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Some MO credit-card users see shifts in credit limits

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Friday, June 7, 2024   

Missouri's two major metro areas are part of a WalletHub analysis of credit-limit decreases among 100 U.S. cities. The WalletHub research looks at consumers' credit limits and how much they've either dropped or increased.

Kansas City ranked 64th among cities, with only a modest decrease in people's credit limits, and St. Louis ranked in the top ten cities, at 93rd. Residents there saw an even smaller decrease in their credit limits. This shift toward a little more credit access reflects broader financial trends.

Cassandra Happe, a WalletHub analyst, underscored the importance of grasping the impact of credit limits on your financial well-being.

"It's important for Missourians to keep in mind the credit limit when they initially open their account," she said, "and try to increase [it] once you've built up a positive payment history and usage history."

She said it's a good idea to check your current credit limits, and make sure your balances aren't causing what's known as your "credit utilization" to be higher than it otherwise would be.

The U.S. Bureau of Labor Statistics found households in the St. Louis metro area spent an average of more than $71,000 per year in 2021 and 2022. Happe said trends in St. Louis indicate people there are handling their accounts well, and the credit card issuers aren't seeing a need to dial back those limits.

"St. Louis is in a much better position, as far as having the purchasing power and the ability to utilize that credit limit, to maybe spend a little bit more without putting themselves in as much of a bind, as far as their credit utilization goes," she said.

She noted there has been a greater increase than decrease, both in credit limits per user and for recently opened accounts, compared with the previous year.


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