have on your credit cards? I dont work and I have only $1000. I've had my card for over 1 year now, I use it for big purchases and to pay online bills. I've never been charged interest for paying late, so i was just wondering, should I ask for an increase? And currently I'm in my UG and was wondering if i increase it now would it benefit me later on when i need a huge loan? Link to comment Share on other sites More sharing options...
tigars53 Posted August 25, 2011 Report Share Posted August 25, 2011 just wondering, currently how much available credits do you guys have on your credit cards? I dont work and I have only $1000. I've had my card for over 1 year now, I use it for big purchases and to pay online bills. I've never been charged interest for paying late, so i was just wondering, should I ask for an increase? And currently I'm in my UG and was wondering if i increase it now would it benefit me later on when i need a huge loan? You can always ask for an increase. If you've got a good record, they'll usually bring you up by like 250-500$. If you wait till you get into medecine however, banks give you a GOLD credit card (5k limit) free of charge for 3 years. Link to comment Share on other sites More sharing options...
future_doc Posted August 25, 2011 Report Share Posted August 25, 2011 And be careful as the rate of interest on credit cards is prohibitive. You really should only be using the credit card for expenses that you can afford to pay in time each month, otherwise, you risk building up debt for no reason. Link to comment Share on other sites More sharing options...
Leon Posted August 25, 2011 Report Share Posted August 25, 2011 I asked for a limit increase from 1K to 2K. They offered 2.5K so yea it depends on your credit history. Link to comment Share on other sites More sharing options...
psychoswim Posted August 25, 2011 Report Share Posted August 25, 2011 I asked for a limit increase from 1K to 2K. They offered 2.5K so yea it depends on your credit history. I asked to take mine from 1.5 to 2K. I don't need more than that at once. If your credit history is good they'll increase it. Link to comment Share on other sites More sharing options...
Applemanv3 Posted August 25, 2011 Report Share Posted August 25, 2011 2 years ago, I asked mine to be reduced as a preventative, self-control measure. I never over-used my credit card, but having a lower ceiling makes you think twice about even the "needs" purchases. My point is get it increased when you absolutely have the need. Otherwise, it would serve no beneficial/useful purpose. Link to comment Share on other sites More sharing options...
future_doc Posted August 25, 2011 Report Share Posted August 25, 2011 ^ so true. Link to comment Share on other sites More sharing options...
fornix Posted August 25, 2011 Report Share Posted August 25, 2011 Technically speaking, It is better to have a higher credit limit. You credit score is influenced by the ratio of total used credit to total available credit. Lower ratio means better score. Link to comment Share on other sites More sharing options...
LostLamb Posted August 26, 2011 Report Share Posted August 26, 2011 Mine is constantly being raised and I always ask for it to be lowered. Kind of the opposite problem! lol Link to comment Share on other sites More sharing options...
feversugar Posted August 26, 2011 Report Share Posted August 26, 2011 Wow, my credit card started out at 2000$ limit when I first got it (last year, 18 years old) I'm positive you can get it increased if you ask for it. Link to comment Share on other sites More sharing options...
Discourse Posted August 26, 2011 Report Share Posted August 26, 2011 I recently registered for a BMO Airmiles Mastercard, and was offered a $3000 credit limit. My previous RBC Classic Visa has a limit of of $6000 with no yearly fee. Link to comment Share on other sites More sharing options...
Jochi1543 Posted August 26, 2011 Report Share Posted August 26, 2011 The first year I had a credit card, my bank was super-stingy, and the few times I called to raise it by like $100-200 just because of buying expensive airplane tickets, they were very willy-nilly about raising it. Then once I had held a job and paid my bills on time for a year, they started constantly calling me with offers to raise my limit. When I applied for my mortgage, I was glad that I had taken the first few increases, as my banker told me that the more credit you have available and the less of it you use, the better it looks on credit applications. After it went up to like $15K, I've stopped accepting any further offers to increase it - which continue to come in every few months - bizarre given that I haven't worked for 2 years! I use my credit card all the time just to get CashBack, but I pay it off with my LOC every month. Link to comment Share on other sites More sharing options...
thatonekid Posted August 26, 2011 Report Share Posted August 26, 2011 Mine is constantly being raised and I always ask for it to be lowered. Kind of the opposite problem! lollol. Same with me. Link to comment Share on other sites More sharing options...
Erk Posted August 27, 2011 Report Share Posted August 27, 2011 $500. I can use it for online purchases without being worried about fraudsters, and I am never shocked by the depths of my credit debt. Link to comment Share on other sites More sharing options...
Renin Posted August 27, 2011 Report Share Posted August 27, 2011 $500. I can use it for online purchases without being worried about fraudsters, and I am never shocked by the depths of my credit debt. Me too. Link to comment Share on other sites More sharing options...
The Ace of Spades Posted August 27, 2011 Report Share Posted August 27, 2011 Technically speaking, It is better to have a higher credit limit. You credit score is influenced by the ratio of total used credit to total available credit. Lower ratio means better score. Correct. A large component of your credit score is based on this ratio, which should ideally be 10%. So using up $400 on a $1000 credit limit isn't as good as using $400 on a $4000 credit limit. And this is based on your total credit limit of all your cards. And for the record, I have two cards - a Visa with a limit of $3800, and a Mastercard with $3500 (for a total of $7300). Link to comment Share on other sites More sharing options...
Mithril Posted August 27, 2011 Report Share Posted August 27, 2011 The guy at RBC gave me a card with a $5k limit when I got my LoC. Link to comment Share on other sites More sharing options...
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