Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
viptrucking

0 Contributions
0 People Helped
What credit score do i need for a 2k or 5k credit card limit?
I make 1600 net a month. I really have no bills live with parents. my credit score is 640 I have two cards. 300 and 500 limit. I would like to cancel them and get a 2k or 5k credit limit card. Is 640 enough? no co signer or anything like that tho.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-9 of 9Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
6 Contributions
31 People Helped
Most Helpful Response

As stated above...

Helpful to 28 out of 32 people

Call your current card holders and request a credit line increase.  When I first started out with credit cards, I applied and was approved for Capital One MC and then Visa, both at $500, over 10 years, I've been upgraded and had my credit increased multiple amounts of times, now MC=$5500 & Visa =$8500.  Those are my tow oldest lines of credit at around 16-19 years.  Ive since added Citibank AA $9800, AMEX $18k, and now Discover as of last week for another $22k.  The most important thing is to use this site to gain all the advice and work on your credit.  My score when I first joinded this site, my FICO was around 640-660. Its now at 748 and rising.  I maintain less than 5% of usage of my credit line and have used this site to remind me of tools and tricks to use to increase my credit profile.  This was over a span of a year and a half, at most.

Top Contributor
5038 Contributions
1134 People Helped

Helpful to 15 out of 17 people

DO NOT CLOSE YOUR CARDS!!!!!!!!! That would be extremely foolish, it would damage your credit. Before you proceed any further, start reading everything that you can about credit. You are just going to have to wait and build your credit before lenders are comfortable with issuing you higher amounts.

Top Contributor
35 Contributions
126 People Helped

Helpful to 6 out of 6 people

Your credit score does not determine what credit limit you qualify for. Lenders base your available limit based off your monthly income, and how you manage your debts. 

Top Contributor
13 Contributions
16 People Helped

Depends

Helpful to 8 out of 10 people

There are a lot of factors going how much credit you are afforded by a lender. Have you tried getting an increase on your current cards? Since no lender really wants to be the first to offer a large CL for first-time clients, build up the cards you have and then with the situation improves, open a bank account somewhere like Navy Credit Union and the apply for their GoRewards Visa.

Right now, however, you don't want more debt than you can handle.

1 Contribution
3 People Helped

Ditto!

Helpful to 3 out of 3 people

As other members stated above, canceling old cards actually hurts your credit score, because part of your "good" points are calculated based on the average age of your credit accounts. Canceling old cards makes your average credit card "age" newer, and for that, you lose points.

2 Contributions
4 People Helped

Alert!

Helpful to 4 out of 5 people

Do not cancel your current credit cards!

It will hurt building your credit.

1 Contribution
0 People Helped

Unpaid Payday and Other Credit Accounts

I

1 Contribution
0 People Helped

lol

I love it

Top Contributor
12 Contributions
1 Person Helped

you're not going to like to hear this...

but here goes....

  Take this with a grain of salt, I presume you're a young adult just about to get out on your own.:

  With your current low income and the fact that you have no other history with responsibly managing your own finances, NO ONE is going to give you credit at a reasonable rate.

1-Make more money.  Either hunt down a better job, pick up more hours, or even yard work around the neighborhood.

2-Get a money market account with a reputable bank and start socking away some cash, keep at it until you have 5 months of household expences (Groceries, Fuel, Insurance, Rent, Utilities).  I say 5 months because I recommend 3 months emergency that you DO NOT TOUCH unless hell freezes and the zombies are on the way.

3-Use that remaining 2 months worth of funds in your moneymarket to get your own place.

You live with your folks, you're not independant, and you're not running your own household.  Of course you only have 800 available credit.

  --get out on your own

Results 1-9 of 9Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.