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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.

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As stated above...

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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.

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Helpful to 16 out of 19 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.

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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. 

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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.

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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.

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Helpful to 4 out of 5 people

Do not cancel your current credit cards!

It will hurt building your credit.

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

Helpful to 1 out of 1 people

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

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Unpaid Payday and Other Credit Accounts


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I love it

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