topic Re: Specifically Apply for Low Limit Card in General Credit Topics

Specifically Apply for Low Limit Card

Anonymous — Sun, 01 Jul 2018 00:19:30 GMT

My credit score is high 700s. I need a credit card with a low spending limit in my name, preferably $250. How do I accomplish this?

I'm asking because I'm under the impression most credit card companies approve you for the maximum risk they're willing to accept. I've never had a lower limit card and don't know how to make it happen. Is a secured card the way to go?

I appreciate any guidance.

Re: Specifically Apply for Low Limit Card

Anonymous — Sun, 01 Jul 2018 00:44:43 GMT

Not sure why you would want a low limit card. Do I assume you have no credit cards at all?

Re: Specifically Apply for Low Limit Card

Jnbmom — Sun, 01 Jul 2018 00:54:37 GMT

@Anonymous wrote:
My credit score is high 700s. I need a credit card with a low spending limit in my name, preferably $250. How do I accomplish this?

I'm asking because I'm under the impression most credit card companies approve you for the maximum risk they're willing to accept. I've never had a lower limit card and don't know how to make it happen. Is a secured card the way to go?

I appreciate any guidance.

???

Re: Specifically Apply for Low Limit Card

Anonymous — Sun, 01 Jul 2018 01:00:25 GMT

@AnonymousMy credit score is high 700s. I need a credit card with a low spending limit in my name, preferably $250. How do I accomplish this?

Simply apply for whatever card you want, then call and request a CLD (credit line decrease) to the lowest amount they'll allow you to go to if that's what you want to do.

Like the others, I'm curious as to why you want an ultra low limit card. I wanted one once, but the only reason was for FICO score testing purposes with respect to different utilization points.

Re: Specifically Apply for Low Limit Card

CH-7-Mission-Accomplished — Sun, 01 Jul 2018 01:56:19 GMT

I would not just open a card for whatever a lender will give me and ask for a credit limit decrease. It can be seen as a negative by somebody reviewing your reports since it will show the current limit and then that it was much higher. I would just contact (any) credit union and tell them you want a $250 limit card. That might be too low for some of them to bother with.

I could imagine wanting a low limit card if you you wanted to add an authorized user (like a college age kid) or if you want a card to use on the Internet where somebody couldn't charge $10K and then you have to dispute it and fight to prove it's not yours.

Re: Specifically Apply for Low Limit Card

Anonymous — Sun, 01 Jul 2018 02:04:12 GMT

US Bank 😀. Notorious for $500 cards.

Re: Specifically Apply for Low Limit Card

Anonymous — Sun, 01 Jul 2018 02:24:33 GMT

Citi DC my SL was $500 you might get lucky.

Re: Specifically Apply for Low Limit Card

Anonymous — Sun, 01 Jul 2018 03:40:43 GMT

@CH-7-Mission-Accomplished
I would not just open a card for whatever a lender will give me and ask for a credit limit decrease. It can be seen as a negative by somebody reviewing your reports since it will show the current limit and then that it was much higher.

I don't think that's the case. If the OP were to get approved for a card for a higher limit, if he were to immediately call the creditor and state that he was just approved for X limit but only needs to card with Y limit (whatever the lowest is they'll go) they would make the adjustment to the account immediately, long before it reports the first time to the bureaus. When the account shows up it will have the low limit from the very first reporting, so no one would else outside from the OC would ever know that the account had a manual CLD request.

Until the OP stops back in to shed some light as to why he's seeking a low-limit CC we can't offer up any further solid recommendations really.

Re: Specifically Apply for Low Limit Card

Anonymous — Sun, 01 Jul 2018 09:04:56 GMT

@CH-7-Mission-Accomplished wrote:
...
I could imagine wanting a low limit card if you wanted ...a card to use on the Internet where somebody couldn't charge $10K and then you have to dispute it and fight to prove it's not yours.

This is close to the correct answer. I have to do business with a vendor that maintains a monopoly as well as a reputation for overcharging customers. I need to minimize my risk of egregious unapproved charges. Disputing them is a hassle, stressful, lenghty process and not how I chose to spend my time. I absolutely can not risk handing this vendor a high limit card. Yet, I have no other option and can not simply "take my business elsewhere".

