highest credit limit for low income?

[Anonymous]

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@Peteyglad wrote:

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@Anonymous wrote:

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@Peteyglad wrote:

My experience is that someone can get roughly 40%-50% of their income with a clean profile so I would expect your cap to be around $5k - $6k. 

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You can easily exceed your annual income with credit limits. It's a bit scary to think about, but easily done.

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I was speaking more to the limit you can get on a single card vs an overall portfolio. 

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ahhhhhhhh. gotcha!

[Meanmchine]

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@HeavenOhio wrote:

What are your current cards and limits? And when were the cards opened? Do you have any baddies (late payments, collections, etc.) on your report?

With scores in the low 600s, you should look to be at or close to AZEO. That's where you leave a small balance on one card with the rest reporting zero. The balance is best left on a major card rather than a retail or charge card. And it should be a card where one is the primary user rather than an AU. Note that you don't have to pay interest to accomplish this. The balance should come from new charges. AZEO won't help your score in the long term, but it'll help you get every point available to you right now. If you search the forum for AZEO, you'll find lots of additional information.

Without additional information, I think your best bet might be a credit union (once your scores are optimized, of course).

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Sorry, but in this case I hve to diagree with HeavenOne.  AZEO is for higher FICO score catagories than yours OP. AEZO is designed to milk the FICO calculations for every last FICO point.  You apprear to be in a building / rebuilding stage and it more important that you establish a strong history credit history.  For best results try to keep each of your accounts at 0% - 9%. If you must carry a balance, do it on one card for less then 30%

Like AJC, I do not have a 6 figure income and my CLs are very managable for my level of earning. I carry small balances on 4 or 5 account for a total of 2% of my total credit lines. I dont do AEZO but my scores are healthy enough. Yours can be too in time.  Good luck

[Anonymous]

I've found that even though I'm a LIE, a good score ( + 2% util), gave me cards each exceeding 60% of my income and Discover more than my income w/in 3 CLI. YMMV.

[Anonymous]

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@Meanmchine

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Sorry, but in this case I hve to diagree with HeavenOne.  AZEO is for higher FICO score catagories than yours OP. AEZO is designed to milk the FICO calculations for every last FICO point.

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I disagree with you disagreeing with HO.  AZEO is not for "higher FICO score categories."  AZEO is designed to maximize the utilization sector of the FICO pie.  Contrary to your point, AZEO is actually least useful to thise with high FICO scores; if someone already has a 750-760 score, implementing AZEO to maximize score likely isn't necessary, as this person may very well be able to obtain the best products and rates already.  AZEO is a great practice for anyone that needs the most out of their score and that without question includes rebuilders.  An improved profile would only help the OP considering his situation and looking to obtain a CC with a higher SL.

[Anonymous]

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@Anonymoushi all,

trying to get some idea of whats the maximum credit card limit i would be able to get with a low income of say $13,000 a year?

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OP, I guess my question here is why do you feel you need a high [relatively] credit card limit if your income is $13,000?  By definition that means your spend on the card could only be in the hundreds of dollars each cycle (not thousands) so whether you have a card with a $1500 limit, $3000 limit, $5000 limit, etc. really isn't all too relevant based on your potential spend.  If you want a higher limit "just because" that's perfectly fine, we've all been there.  I'm just pointing out that it doesn't appear that you actually need a card with a limit that's say half your income level.

[Anonymous]

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@Anonymous wrote:

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@Anonymoushi all,

trying to get some idea of whats the maximum credit card limit i would be able to get with a low income of say $13,000 a year?

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OP, I guess my question here is why do you feel you need a high [relatively] credit card limit if your income is $13,000?  By definition that means your spend on the card could only be in the hundreds of dollars each cycle (not thousands) so whether you have a card with a $1500 limit, $3000 limit, $5000 limit, etc. really isn't all too relevant based on your potential spend.  If you want a higher limit "just because" that's perfectly fine, we've all been there.  I'm just pointing out that it doesn't appear that you actually need a card with a limit that's say half your income level.

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How is that germaine to the original poster? The OP asked about credit limits, not credit counseling.

[Anonymous]

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@Anonymous

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How is that germaine to the original poster? The OP asked about credit limits, not credit counseling.

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It's just a question and I feel a perfectly valid one considering the data points.  I've always taken the more conservative approach to these things and would hate to see the OP find himself in a position where he's got CC debt that he's unable to pay back.  If the OP doesn't want to answer what I asked, he doesn't have to and we move on with life.  No harm, no foul.

[BurgeoningHope]

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@Anonymous wrote:

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@Anonymous

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How is that germaine to the original poster? The OP asked about credit limits, not credit counseling.

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It's just a question and I feel a perfectly valid one considering the data points.  I've always taken the more conservative approach to these things and would hate to see the OP find himself in a position where he's got CC debt that he's unable to pay back.  (...snip...emphasis mine)

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There are reasons for wanting higher credit limits irrespective of one's personal budget. Signature, World Elite, Ultimate - there are real benefits there, but you generally have to have $5K and $10K minimum credit limits to get those benefits. How useful they are to someone of limited means is for them to decide based upon their own needs, not our assumptions of what they can and can't afford. 

Not everyone paddling for dear life in the low-income boat is there because they're foolish with their money. Most low-income folks are insanely thrifty, and can make a buck stretch a mile. They have to. I did when I was in that boat, and to this day live well below my means in most respects.

The OP did mention high util, in the 50% range. Let's ask why, and not assume the worst and make suggestions based on an assumption that the OP is poor with his/her money. It's quite easy to get there with low-limit / high-fee subprime cards, for example, or unexpected car repairs or medical bills. 

Cisco-NJ, the more details you feel comfortable sharing, the more helpful we can be if you're interested in problem-solving help. For info on credit limits for low-income borrowers, there are already some good answers here. I'll add my mom ias a data point - retired, low income, combined credit limit roughly equal to her income, with a single Chase card comprising 2/3 of that. Low util and always pays on time.

Cheers!

[marty56]

I would check into a local CU or possibly a Walmart/Sams card.  My Sams card started at $400 but quickly grew to 4k and their Master card also grew fast.  Even if you start at a lower limit, auto CLI could get you where you want to be over time.