Destiny Mastercard®. Credit Limit Increase?
For many working to build or repair their credit, a credit limit increase is a goal that can significantly help with credit utilization. However, if you have a Destiny Mastercard®, the process is not as straightforward as with other credit cards. The card's issuer, The Bank of Missouri, has a specific policy for credit limit reviews that cardholders must understand. Read more: The Destiny Mastercard®: Your essential guide to rebuilding credit.
Starting with a low limit
The Destiny Mastercard® has a low starting credit limit of $700. This is a common practice for cards intended for consumers with bad credit, as it helps limit the bank's risk.
However, the first year's $175 annual fee is subtracted from this amount before you even make a purchase. This leaves you with only $525 in initial spending power, which can be a difficult hurdle to manage when trying to keep your credit utilization low.
No user-requested credit limit increases
Unlike many other credit cards, you cannot request a credit limit increase for the Destiny Mastercard®. This is a policy established by The Bank of Missouri and Concora Credit, the card's servicer.
For cards that do offer this feature, users can call the bank or make a request online. This is not an option with the Destiny Mastercard®. If you try to call customer service, they will inform you that credit limit increases are not an option on a per-request basis.
How to trigger an automatic review
Your only path to a higher credit limit with the Destiny Mastercard® is through an automatic account review performed by the issuer. The issuer will periodically assess your account's performance to decide whether to grant an increase. To maximize your chances, you should consistently demonstrate responsible financial behavior:
- Pay on time, every time: A perfect payment history is the most crucial factor in triggering a favorable review. Missing a payment can instantly disqualify you from a credit limit increase and damage your credit score.
- Keep your credit utilization low: Aim to keep your spending below 10% of your total credit limit. A high utilization ratio, especially near the $700 limit, signals financial stress to the issuer.
- Use your card responsibly: Consistent, responsible use shows that you can manage credit effectively. Using your card for a few small, recurring expenses and paying the balance off each month is a good strategy.
What to do if you can't get an increase
Ultimately, a credit limit increase is not guaranteed with the Destiny Mastercard®, even with perfect behavior. Due to the high annual fees, the Destiny Mastercard® is best treated as a temporary tool. Your long-term strategy should be to use the card responsibly for a year or two to build your score, and then apply for a better, more competitive card that offers higher limits and lower fees.
- The Destiny Mastercard®: Your essential guide to rebuilding credit
- Destiny Mastercard® Annual and Monthly Fees
- Destiny Mastercard® Credit Score Needed
Destiny Mastercard®
- A guaranteed $700 credit limit to help get your financial goals on track, if approved.
- Apply with Confidence! There is no impact to your credit score if you’re not approved. See terms.
- No security deposit, and a path to better credit.
- Zero Fraud Liability - Peace of mind that comes with having a Mastercard.
- Get the credit you deserve, even with less-than-perfect history.
- An unsecured card great for everyday purchases
- CLICK HERE TO APPLY ONLINE
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FICO® Credit Scores
FICO® Score Ranges:
- Exceptional: 800–850
- Very Good: 740–799
- Good: 670–739
- Fair: 580–669
- Poor: 300–579
What is a Credit Score?
A credit score is a three-digit number, typically ranging from 300 to 850, that predicts your creditworthiness—how likely you are to repay borrowed money on time. Lenders use this score to assess the risk of lending to you and to determine the interest rates and terms of any credit you might receive.
Why is a Credit Score Important?
A credit score is important because it acts as your financial reputation. Lenders, landlords, insurers, and employers use this single number to quickly judge how reliable you are with money. A higher score helps you qualify for loans and credit cards, often securing lower interest rates that can save you significant money. Conversely, a poor credit score can lead to application denials or much higher costs for borrowing, making it a key factor in your overall financial opportunities.
FICO® Credit Score Facts
- Three-Digit Number: Like other credit scores, FICO® Scores are a three-digit number that summarizes a consumer's credit risk.
- Range: Most standard FICO® Scores range from 300 to 850. Higher scores indicate lower credit risk.
- Data Source: FICO® Scores are calculated using data from your credit reports maintained by the three major credit bureaus: Experian, Equifax, and TransUnion. Your score may vary slightly depending on which bureau's data is used.
- Industry Standard: Lenders rely on FICO® Scores for mortgages, auto loans, and credit cards because they provide a consistent, statistically sound assessment of the likelihood that a borrower will repay their debt.
Note: Credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card product.
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