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line credit

Definition of credit limit

What is a credit limit? The term credit limit refers to the maximum amount of credit that a financial institution gives to a customer. A lending institution extends a credit limit on a credit card or line of credit. Lenders…

How to increase your credit limit

Your credit limit plays a bigger role in your financial life than just allowing you to spend more when you use your credit card. Yes, getting a higher credit limit can allow you to borrow large sums of money, but it can also boost your…