Your income and credit score are most important
Citi looks at your whole financial profile and credit history during the application process. But the two factors that matter most in determining your credit limit are your income and credit score.
Card issuers are usually pretty flexible about your income on a credit card application, at least as far as approving you for a card. You don't need to be a big earner to get a credit card. However, your income plays a significant role in the credit limit you receive.
With the Citi Double Cash® Card card, the same is true for your credit score. Citi is flexible about approvals for this card. Even though it's one of the top credit cards, applicants can get approved with a FICO® Score of 580 or higher.
That being said, a high credit score increases your chances of a high credit limit. Research on the average credit limits for Americans have found that those with higher scores also have larger average credit limits.
How to increase your credit limit with Citi
If you open this Citi card, and you're not satisfied with your credit limit, you may be able to increase it quickly. Some cardholders have successfully requested credit line increases immediately after getting the card.
You can ask for a credit line increase with Citi either by calling the number on the back of your card or online by following these steps:
- Log in to your Citi account.
- Under the "Services" tab, click "Credit Card Services."
- Click "Request a Credit Line Increase."
- Enter your annual income and your monthly mortgage or rent payment.
- Submit the form.
You'll receive a response right away letting you know if you got the increase.
Why your Citi Double Cash credit limit matters
There are a few ways your Citi card's credit limit can affect you. It's part of an important factor in your credit score, called your credit utilization ratio. This is the ratio of your credit card balances compared to your credit limits. If you have higher credit limits, it can help keep your utilization lower, and that's good for your credit score.
Your starting credit limit is also important if you're planning to get the Citi Double Cash® Card to refinance debt. Since it has a 0%, 18 months intro APR on balance transfers, it's one of the best balance transfer credit cards and can save you quite a bit of money. The amount of debt you can transfer will depend on your credit limit. Your balance transfers, plus the balance transfer fee of 3% ($5 min.) on transfers in the first four months, 5% ($5 min.) thereafter, can't be more than your card's credit limit.
That could be an issue if your starting credit limit is lower than you'd like. If you have $5,000 in credit card debt and Citi gives you a $2,000 credit limit, then you can't take full advantage of the balance transfer offer.
To be fair, this is a possibility with any balance transfer card. Every card issuer sets your credit limit when it approves you for a credit card. There's no way to know in advance if your balance transfer card will have a large enough credit line for all the balances you want to transfer.
The good news is that Citi makes it easy to request a higher credit limit. Even if you're not approved for the amount you want at first, you may be able to get an immediate increase.
Fact Checked
Ashley Maready
