What Credit Score Is Needed for a $5,000 Card? (2024)

FAQs

What Credit Score Is Needed for a $5,000 Card? ›

A credit score of 700 or better is typically needed for a card that offers a $5,000 credit limit. This means that these cards usually require you to have good or excellent credit. You will normally need a high income and little to no existing debt to get a limit that high, too.

Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.

Visa Signature-branded credit cards, such as the Chase Sapphire Preferred® Card typically offer a starting credit limit of $5,000 or more.

To get approved for high-limit credit cards, you'll most likely need to have good or excellent credit and a steady income to support a higher credit limit. Picking the right card is important, too. You may be able to find the minimum starting credit limits listed in some cards' terms and conditions.

The minimum credit score needed to get most Discover credit cards is 700 or above. There are a few Discover cards for which there's no minimum credit score requirement, such as the Discover it® Secured Credit Card which you can get with a bad credit score (below 640).

A credit score of 700 or better is typically needed for a card that offers a $5,000 credit limit. This means that these cards usually require you to have good or excellent credit. You will normally need a high income and little to no existing debt to get a limit that high, too.

You will almost certainly have no problems qualifying for a $5,000 personal loan if you have a strong income and good credit. However, you may struggle to get approved if your income is inconsistent, you have a low credit score, or you have a considerable amount of debt already.

If you have built up a solid credit history, a steady income and a good credit score, your credit limit may increase to $5,000 or $10,000 or more — plenty of credit to ensure you can purchase big ticket items. Of course, this isn't necessarily designated to just one credit card.

The Upgrade Cash Rewards Visa® is the easiest high limit credit card to get with fair credit. It offers applicants with a credit score of 640 or higher a credit limit from $500 to $50,000 and reports monthly to the three major credit bureaus.

On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.

How can I get a 20k credit card limit? ›

The highest credit limit one can obtain depends on multiple factors, including income, credit history, and the credit card issuer's policies. While some individuals may qualify for credit limits exceeding $20,000, it often requires an excellent credit score and substantial income.

Apply for a secured credit card

The line of credit you get is often equal to the deposit amount, so if you make a $200 deposit, your secured credit card is likely to come with a $200 credit limit. If you're approved for a secured credit card, prioritize on-time payments each month and avoid exceeding your limit.

Chase Freedom Unlimited® comes as either a Signature or Platinum Visa based on creditworthiness. The Signature version has a minimum credit limit of $5,000, while the Platinum version has a minimum credit limit of $500.

Some of the easiest store credit cards to get are the Fingerhut Credit Account, the Montgomery Ward Credit Account, and the Amazon Secured Credit Card. These cards accept people with “bad” credit, and they all have $0 annual fees.

Typically, you can qualify for Synchrony's Amazon store cards with a fair credit score (580 to 669). On the other hand, you'll likely need at least a good credit score (670 to 739) to qualify for one of the Amazon Visa cards from Chase.

The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502.

You can borrow anywhere from a few thousand dollars to $100,000+ with a 580 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

With FICO, fair or good credit scores fall within the ranges of 580 to 739, and with VantageScore, fair or good ranges between 601 to 780. Many personal loan lenders offer amounts starting around $3,000 to $5,000, but with Upgrade, you can apply for as little as $1,000 (and as much as $50,000).

Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.