How do I determine the credit limit for my credit card?

The credit limit for your credit card is determined by your credit card lender. Factors that the lender will consider when deciding your credit limit include your credit score, income, credit history and other personal financial information. In Florida, the state has specific laws that may affect how much you are allowed to borrow with a credit card. The Florida Statutes, Chapter 501, Section 50.13 outlines the criteria for how much you may be allowed to borrow. This law states that lenders are not allowed to extend more credit to a borrower than the borrower is able to responsibly manage. This includes considering the borrower’s ability to make payments on time and in full. Additionally, lenders must provide an explanation to the consumer if the amount requested for a credit card is declined or the credit limit offered is less than the amount requested. This explanation should include information on how the lender determined the credit limit and any other criteria that could be used to obtain a higher limit. By understanding the Credit Card Law in Florida and reviewing the credit limit criteria, you can determine the credit limit for your credit card. This information can then be used to make a more informed decision on whether or not you should accept the credit limit that the lender offers you.

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