What is the Starting Limit for the Milestone Credit Card?

The Milestone Gold Mastercard and Milestone Platinum Mastercard from Credit One Bank are popular credit cards that offer cash back rewards and no annual fee. When you apply for a Milestone card, a key question is – what initial credit limit can you expect to receive for a starting line?

In this comprehensive guide, we’ll cover:

• How Milestone starting limits are determined
• The average and range of initial limits issued
• Factors that influence your opening limit
• Tips for qualifying for higher starting limits
• The pros and cons of higher vs. lower starter limits
• What to do if your starting limit is too low
• When you can request your first limit increase

Let’s dive into the details on typical Milestone credit card starting limits and how you can maximize your initial purchasing power.

How Milestone Starting Limits Are Determined

Like any credit card, the opening limit you receive on a new Milestone card depends on Credit One Bank’s assessment of your credit profile and risk level. The bank considers factors like your:

• Credit score and history length
• Income, assets and existing debts
• Utilization rate across current accounts
• Collection records or past delinquencies
• Recent credit inquiries and new accounts
• Employment and income verification

Based on this information from your application and credit reports, Credit One assigns an initial limit aligned with their analysis of your creditworthiness.

What is the Average Starting Limit on Milestone Cards?

While each new applicant is unique, here are some averages for initial Milestone card limits:

• Milestone Gold Card – $300 to $500 is typical for starter limits
• Milestone Platinum Card – $1,000 to $1,500 is common for opening limits

So most new Milestone cardholders receive an initial limit at the lower end of their approved scale, unless their qualifications support higher out of the gate.

But approved limits can vary quite a bit across the credit spectrum. Let’s look at the range.

Range of Milestone Starting Limit Possibilities

While $300-$500 and $1,000-$1,500 are common, opening Milestone limits might range from:

• $200 – For those new to credit or with poor credit scores.
• $300 to $1,000 – Applicants with fair/average credit often see limits in this range.
• $1,000 to $3,000 – Those with good credit can expect to qualify for this tier.
• $3,000 to $5,000 – Starting limits between here require excellent credit profiles.
• $5,000 to $7,500 – Only exceptional applicants will receive limits on the top end.

So while not guaranteed, you can potentially qualify for starting limits from $200 up to the max limits if you have pristine credit qualifications.

Now let’s look at exactly what it takes to qualify for elevated initial Milestone limits.

Key Factors That Support Higher Starting Limits

Some key criteria that Credit One looks for to justify higher starter credit limits include:

• 780+ credit score – Excellent scores minimize perceived risk for above average limits.
• Low credit utilization – Using less than 30% of current credit limits boosts approval odds.
• 3+ years credit history – Established history with diverse credit types is ideal.
• High income – Income over $50,000 individually or $75,000+ household supports higher limits.
• Clean payment history – No missed payments or derogatory marks for 24+ months.
• Stable residence – At least 2+ years at current address without moves.
• Limited hard inquiries – Avoid opening lots of accounts right before applying.
• Full documentation – Provide all requested income and identity verification.

Meeting these strict standards provides the best shot at elevated Milestone starting limits. But you can take additional steps to boost your chances.

Tips to Qualify for Higher Starting Limits

To potentially qualify for maximum initial Milestone limits above the average, try these tips:

• Have excellent credit – Credit scores above 750+ give you the best shot. Avoid new inquiries.
• Lower credit usage – Reduce balances on other cards to under 30% of limits before applying.
• Highlight income stability – Emphasize long job tenure and use tax returns showing peak earnings.
• Become an authorized user – Being added as a user on an existing card can quickly help your profile.
• Limit applications – Opening lots of new accounts reduces card issuers’ comfort with higher limits.
• Request only what you need – Asking for too high a limit can backfire and cause denials.
• Check for issuer pre-approvals – Pre-qualified offers suggest you may qualify for higher tiers.

With ideal qualifications and smart preparation, you can maximize your chances at the highest allowable Milestone starting limit. But is that always ideal? Let’s examine the pros and cons.

Pros of Higher Starting Milestone Credit Limits

Higher initial Milestone credit limits come with a few potential benefits:

• Make large essential purchases – Fund major purchases immediately after approval without needing increases.
• Access sign-up bonuses and rewards – Higher limits make it easier to meet minimum spend requirements for the best rewards.
• Lower credit utilization – Having more available credit keeps usage percentage lower from the start.
• Upper hand on credit increases – Issuers are often more comfortable increasing existing higher limits than starting low.
• Higher cash advance availability – If absolutely needed in an emergency, higher limits offer more cash access.

For applicants who qualify, larger starting limits allow immediately taking advantage of Milestone credit cards for major purchases and maximizing value. However, downsides to high initial limits also exist.

Cons of Higher Starting Milestone Credit Limits

Some potential disadvantages that come with elevated starter Milestone limits include:

• Temptation to overspend – Higher available credit makes it easier to spend beyond your means and take on debt.
• Difficulty building credit mix – May discourage users from opening other beneficial credit accounts.
• Fees if payments are missed – Larger limits mean larger late fees and interest if you can’t pay the balance.
• Lower approval odds – Asking for too high a limit could lead to denial of any limit.
• Possibility of account closure – Issuers may decrease limits later if high utilization patterns appear risky.
• Higher fraud liability – You have greater liability for unauthorized charges with a higher credit limit.

While more flexibility and convenience, very high initial limits come with responsibility to manage spending wisely and avoid debt traps.

What to do if Your Starting Limit is Too Low?

If your initial Milestone limit comes back lower than you hoped or needed:

• Ask why – Reach out to Credit One Bank to see why and what factors need strengthening.
• Review the terms – Understand the criteria for automatic periodic limit increases (e.g. on-time payments).
• Pay on time – Responsible card use paves the way for gradual limit increases.
• Request an increase – After 5 months of on-time payments, you can request your first increase.
• Improve your qualifications – Give yourself 6+ months to build credit, income, etc. to justify higher limits.
• Open a secured card – Demonstrate responsible credit management on a secured card first before reapplying.

With patience and diligently building your profile, you can steadily work up to your ideal Milestone credit limit – even if you have to start lower.

When You Can Request Your First Limit Increase?

Most credit card issuers require you wait at least 6 months before requesting your first limit increase. To qualify for a Milestone limit increase:

• You must have at least 5 months of on-time payments on your account
• Your account must be in good standing
• Updated income documentation may be required
• A hard credit check will be conducted, which may temporarily impact your score
• Increased utilization could factor against the request

If you’ve demonstrated responsible use and improved your qualifications, your odds of approval are typically decent for your first increase request after 6 months.

FAQs

Final Thoughts on Milestone Starting Limits

Aim for a starter limit that matches your needs and budget – higher limits aren’t necessarily better if they encourage irresponsible spending. With a healthy credit profile and prudent financial habits, you can steadily increase your Milestone limit over time in line with your income and evolving needs.