High Limit Credit Cards Do Not Exist

nolimitsHow can we are saying excessive restrict bank cards don’t exist when some individuals clearly have excessive credit score limits on their playing cards? Observe our logic and you’ll perceive…

There aren’t any bank cards available on the market that assure you’ll get a $5,000 or $10,000 or $20,000 and even increased credit score restrict if you’re authorized. As an alternative, card issuers reserve the best to approve you and offer you no matter credit score restrict they select. Take a look at this paragraph from the Citi Double Cash Card’s terms & conditions:

Your credit score restrict shall be decided based mostly on the next:

– Your annual wage and wages
– Another annual earnings
– A overview of your debt, together with the debt listed in your credit score report

We’ll inform you of your credit score restrict whenever you obtain your bank card. Some limits could also be as little as $500.

In different phrases, it’s possible you’ll get a excessive restrict on a bank card IF you’ve got the earnings and credit score historical past vital to point out you may deal with a excessive credit score restrict with out being at excessive danger of default. Actually, card issuers love giving excessive credit score limits to clients who’ve proven they’re large spenders and have the flexibility to pay for all these purchases.

However… is that you just? Not if in case you have a historical past of paying your bank cards late, or defaulting on a bank card altogether. Not in case your earnings is low.

So, if you happen to’re looking for a bank card recognized to supply excessive credit score limits, that card doesn’t exist. Nevertheless, we have now recognized bank cards to offer limits as excessive as 20% of your earnings if in case you have credit score historical past. In case you don’t have credit score historical past? Effectively, cease searching for a excessive credit score line that’s more likely to get you in hassle anyway and begin constructing a stronger credit score document. When you do, the upper credit score limits shall be supplied to you with out you even having to ask.