Average credit limit for college students?

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pippenmeister
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Average credit limit for college students?

Postby pippenmeister » Sat Aug 24, 2013 11:29 pm

What is the average credit limit on credit cards for college students? I am a sophomore and would really like to get a good rewards card but do you think any will come with a decent credit limit for someone like me that is just starting out with credit?


CCG
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Postby CCG » Sun Aug 25, 2013 7:02 pm

$500 to $1,500 is a typical average credit limit for college students starting out. Most major banks have a $500 minimum on their cards but there are some with exceptions (for example my first card only had a $400 limit).

But as a general rule of thumb, expect something within that range to start out with. If you manage your account responsibly, then increases will likely come so don't worry about starting out small. If it's a second card or you already have used credit such as for a car loan or student loan, then the starting amount might be higher.

Good luck!

-CreditCardGuru

DoingHomework
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Postby DoingHomework » Mon Aug 26, 2013 12:18 am

I don't know what the average is but that would not matter much anyway. If you have no credit, not bad credit, and if you have a source of income then you can probably get a card with $1000 limit. Just a few years ago issuers saw college students are very good risks. But be warned that if you screw up and pay late even once you could get hammered. If you are responsible then they will treat you well.

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Cucumber
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Postby Cucumber » Mon Aug 26, 2013 12:05 pm

Mine was like $500 to start out with but it quickly went up. If I had to guess the average credit limit for college students starting out with a first card I would say like $500 to $1000.

But be warned that if you screw up and pay late even once you could get hammered. If you are responsible then they will treat you well.


Yep that is why a balance is a big no-no!!!!
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Smerri
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Postby Smerri » Mon Aug 26, 2013 1:39 pm

I started out in May 2008 as a sophomore in college with $500- limit on a Discover More card. I had never pulled my credit and I always thought I had nothing but I think I had a student loan on there since 2006. Since then I have landed a full time job and now have over $20,000 in available credit. If you manage it responsibly you will be all set. Pay your balance in full, don't ever over spend on the plastic, and you should be all set.

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Postby victor1390 » Mon Aug 26, 2013 5:22 pm

When I started to build my credit back three years ago, i got approved for a $300 CL capital one card i was a senior in high school... now I'm a sophomore in college, last year i got approved for 3500 with care credit and $2500 with bank of America , the last one i got approve was $5000 sapphire with chase. you can move up if you handle things responsibly.



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