04-23-2013 07:49 PM - edited 04-23-2013 07:58 PM
I just received a US Bank Card with a low credit limit of $500. I applied for this card in an effort to get rid of all my low limit cards. I just cut them all up and cancelled them thinking the days of ridiculously low limit cards are over.
My credit score is 723, yet US Bank enclosed a score that read 666 (from a month ago - due to over 50% utilization rate - I paid it down to 17% and my credit jumped to 723 - another discussion...). I have perfect payment history over three years as well.
Anyway, Im very disappointed in this low limit card, which is useless unless I want to go over 50% utilization. I have 4 cards and they are all in the range of $1500-$3000. Not sure why the low limit.
My question is, do I cancel this card so I do not have a low limit card on my credit report or do I wait six months and ask for a limit? Does anyone know the maximum limit they will go to after six months?
04-23-2013 08:14 PM
1. there's no reason to cancel this card.
2. if you want to ask for a CLI, you can do so right now I think. It will just be another HP.
3. they gave you a low limit because of your scores and high utilization most likely.
4. US Bank does auto CLIs.
04-23-2013 08:18 PM
I agree with enharu as well! You should keep the card and it will grow with time!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.