Credit limit can be defined a limit upto which you can take loan or withdraw money from your credit account. For example you have credit limite of $10000 you cannot withdraw amount more than $10000. This is credit limit
Answered on October 30, 2014.
A credit limit is the maximum amount that a person may charge on a credit card or borrow from a financial institution. A credit limit is based on several factors that influence a borrower’s ability to repay.