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Credit card Q&A: “What credit card limit can I get?”

Consumers are often curious about what they’ll qualify for in the way of a credit card, if approved at all.

Unfortunately, it’s always a bit of a mystery until after you apply and receive your credit card (and its related terms).

But you can certainly clue yourself in a bit before you apply.

Credit card issuers tend to look at two main things, including your credit score and your income.

It used to be household income, but now it’s just your income, since living with your wealthy parents doesn’t necessarily mean they’ll pony up if you can’t pay your debts.

Credit card companies also ask for employment information (and schooling prior to that) to get a better idea of what you make, considering the fact that you simply state a number on the credit card application.

They then take this information and look at it alongside your credit score, along with the information in your credit report, to determine your credit card limit.

Lower Credit Scores and Income = Lower Credit Card Limits

Generally, those with lower credit scores and lower gross annual income will receive lower credit card limits, and vice versa.

So a consumer with an average credit score and low income who applies for a credit card may receive a $3,000 credit card limit, while a consumer with an excellent credit score and higher-than-average income may receive a $25,000 credit card limit.

Of course, it’s hard to just say you’re this, so you’ll get that.

The takeaway is higher income and credit scores equals higher credit card limits.

Additionally, those with limited credit history will see lower limits than those with proven track records of supporting large amounts of debt, so understand that it takes time.

Keep in mind that charge cards don’t have a pre-set spending limit, but must be paid in full each month.

Tip: Having a lot of outstanding credit card debt can lower your credit score, so it’s best to keep balances to a minimum, regardless of your credit card limit.

Most checking accounts have certain fees and charges that you need to know about. These fees and charges can be associated with the regular use or maintenance of the account or they can be charges that you might incur in the event that you are unable to keep the minimum maintaining balance or when you write a check for an amount more than what is available on your account. A lot of individuals today make the mistake of not checking what fees and charges they might need to pay for, which often results to unexpected and unnecessary expenses. To make sure that you would be able to avoid paying hidden fees and other charges on your checking account, read on for some pointers.

First off, when you apply for the checking account and before signing the agreement, make sure that you have read all the terms and conditions. These would usually have information about the kinds of fees and charges that are associated with the account. Read more…

A new study from credit analytics company SubscriberWise revealed that less than two tenths of one percent of the scorable population achieved the highest possible Fico score.

So just who are these consumers with 850 Fico scores anyways?

Well, the company found that the median age of these credit-elites was 61, having a birth year all the way back in 1950.

The oldest person to achieve credit score-perfection was born in 1922, while the youngest was born in 1967.

In other words, it takes a while to achieve a perfect credit score, even if you’re doing everything right.

(See my credit score range.)

This probably has to due with the fact that credit scoring takes into account the length of a consumer’s credit history, including the age of their oldest account on their credit report, whether it’s opened or closed.

So you really need to build your credit history early on to ensure you have excellent credit in the future.

Simply paying bills on time, keeping balances low, and applying for new credit sparingly won’t be enough for that perfection you seek.

Some gray hairs also seem to be a necessity…

For the record, the SubscriberWise study was based on data from a quarter of a million credit reports, so it seems pretty thorough.

Tip: How to raise your credit score.

(photo: Bruce Berrien)

The Visa Credit Card Scam has been around for a while, but there is renewed interest in this type of scam. It is unclear whether any Visa credit card scam has made its way to the UK, but it is imperative to report all types of scams to ensure you are prepared.

How the Scam Works

The scam begins with a phone call that states they are from the security department of your credit card company. They will tell you they are Visa, MasterCard or whatever card you may hold. They will not tell you they are the issuing company such as Barclay. This should set off warning bells because you always converse with the issuing company rather than Visa or MasterCard. The person will quote some details, perhaps even a badge number to be more convincing of who they are.

The person on the phone will tell you that transactions have been flagged given your purchase patterns. They will ask if you bought similar items or a particular item from a company.

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The Best Buy Credit Card is designed for to meet the needs of those that shop at Best Buy. This card can be used at Best Buy store locations and online. As a cardmember, you will receive special promotional finances offers and you will earn points for your purchases. There is no annual fee with this card. This card is issued through Chase Bank or HSBC.

As a member of the Reward Zone program you will earn 1 Point for every $1 you spend on qualifying purchases when you show your membership card at the time of purchase in store at Best Buy, or when you enter your membership number online for BestBuy.com purchases. Points will post to your account approximately 30 days from purchase date, delivery date or shipment date. For every 250 points you earn in the Reward Zone program, you will be eligible to receive a Reward Certificate redeemable for a $5 discount off your future qualifying purchase at participating Best Buy retail store locations or at BestBuy.com.

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