Credit Card Limit Comparisons
Author: HALEGRIA, Guest
Posted: Mon Sep 29, 2003 9:53 pm
Post subject: Whats your highest Limit!
Just thought it would be fun to see what kind of limits are out there. The highest one I have is 25k from Mbna and 20k from Chase. So then I heard Gm gives high Limits so I applied and they gave me a whopping 3k. Im hoping there are higher ones so I have something to work for.
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Posted: Mon Sep 29, 2003 9:53 pm
Post subject: Whats your highest Limit!
Just thought it would be fun to see what kind of limits are out there. The highest one I have is 25k from Mbna and 20k from Chase. So then I heard Gm gives high Limits so I applied and they gave me a whopping 3k. Im hoping there are higher ones so I have something to work for.
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posted by CardRatings.com at 12:28 PM
23 Comments:
Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 632
Location: NJ
Posted: Tue Sep 30, 2003 5:36 pm
Chase $18,000
_________________
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Ira
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Author: Guest
Posted: Tue Sep 30, 2003 8:58 pm
DMB $12,200
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Author: Kitten
Joined: 03 Jun 2003
Posts: 9
Location: Ohio
Posted: Wed Oct 01, 2003 6:52 pm
AT&T Universal Platinum (Citibank) $25,000
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Author: troll stomper, Guest
Posted: Thu Oct 02, 2003 12:41 pm
BOA 32,500 WHY
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Author: iwi
Joined: 27 Jun 2003
Posts: 38
Posted: Thu Oct 02, 2003 10:55 pm
Chase $15,000
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Author: rainman29
Joined: 17 Oct 2003
Posts: 2
Posted: Fri Oct 17, 2003 7:35 pm
I had First USA Visa - $35,000. I closed it because I did not care for two-cycle balance calculation and I didn't trust myself with this high a credit limit.
My current high is Citi MC - $20,000.
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Author: rgil Kane, Guest
Posted: Thu Oct 23, 2003 3:27 am
Credit limits are not there to entertain you. They are not there to give you a rush or impress your friends. These credit limits are a result of calculated criteria using your income, unsecured debt, pay back history, available credit and even how many other cards you have. Credit Card companies might give you 25 k on one card, but it's not likely you'll see anything close to that on another (thus your whopping 3 K limit on your new card). One guy will have 10 cards with a 7 K limit on each of them. If he cancels 5 cards, he might see his credit limits go up on the remaining 5, with his credit score also benefiting from reducing the amound of cards he has. A more important question is why you think this is important?[/b]
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Author: Kitten
Joined: 03 Jun 2003
Posts: 9
Location: Ohio
Posted: Thu Oct 23, 2003 11:11 pm
[quote="Virgil Kane"]Credit limits are not there to entertain you. They are not there to give you a rush or impress your friends. These credit limits are a result of calculated criteria using your income, unsecured debt, pay back history, available credit and even how many other cards you have. Credit Card companies might give you 25 k on one card, but it's not likely you'll see anything close to that on another (thus your whopping 3 K limit on your new card). One guy will have 10 cards with a 7 K limit on each of them. If he cancels 5 cards, he might see his credit limits go up on the remaining 5, with his credit score also benefiting from reducing the amound of cards he has. A more important question is why you think this is important?[/b][/quote]
Um, I don't think that anybody said that they were using their credit to entertain anyone. All of us who have these higher credit lines have worked very hard to establish good credit. It is an acomplishment that I think is very important. Credit affects almost every aspect of our lives today. It is earned and not guaranteed to anybody. Maybe you're mad because yours, "Virgil" is bad. Get over it!
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Author: HALEGRIA, Guest
Posted: Fri Oct 24, 2003 11:38 pm
Post subject: Virgil must be on the wrong site.
Ok ,Virgil I did not realize until now that this is so very serious and not entertainment. You are right why are we all so obsesses with credit and credit card limits,interest rates and manipulating our Fico score. Why are we all here spending time in our day to find out more over this very subject. Folks we are very confused ,this is serious business that should not be taken lightly. Virgil has opened our eyes these things are not important lets just go home. Oh and by the way Virgil "WHAT THE ***** ARE YOU DOING HERE!
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Author: NightStar
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1704
Location: Illinois
Posted: Sat Nov 08, 2003 6:08 pm
Hey hey people nicely here,
Credit limits to me, allow for a safe zone, and drive up the credit score if you can reflect low utilization. That is nice when you have objectives and want to drive up the scores.
But once you have all that you want, I think what becomes more important is the interest rate you have with your creditors and being able to maintain these low interest rates as well as staying within your means. And finding creditors for the long haul that you can stay with for many years. Not hopping from one deal to the next, it will look negative to new creditors.
Myself, I have been interested in this part, because recently I ran up against a creditor I was personally interested in doing business with. My score on TU was above 720... but I still got turned down.
Well I learned that the credit card company went through underwriting just like mortgage companies do, and I also learned a very important lesson about joint debt being counted against you on debt to income ratios, so my hind sight cost me the card I wanted most with Pulaski Bank chasing after their flat rate 5.5% interst card.
But another thing they are very strict as to how much available credit you already have, and they check your income as well. If you already have cards - they will subtract that amount away from what they offer you if accepted.
Was a very interesting experience, unfortunate for me, with low income, joint house & joint car, there is no way they will process application for individual account. When all was said and done my 26% utilization to them they looked at 47% utilization.
These things are more complicated then they appear.
Myself I only hold 2 credit cards - $2,100 & $1,400 credit limit. Consider myself to be within my means, but higher would be nicer, just to show lower utilization. Well any way it is a work in progress, kind of like a chess game, just that you don't always know all the rules as you go.
