high limit credit cards
Store Credit Cards: Get The 411
Chances are that when youre ready to check out at a store, youve had a cashier ask you if you want to save 15% on your purchase. That might sound like a good deal, but in order to get that discount, you have to sign up for a store credit card.
There are both good and bad aspects of store credit cards, so be sure you know what youre getting into before you sign up. You should always read everything when you sign up for a new credit card especially the fine print. This quick guide will make sure you know what to watch out for next time youre tempted to sign up for a store credit card.
Effect on your credit score
While store credit cards do show up on your credit report and affect your credit score, they dont affect it very much. Making payments on time might help improve your score a little bit, but not very much. When the formula for determining credit scores was established, the developers designed it so that store cards wouldnt have much of an effect.
Credit limits
Store credit cards are notorious for starting you out with low credit limits. These are normally anywhere between $100 and $500. You should never have more than 35% of your total credit allowance filled at any time, so if your limit is only $100, you wont even be able to buy a pair of pants without crossing the 35% threshold.
Interest rates
Store credit cards also come with extremely high interest rates. That 15% you saved on your t-shirt might look good at the time, but it wont mean anything when youre paying 30% interest.
Limited usage
There are a few store credit cards that function like normal credit cards, but most can only be used at their particular store. So unless you shop at that store all the time, signing up probably isnt worth it. Even if you do, youll probably be paying lower interest rates on another card anyway.
If you or someone you know is struggling with credit card debt, fear not. Help is out there. There are a great many bankruptcy alternatives that consumers can make use of today.
Get A Credit Card With High Credit Limit Even With Bad Credit
how can i get a high limit credit card?
im 18 i know its going to be hard i dont need people to tell me that, i would like some help finding out how to get one so i can establish credit, the reason i want a high limit card is so i can purchase something i want which will also help establish my credit cause im only 18, so if you can help in any way please and thank you!!!!
Credit is basically borrowing someone else’s money, and then paying them back plus interest (the fee you pay for the use of their money). Without a long credit history, no sane creditor will give you an intial high-limit credit card. You wouldn’t loan a large sum of money to a stranger, so don’t expect someone to loan you money if you haven’t shown yourself to be trustworthy.
To get a high-limit credit card will take time, patience, and planning. Most credit card companies will give you a low-limit credit card, usually either $250 or $500. Make sure the card is active; use it every month and pay it off. After a couple of months, request an increase. Eventually, your limit will increase. Even if you don’t request an increase, they should increase it every few months anyway.
What is it that you want? Is it something you can get a loan for, such as a computer or vehicle? Putting a large amount on your credit card so that it is maxed out will hurt your score (they look at the debt to limit ratio, usually you’ll only want to use 30% to 40% of your max limit). Getting a credit card to max it out is a bad decision for someone who is starting off.
As the other user mentioned before, you can become an authorized signer on another card. However, last time I checked, they have been changing it so that authorized signers can’t increase their credit score that way. Alot of kids would be able to boost their credit rating by being added to their parents’ cards…the creditors are aware of this and have been working to rectify the problem.
Most people should have an average of 2-4 credit cards. Perhaps consider getting 2 low-limit credit cards and spacing out the charges on each card. Most places will allow you to split a charge between two cards.