What Is a Credit Limit?
A credit limit is the maximum amount that a creditor will extend or allow you to borrow. The creditor may be a bank, a credit card company, an automotive company, or another type of lender. Limits are influenced by a variety of factors including your credit history and your credit rating. Credit history or credit report shows your payment and borrowing patterns. Credit rating or credit score shows a subjective assessment of your credit worthiness based on your credit history and your assets and/or liabilities. These factors are a part of the evaluation process used by creditors in setting credit limits. Credit limits should be carefully monitored to ensure that you do not exceed your designated amount. If you realize that you need to increase your limit, contact your creditor immediately rather than spending beyond it. To ensure that you do not exceed your limit, you may find it helpful to keep a pocket notebook with you to write down your purchases. It is possible to lose track of spe
A credit limit is the maximum amount that Savings & Loans has approved for you to borrow. Credit limits should be carefully monitored to ensure that you do not exceed your designated amount. To ensure that you do not exceed your limit, you may find it helpful to keep a pocket notebook with you to write down your purchases. You can also check balances regularly via Phone Banking or Internet Banking, noting sometimes there may be purchases still to be processed to your account. SMS Banking is also available to help you keep in touch with your finances. You can check your accounts whenever and wherever you want simply by using your mobile phone, another way to ensure you don’t overspend. Refer to our terms and conditions for more information on SMS Banking.
