Is it possible to find out your credit limit before getting a card?

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Is it possible to find out your credit limit before getting a card?

Postby robp2175 » Mon Feb 20, 2012 11:06 pm

I just found out that I am being hit with the new $59 annual fee for My Bank of America card. This is after they jacked up my interest rate last year. I have about $4500 on the card and I am unable to pay it off right now.

I have the ability to apply for a new card with 0% interest balance transfer for 12 months which gives me plenty of time to pay it off, but this is pointless if for some reason I do not get approved for a credit limit at least high enough to transfer the balance.

So, my question is this. If I call the credit card company to apply for the new card, would they be able to tell me how much of a credit limit I would receive before I officially sign up for the new card?

Years ago I made the mistake of signing up for a new card in order to transfer a balance and was only approved for half of the balance transfer and this only made it worse. I need to avoid making this mistake again.

And before people chime in to lecture me about carrying a high balance on my card in the first place and/or the hit my FICO score might take please don't bother. You don't know me or the reasons why the card has the balance so it is not your place to judge.

I appreciate any helpful response and thank you in advance.

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Postby namvet » Tue Feb 21, 2012 12:12 pm

Before you apply the answer is no. After you apply and Before you receive the card yes. You can do your own research and find out what you might be approved for based on your own credit profile.

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Postby DoingHomework » Tue Feb 21, 2012 12:24 pm

The only way that anyone can tell you what your limit might be is to do a hard pull on you. That will affect your score and it costs the credit card company money. But you don't want to talk about your score - that's fine. Without getting an actual credit report all they can do is guess. Your FICO score will tell them how likely you are to repay. But your limit involves how much you can charge and that will depend on your income. So, until you apply, no one can make a commitment to you.

Now, you also don't want to talk about carrying a balance. You don't want anyone to judge you. That's fine to. But the problem is that, judgment aside, the fact that you carry a balance on a high interest card tells me that you do not have the income to support a high limit or much in monthly charges. So, without judging you I can use that information to predict that you are not likely to be a profitable customer and you will be relatively high risk. That means I would not want to give you a very high limit until I had a couple of years of experience with you.

Hopefully that answer helps you. Disregard it if you think it is too judgmental or brings up issues you don't like. But that is how the human reviewing your application will think about it.

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