Low Credit Line Credit Cards
In today’s time getting a credit card can be a challenging task, when you apply for a credit card and it gets rejected, then for this you have to take care of many things.
In today’s article, we will tell you about the low credit line credit card, in which you can get it by knowing the reason for the decline in your credit inquiry and spoil its score. Credit card holders facing bad credit still have several ways to avail loans. It is best to get a credit card with a low credit limit, for which you can apply at multiple places.
Why May Have a Low Credit Line
There can be many reasons for having a low credit line, with credit history being one of the factors that credit card issuers decide the applicant’s credit limit. A person with a history of credit management will have a better chance of getting approved for a larger credit limit, in which case you are a brand new credit card user, so you don’t have a history of using credit cards responsibly, in which your credit card issuer doesn’t know how much credit you can handle, so it will usually start you off with a small limit that you need to improve as you go along.
Average Credit Card Limit
There are several credit reporting agencies, such as Experian, Trans Union and Equifax – Your credit history is looked at to help credit card companies determine your credit card limit. People with a credit score between 720 and 850 are considered super-prime consumers, and those with a score less than 580 are considered subprime. The average credit limit varies from $11,000 for the largest consumers to $1,200 for subprime consumers. Some high-net-worth individuals with excellent credit may have six-figure credit limits or no pre-set spending limits; individuals with higher credit limits have a higher credit history because they have a better credit history and are able to repay higher amounts. are.
Low Credit Line Option
Low Credit Line For this, you mostly have two types of options, one of which is a low credit line. When you have a credit card and are asking for your ticket, a secured card where you make a security deposit equal to the credit line you are applying for. In this you get a credit card. It is a type of unsecured credit card which is designed for the poor in such a way that they can also be provided with a credit card. Moreover, if you consider reducing the deposit amount, it leaves your credit unsecured and your fees and charges skyrocket. If you come with a secured card then you get the credit card easily. Today, many types of companies offer you to take a low credit line, in which they also provide you with many facilities.
Best Credit Cards for Low Credit Line
- SBI Advantage Plus Credit Card
- Axis Bank Insta Easy Credit Card
- Kotak Mahindra Aqua Gold Credit Card
- SBI Unnati Credit Card
- Axis Bank Insta Easy Credit Card
- HDFC Money Back Credit Card
- HDFC money back credit card
How to increase low credit line
You may be able to get a higher credit limit on your first credit card by applying jointly with someone who has an established credit history and good income. Another option is to apply for a secured credit card, in which you put down a security deposit for the amount of credit you want. Also with credit cards, your security deposit is returned to you as long as you keep the account in good standing. This will make it easier to get approved for unsecured credit cards with large limits.
