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New Member
Posts: 11
Registered: ‎04-21-2013
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US Bank Platinum Visa Card Low Limit

[ Edited ]

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?

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013

Re: US Bank Platinum Visa Card Low Limit

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.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Contributor
Posts: 667
Registered: ‎09-18-2011
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Re: US Bank Platinum Visa Card Low Limit

I agree with enharu as well!  You should keep the card and it will grow with time!



Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

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