Tue 3 Feb, 2009 02:53 am
What is the best way for me to get one credit card with a high limit instead of the several cards with low limits that I currently hold?
Have you tried just asking the bank? Sometimes it works; sometimes you sit around paying your bills on time for years.
If you're very conscientious about paying off on your low limit card, the bank will usually increase the credit limit after a fairly short while -- and keep on increasing it. I started with a $500 limit and within a year or so had an $8,500 limit. And I didn't even have to ask for it.
In this economy, good luck. Banks are NOT going to be giving high limits, thus exposing themselves more, to ANYONE except those with very high incomes and very, very, good credit.
I say that until the economy recovers you're out of luck.
Gotta agree with maporche. Credit card companies are lowing people's credit lines right now, not upping them.
True enough, credit card companies are being very careful now about raising limits. You can ask at your bank but expect to get a cool reception.
One suggestion: don't max out one card and then move onto the next. For example if you have a card with a $500 limit, another with $700 and a third with $900 ($2100 total) and you spend $1200 in a given month, split it $200, $400 and $600 rather than $500 and $700 and -0-. They don't look favorably on someone maxing out.
And, it goes w/o saying, pay off your balance every month unless there is a true emergency. A sale at the mall does not count as an emergency.