Credit Limits for Credit Cards: Higher = Better?
By theVacuous1
@theVacuous1 (253)
United States
December 20, 2007 10:10am CST
Yes or no?
I have heard it is good to have a high credit limit because that means you have a good credit score; but I have also heard that it isn't the best to have a high credit score.
Which is it?
Please respond and THANKS in advance!
3 responses
@season0907 (671)
• India
21 Dec 07
Hi theVacuous1,
In my opinion, their should not be Credit Cards at all, because the Credit Cards unwantedly put a person in debts and collects huge interests.Every one who is holding Credit Card will get tempted to use it even if he really don't want. I prefer only Debit Cards, because one will use it only if he have enough money and under no circumstance he will get tempted and end up in debts.
@theVacuous1 (253)
• United States
21 Dec 07
I agree with you. A couple of weeks ago I was in a pinch bacause someone broke into my car and I needed repairs done right away. Well I just finished paying bills and for school so I didn't have enough.
One of my friends asked is I had a credit card so I could charge it to get it done right away. When I thought about it I applied for a card and got approved.
I also know it is good to use it at least a little so I put a personal monthly limit of $25 on it for myself. But, if something emergency comes up and I need to use it (regardless of the personal limit) I will.
@luvstochat (6907)
• United States
20 Dec 07
Having a high credit score is needed to get good rates on credit cards and mortgages and sometimes just to get the loan. I have several credit cards the problem with cards that have a high balance is they are easy to run up to the balance and then you have a high payment. The longer you have a card open the better your credit will be too and you need to always pay your bills on time every month.
@theVacuous1 (253)
• United States
20 Dec 07
Thank you! I have heard so many different things about credit cards that it is a little confusing to be quite honest.
@cartoon4umaniacs (1648)
• United States
26 Dec 07
It is good to have a high credit limit when you can control how much you spend but for most it is better to have a low limit so they won't over spend....Having a higher limit means you have a better credit score and as your credit score climbs so does the limit on your credit cards at least that is how mine works...
