Re: What factors used to determine credit limit?[ Edited ]
09-07-2012 10:45 AM - edited 09-07-2012 10:46 AM
I don't think income has too much to do with it, atleast with chase and citi. My credit limit with chase is 20% of my income (and I only make 12500 a year) and citi gave more more than %40 of my income!
capital one on the other hand, %6 of my income is the limit, and even with their yearly review, I don't qualify for a CLI
Yes income has a lot to do with your CL, sure it doesn't do much when your just rebuilding or starting out with credit no one is going to give you more than a 2k CL no matter what your income is. But once you have established a good payment history and a decent FICO score, your imcome will stand in the way of getting high CL cards. Who is going to give you a 25k CL when th even the minimum payment is more than your net take home pay for the month.
Sockdrawer: Paypal Extras MC 3.2k, CapOne 2k, CapOne 750, Amazon 3.9k, Sams Club store 4.8k, and a nice stack of store cards.
Last APP 5/16/2013