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Author: Guest
Posted: Sat Nov 08, 2003 9:26 pm
50,000.00 Bank One-prime for life--only pitfall-two-cycle balance calculation.
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Author: Eugene
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 254
Location: Brooklyn, NY
Posted: Sun Nov 09, 2003 6:37 am
NightStar, aren't your credit lines kinda low for 720+ score? I thought the higher the score (and income, of course), the higher the credit lines should be.
I have $15,300 + $15,000 + $12,000 on my three cards, but I think my credit score would be lower that 720. Even if it's not lower, I still had much higher credit lines when my score was 698 the last time I checked about a year ago.
Oh well, I could never figure the scoring logic out completely. It must be the income and debt that pramarily determine the credit limits, I guess.
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Author: NightStar
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1704
Location: Illinois
Posted: Sun Nov 09, 2003 10:08 am
1 auto loan; 3 credit cards, 2 authorized user accounts, 720 score, but only income of $20,000 per year. So that is a credit limit killer.
Since then I cut back to 1 auto loan, 1 mortgage loan, 2 credit cards and my score actually went down to about 685,
But I was trying so hard to decrease my credit limit so to get a better deal - cause my income is only $20,000 range. And they said they would only give a total of $2,000 credit! So the idea was to limit get it then increase other places after my objective was met!
Bumped 2 AU accounts, but now have - auto & house joint, so in order to get the card - they will force me to apply joint next round!!! Won't be no cloice in the matter. Not looking so great since my first try.
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Author: Eugene
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 254
Location: Brooklyn, NY
Posted: Sun Nov 09, 2003 6:23 pm
I thought accounts where you are an authorised user don't count at all for the score purposes.
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Author: NightStar
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1704
Location: Illinois
Posted: Sun Nov 09, 2003 7:34 pm
Oh yes they do very much so affect credit scores. Especially when you are just starting out and don't have credit of your own. Make a very nice addition.
I know one person was able to raise his credit score 40 points just be getting his father to add a good solid tradeline
Hight Credit Limit verses Low Balance, think in his case the account was more then 10 years old and had no negative history what so ever.
So by this, where he had only new less then a year old history - it extended the history of his over all credit file, and that account I believe was $40,000 with utilization in the teens so that contributed greatly where his new credit was but only a few hundred starting out.
The trick is knowing when to let these go, so that the owner of the account through their bad management don't take you down with them, and also shake loose before applying for major mortgage loans. I know any creditor using underwriting is going to mess up on debt to income ratios just about every time.
Ideal for kids just starting out that don't have their own credit, just a matter of watching them, so that they don't abuse the accounts, cause the creditor will forward them a card as well. I usually advice, just to add them - but take the credit card away!
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Author: sisflomi
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 134
Posted: Mon Nov 10, 2003 12:57 am
I can say that KB is correct that AU accounts do help the score. I had my brother add my niece to his gas card, and with his good history and low balance, she gained 26 points on FICO score.
I am not sure why people think that au accounts don't help. They won't help if you have target, or certain other cards that don't report au's to the report. And always keep in mind what type of person your asking to add you. You don't want to be added to someone who don't pay the bills on time, you wil have a fight to get that account and all the bad marks off your report.
My highest cl is now $3000.00, approved for circuit city visa last month. Before that it was 400.00 for the past 6 years. Makes you feel good to take these baby steps toward having good credit.
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Author: Guest
Posted: Mon Nov 10, 2003 1:12 am
Since rebuilding my credit and post BK in 98' (March 03' Score was around 590 > now 680!)Have 3 new accounts with $3500 limit, $2000. limit & $1000 limit.
Plus brand new 04' Car loan! $25000 (which I just paid $21000 ) Only owe $3000, which I did to establish a good payment history with CRA's. I would have completely paid it off but I wanted to pay on it for at least 6 months to create a better TL for my credit file.
Funny thing is...I called to check that they received payment on my auto loan...they did, now my next payment isn't due until 10/07!!!
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Author: capepuffin
Joined: 09 Nov 2003
Posts: 81
Location: Cape Cod, MA
Posted: Mon Nov 10, 2003 1:17 am
Up there ^^^^ Its me cape...Lets see if I am logged in yet!
Yippee! It worked...exhausted...starting to think that I didn't exist there for a minute!
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Author: NightStar
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1704
Location: Illinois
Posted: Mon Nov 10, 2003 8:39 am
Quote:
Funny thing is...I called to check that they received payment on my auto loan...they did, now my next payment isn't due until 10/07!!!
Heck I wish I could do that with my car loan...
Least I am very happy, when we first consolidated went with American General eeek!!! 15% interest rate for DH's low scores.
But after working on credit abit, we went back 6 months later to local bank and cut that interest in half just about 7 3/4 interest rate!!!
So far I am happy to say I am one payment ahead on that car and house loan, and will right to keep moving ahead on each of them... then I am going to attack the principal balance!
Yes, definitely baby steps here, lol
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Author: Guest
Posted: Mon Nov 10, 2003 5:19 pm
NightStar, your animated panda makes me dizzy. If it is possible, please don't post your animated cartoon. Thank you.
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Author: capepuffin
Joined: 09 Nov 2003
Posts: 81
Location: Cape Cod, MA
Posted: Tue Nov 11, 2003 1:44 am
Anonymous wrote:
NightStar, your animated panda makes me dizzy. If it is possible, please don't post your animated cartoon. Thank you.
Thats a first! Panda is calming and cute. Panda I for one will miss you!
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Author: NightStar
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1704
Location: Illinois
Posted: Tue Nov 11, 2003 8:08 am
I know I will miss panda too, I had about had her for almost a year.
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