Whats a credit limit

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Bmo world elite business mastercard review	Like the decision to approve or decline an application, credit limits are often based on creditworthiness , which is determined by reviewing credit reports and credit history. Your credit card lender should contact you directly when you reach your credit limit and again when you cross it. Reach out by visiting our Contact page or schedule an appointment today. A reduction of your credit limit will raise your credit utilization ratio and potentially damage your credit score. Here's where you left off. Specifically, credit limits. Monthly repayment figures are estimates that exclude fees.
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What Is a Good Credit Limit?
A credit limit is the maximum amount of money a lender will allow you to spend using a particular credit card or revolving line of credit. A credit limit is the amount of money a lender thinks you'll be able to pay back. Limits are set by credit card companies to keep you from spending more money. A credit limit is the maximum amount of money a borrower or cardholder can charge on a revolving credit account.