If you've never had a credit card before, you're probably wondering what your credit limit will be once you get approved forYour credit limit is an important factor with any new card. It represents the maximum amount of credit available to you. When you are approved for a credit card, lenders determine your credit limit based on the information in yourBelow,
outlines the average credit limit you can expect on your first credit card and how you can eventually increase this limit.Equifax's "Credit Trends" report shows that the average credit limit for new "bank card originations" has been between $5,000 to $6,000 during 2018 and 2019. "However, many consumers new to credit start with a private label retail credit card, such as a retail store credit card," an Equifax spokesperson tells CNBC Select. "Those beginning limits have averaged between $2,000 to $2,500 during this same time period."as their first credit card, your first credit limit is generally going to be on the low end.
"Limits on those cards are notoriously low," financial expert John Ulzheimer, formerly of FICO and Equifax, tells CNBC Select. "And if your first card is a secured card then the limit will likely be very low as well."are typically marketed toward people with very little credit history because they require you to make a security deposit upfront that acts as your credit limit. This means your limit won't be that high, but they are a great way to start building credit.
300. Tops.
nice
my first credit card had a $500 limit in 2002. I feel old now.
it's 2k-2.5k🙄
Who needs a credit card when you can use Bitcoin. Stop thinking like a boomer
Zero
Capitalist pigs, luring people to lifetime debts...
In Canada it is $500
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