I want a credit card with a low limit where any outrageous charges will be declined immeadiately. Thanks so much for the considered responses thus far.

Re: Specifically Apply for Low Limit Card

Anonymous — Sun, 01 Jul 2018 10:35:21 GMT

Why not just open a secured card? Where you set the limit based on your deposit. You’d have to tie up $250 of your own money, but it seems your main concern is the hassle and time involved, so that may be ok.

Another option would be a reloadable Visa card. Not sure if that could be used for what you need.

Re: Specifically Apply for Low Limit Card

Anonymous — Sun, 01 Jul 2018 18:02:59 GMT

Do you have to use a credit card? Get all invoices in writing and use cash or check.

Re: Specifically Apply for Low Limit Card

joltdude — Mon, 02 Jul 2018 00:48:02 GMT

You could intentionally get a AU card with a spending limit....(Costco Visa and Amex come to mind)

Other trick would be use a virtual card number such as Citi still offers....

Also id talk to your primary bank and a CU if they have any suggestions.......

-J

Re: Specifically Apply for Low Limit Card

Anonymous — Mon, 02 Jul 2018 04:20:31 GMT

I like the idea of using a Visa gift card. Simply fund the card with a few bucks more than you need for the purchase. This way you can't get hit with any unexpected charges. I use this method for my $1 CCT trials and it works like a charm.

Also, I'm not sure if this is possible, but perhaps you could contact your CCC and let them know that you're going to have a purchase coming through from X vender for Y amount and see if there's any sort of security they can implement that would prevent a second transaction from X vender or one that would prevent Y amount from being exceeded.

Re: Specifically Apply for Low Limit Card

Cookiegrabber — Tue, 03 Jul 2018 08:12:41 GMT

Same here, I'd also recommend a prepaid or gift card since you can control how much money is in there. The few bucks in fees should be cheaper than the time spent asking around, applying, waiting... Maybe even getting HPed for nothing. Even a debit card for an idle checking account if you can make sure your bank won't approve with overdrafts.

Re: Specifically Apply for Low Limit Card

AverageJoesCredit — Wed, 04 Jul 2018 23:02:54 GMT

Apply for a Discover ....or a Citi card

Re: Specifically Apply for Low Limit Card

Anonymous — Thu, 05 Jul 2018 10:09:28 GMT

The vendor requires a card on file, so cash/checks aren't an option.

Thanks everyone. The gift card was an especially good idea. I found a debit card for a dormant checking account where I maintain a very low balance. The card is a year old and I never activated it.

Called the bank, activated the card and had overdraft protection removed. Any charges in excess of funds I add to the checking account will be declined.

Re: Specifically Apply for Low Limit Card

Anonymous — Fri, 06 Jul 2018 05:11:19 GMT

Capital One Secured. $49 for a $200 limit. Even if you get a CLI it'll be stuck at $500 for years.

BOA still lets you do the virtual credit card numbers where you set your own limit. I use that for things that want to do automatic renewal payments like USPS because I have trust issues.

Re: Specifically Apply for Low Limit Card

arkane — Fri, 06 Jul 2018 05:42:15 GMT

I think you should apply for a BoA card, they have a feature called ShopSafe that allows you to generate a virtual card along with a preset spending limit. Sounds like the perfect match for what you're looking for. Best part is you can keep whatever original limit is on the card and just generate a low limit virtual card.

Re: Specifically Apply for Low Limit Card

Anonymous — Fri, 06 Jul 2018 19:42:30 GMT

Exactly what I was talking about.

You can also set it to expire within 2 months or cancel the number whenever you want so you can't be double charged for something you cancelled.
10k limit on your reports and a $20 limit for your enemy.

wrote:
I think you should apply for a BoA card, they have a feature called ShopSafe that allows you to generate a virtual card along with a preset spending limit. Sounds like the perfect match for what you're looking for. Best part is you can keep whatever original limit is on the card and just generate a low limit virtual card.

Re: Specifically Apply for Low Limit Card

Cookiegrabber — Tue, 10 Jul 2018 05:54:05 GMT

@AverageJoesCredit wrote:
Apply for a Discover ....or a Citi card

I see what you did there!