Is a $4,500 credit limit good?

The best credit card that can offer you a $1,000 credit limit with bad credit is the Bank of America® Customized Cash Rewards Secured Credit Card ($200+ limit). However, as this is a secured credit card, you need to put down a $1,000 security deposit, which will act as your credit line. Without putting down a deposit, it will be difficult to get a credit card with such a high credit limit when you have bad credit. Most credit cards for bad credit start out with low limits in the $200-$300 range.... read full answer

Ways to get a $1,000 credit limit with bad credit:

• Get an unsecured credit card: An unsecured credit card for bad credit could give you a $1,000 credit limit, but it depends on just how damaged your credit is. Your income, debts and overall ability to make credit card payments are also crucial factors that determine your credit limit. Like most unsecured cards for bad credit, the Surge Credit Card starts with a $300+ credit limit. But it’s not all yours to spend right away, as you’ll owe an annual fee of $75 - $125. Many unsecured credit cards for bad credit come with high annual, one-time, and monthly fees – it’s rarely worth all the money you spend just to keep the account open.
• Get a secured credit card: Unlike unsecured cards for bad credit, most secured cards, including Bank of America Custom Cash Secured Card and the U.S. Bank Cash+® Visa® Secured Card, have $0 annual fees. And the deposit is fully refundable when you close the account in good standing. As you build good credit, you may be eligible for a credit limit increase without an additional deposit. In some cases, you’ll be allowed to graduate to an unsecured card with better terms and no fees.
• Get a store card: Some store credit cards, such as the Fingerhut Credit Card, will start out with a low credit limit but could increase your credit limit after you make a few on-time, above-minimum payments. You can get approved for a Fingerhut Credit Card with bad credit, and it has a $0 annual fee.
• Alternatives: Another way to get a $1,000 credit card limit with bad credit is to become an authorized user. When you sign on as an authorized user on someone else’s credit card, you’ll share the account’s credit limit while you rebuild your credit history. Missed payments on the account can have a negative effect on the credit scores of both the primary cardholder and the authorized user. But as an authorized user, you have the right to dispute negative information to get it removed from your credit report.

Ultimately, if you’re not in need of emergency money, and your focus is more on building your credit, get a secured credit card. Your limit on a secured card is as high as your initial deposit in most cases. Alternatively, you can also look at ways to increase your credit limit after you get approved for a card. After several months of responsible credit card use, you can request a higher credit limit yourself, or you might even be offered an automatic increase by the issuer.

You’re not going to find a guaranteed approval credit card with a $1,000 limit because no credit card guarantees approval. The best you’ll be able to do is either place a deposit of $1,000 on a secured credit card or apply for an unsecured card that you are way overqualified for, which should give you good odds.... read full answer

The Chime Credit Card is one good option, for example, as it doesn’t charge an annual fee, and allows deposits of up to $10,000.

Best Credit Cards with Nearly Guaranteed Approval and the Possibility of a $1,000 Limit

It’s important to remember that no credit card really offers guaranteed approval. Secured cards have the highest approval odds because they require you to place a refundable security deposit, the amount of which matches your spending limit. But that means you won’t be able to use them for any purchases you don’t already have the money for.

Beyond that, the better your credit is, the higher your approval odds will be for unsecured credit cards. But credit cards for people with limited or fair credit may or may not offer $1,000 spending limits, so you’ll likely have to set your sights a bit higher to be sure of getting that much fire power. And that means you need really good credit for approval to be anywhere close to guaranteed.

For tips to help you get the credit needed to qualify for the best cards, check out WalletHub’s credit improvement guide. You can also get personalized recommendations for credit cards with high approval odds by signing up for a free WalletHub account.

A good credit limit is above $30,000, as that is the average credit card limit, according to Experian. To get a credit limit this high, you typically need an excellent credit score, a high income and little to no existing debt.

What qualifies as a good credit limit differs from person to person, though. For someone with no credit, for example, a $500 credit limit is good because most beginner credit cards start off with lower limits. But for very experienced borrowers with a lot of disposable income, a good limit is much higher.... read full answer

Good Credit Limits by Age Group

Note: A good credit limit is slightly higher than the average for each age range, based on 2020 Experian data.

Remember, it’s best for your credit score to use 1% to 10% of your credit limit each month, and no more than 30%.