Re: Why is the credit limit so low?

Joe_Joe_Dancer · ‎04-10-2007

Hello all I am new to the forum, I recently applied for a credit card with BOA as well as my Credit Union. They both indicated that they could only give me a limit of $500 and told me that I would have to re-establish my credit. This was disturbing to me because I got a card four years ago that I used to re-establish my credit and have since had increases on that particular card. I also have a target card that I have had for about 10 years and have not had any problems. What is the issue with the low balances offers even though my score is fair? EX- 659 TU- 609 EQ- 631

Message Edited by Joe_Joe_Dancer on 10-29-2007 06:07 PM

bren39 · ‎07-22-2007

Depends on your scores, credit history, baddies and derrogatories and etc....

Which card are you referring to?

TU 662 EQ 644
EX 643

Joe_Joe_Dancer · ‎04-10-2007

BOA and my Credit Union, I feel upset that I paid all this money to repair my credit and now I feel insulted that I am being offered lower balances than I given as college student with no job.

jaybee · ‎03-18-2007

It depends on what you have on your credit file. Sometimes CC like to see that you are capable of handling a mix. If you only have 2 CC, from what you've said, that is not considered a mix.

One of your scores is a 609, to some that is not considered fair.

You have to check and see what bureau they used.

If at first you don't succeed... hang up and try again!!

fused · ‎03-12-2007

Joe_Joe_Dancer wrote:
BOA and my Credit Union, I feel upset that I paid all this money to repair my credit and now I feel insulted that I am being offered lower balances than I given as college student with no job.

Your scores suggest their might be some negative stuff on your reports especially TU. Any late payments or old collections? How about your CC balances, what is your util on each card and your cumulative util?

ksiss · ‎09-15-2007

It sounds like you may need more time for some past baddies to drop off your credit report. Other than that make sure your utilization is at an acceptable level.

TU: 766 EQ: 732 EX: 759 in April 08
Scores after securing a motorcycle loan:
TU: 705 EQ: 718 EX: 726 OUCH!!!!!

rbbyrbsn · ‎06-30-2007

at least apply for a personal installment to buy computer or something , auto loans and mortages help.

installment is how I got started in 2002 my grandmother co-signed for a $2000 24 month loan at 10.5% for a computer and was secured by the computer, that was Feb in April 2003 BoA sent me a offer gave me 1K interest was arourd 16% but had no AF,

then in june of 04 cap1 sends me a offer for 8.9 fixed I wasn't as credit savvy as I am now and cause my mother is a credit minmalist " you only need one credit card for emergencies" I closed my BoA,

ironicly BoA would've eventaly promoted my card, capy never will

People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS

concorduser · ‎09-18-2007

BOA is a very good card. They will give you CLI frequently. I would take the card from BOA even if it is for $500.00 as they will give you very good increases and BOA is prime card. Go for it.