Is a $5000 credit limit good?

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asked Sep 11, 2023 in Credit by diiselrong (800 points)
Is a $5000 credit limit good?

1 Answer

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answered Sep 21, 2023 by RebeccaEdnie (8,360 points)
A $5000 credit limit is good if you have good credit or fair credit.

A $13,000.00 credit limit is a great credit limit for people with excellent credit.

The fastest you can get a credit card in the mail is 5 to 7 days.

It can take 2 weeks to 4 weeks to get the credit card once it has been approved and mailed out.

Most credit cards take around 7 to 14 days to arrive once you've been approved and they've been mailed.

You can be denied a pre approved credit card as a pre approved credit card offer just means you've met the credit card issuers criteria initially.

However when you apply for a pre approved credit card your credit score and credit report and income will also be verified and you could be denied the credit card you were pre approved for.

To turn your credit card into cash you can transfer money to your bank account and then withdraw cash or take your credit card to an ATM machine and withdraw cash through a cash advance.

There will be cash advance fees that apply though so it's better to just use the credit card for purchases unless you really need cash to pay someone.

There's no way to transfer money from your credit card to a bank account without being charged wire transfer fees.

However you could use your credit card to send a donation to someone through PayPal or pay the person through PayPal from your credit card which would just require you to pay your normal interest rates.

You can wire money from credit card to your bank or someone else's bank account by using the wire transfer option although you may be charged cash advanced fees and a higher interest rate as well as the wire transfer fee.

You can ask for a credit increase 2 times per year or every 6 months.

You can raise your credit limit as often as once every 6 months.

Before you do request a credit limit increase for the first time it's best to wait for at least a year and then ask for a credit limit increase.

Then after that you can ask for a credit limit increase once every 6 months.

If you make on time payments on your credit card every month and you have good credit and have a high enough income then your credit limit will sometimes increase every year or every few years.

In some cases you may need to ask the credit card company for a credit limit increase as not all credit card companies raise your credit limit automatically.

The amount of points your credit drops for a hard pull is between 1 to 2 points although sometimes your credit score may drop by 5 points during a hard pull.

Your credit score does not go up every payment although making on time payments and paying off your credit card balance every month will increase your credit score within 6 months to a year.

While it's typical for your credit score to fluctuate by a few points from one month to the next, significant credit score improvements take time.

If you're hoping to boost your credit score by 200 points in 30 days, be aware that it is impossible to promise a certain increase over a predetermined period of time.

The most your credit score can increase in one month is 200 although most times your credit score will increase 30 to 100 points at most in a month.

It can take a year or 2 years to see your credit score increase significantly.

A good credit score is a credit score in the range of 670 to 739 although 600 can also be considered a pretty good credit score.

An excellent credit score is a credit score of 800 and above.

A credit score of between 670 to 739 is considered to be a good credit score.

Below 680 is considered an average credit score and 300 or less is considered a bad credit score.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

The Visa debit card does not build credit.

Although the Visa Debit card is a good way to use money from your bank account and spend it with a debit card.

The extra debit card does build your credit as you use it.

There's no credit check to get the Extra Debit card and as you use the Extra Debit Card it helps to build your credit so that you can get approved for loans, auto loans, credit cards etc.

Extra is the first debit card that builds credit and earns rewards points just like a credit card.

The Extra card is best if you want to try to rehabilitate your credit score without worrying about adding on to your debt or getting a credit check during the sign up process.

This type of credit card works similarly to a debit card in that you only have access to the money you put into it.

You can also use a secured credit card to help you build credit.

With a secured credit card you put up a deposit for the credit card balance and then the deposit becomes your credit limit.

You then use the secured credit card like a normal credit card and then pay the bills and as you pay back the credit card your credit gets built up.

A great credit score is 800 and up while a good credit score is around 670 to 739.

The higher your credit score the easier it will be to get loans, credit cards, better insurance rates etc.

Although credit score ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

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