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$5000 Credit Limits

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creditconcept
Regular Contributor

$5000 Credit Limits

In you all's opinion, is a $5000 CL the demarcation point between a "toy limit" and a "respectable" limit? I'm not talking about for the MyFico community, because I know we never stop there, But just curious as both Capital One and BoA websites say that $5000 CL makes you a made man.

Message 1 of 64
63 REPLIES 63
NRB525
Super Contributor

Re: $5000 Credit Limits


@creditconcept wrote:
In you all's opinion, is a $5000 CL the demarcation point between a "toy limit" and a "respectable" limit? I'm not talking about for the MyFico community, because I know we never stop there, But just curious as both Capital One and BoA websites say that $5000 CL makes you a made man.

lol

Not sure I follow this. So if CapOne tells me I have to pop a cap in someone, I have to?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 2 of 64
creditconcept
Regular Contributor

Re: $5000 Credit Limits

Lol wow didn't even catch that, what a bad choice of words Smiley Tongue
But no, both of their websites have little links that explain what they consider to be """Excellent Credit""" , and both mention having 1 card with a $5k limit. And I learned a few weeks ago that CSP starts at only 5k, so I'm just curious why $5 what choosen as the magic number

Message 3 of 64
Open123
Super Contributor

Re: $5000 Credit Limits

For me, $5,000 is more than enough for 99% of my cards, especially with the 5% rotating bonus cards where the rewards are capped at $750/$1,500/$2,000 per quarter.  

 

Only on non-bonus spend cards where I use for large bills (taxes, leases, vacations, etc...) would I need a larger CL.  And, for most CC rewards enthusiasts, there's usually only 1 or 2 cards we designate for "general" non-bonus specific spending, unless during a period of cycling sign-up bonuses.

 

In my view, $5,000 is my preferred CL.  I request CLDs to $5K whenever a non-general spending card issues me a higher CL.

Message 4 of 64
js0319
Established Contributor

Re: $5000 Credit Limits

$5000 just happens to be the point which you can qualify for a signature card. In general, I consider a toy limit something around $250 to $1000, and nothing really happens further beyond that as far as card growth. There are cars out there that might give you a $1500 or $2000 limit, but can potentially grow into larger limits. Sallie Mae is a prime example. Many people are approved with lower limits on this card, but the card has potential to grow into something of greater value. A toy limit on the card can also be considered by many that you just barely qualified for the card. 


AMEX PRG - NPSL I AMEX Everyday Preferred - $34.8k I Capital One Venture - $20k I Chase Sapphire Preferred - $25.5k I Chase Southwest Rapid Rewards Premier - $20.7k I Barclay Arrival + - $10k I Capital One Quicksilver - $10k I NFCU Flagship Rewards Visa Signature - $15k I NASA FCU - $10k I Texell FCU Visa - $5k I Chase Freedom - $9.9k I Citi Double Cash - $7.8k I Discover IT - $5k I NFCU CLOC - $15k I Total Unsecured Credit - $188,700

EQ FICO - 714 (5/24/16) I TU FICO - 772 (5/24/16) I EX FICO - 770 (5/24/16)
Message 5 of 64
Open123
Super Contributor

Re: $5000 Credit Limits

Not sure if anyone remembers, but the only true toy limit card I've run across was the old BBRZ card issued HSBC.  It came with a $100 CL with an initial $19.95 fee, which resulted in an effective $80.05 available credit upon approval.

 

 

Message 6 of 64
Anonymous
Not applicable

Re: $5000 Credit Limits

No. A made man is the one who says who gets capped when.
Message 7 of 64
KneelBeforeZod
Frequent Contributor

Re: $5000 Credit Limits

I also agree with the comment above and think the 5K limit is a guidance bulletpoint that they use to help consumers decide whether they should apply.

It's hard for me to take anything either of those two banks (or any other bank for that matter) suggest as gospel. The rules and standards can change with the wind, per se.

Current Scores (Dec 20, 2015) - EQ=719 EX=739 TU=740
Message 8 of 64
TRC_WA
Senior Contributor

Re: $5000 Credit Limits

$5k limits are becoming the norm for me... and my biggest card is $10k which I think is pretty respectable considering the fact I'm not humping NFCU's leg.

 

There was a time though when I thought a $1k limit was out of this world awesome...

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 9 of 64
Imhotrodcrazy
Valued Contributor

Re: $5000 Credit Limits

For me,  a good cl is 10k,  that way I never need to worry about utility,  no matter what I buy/charge.  Hope this doesn't sound greedy,  it's not meant to sound like that,  it's just my opinion. 

FICO 08
TU 842 12/8/18
EX 840 12/29/18
EQ 842 12/8/18
(NASA 30K) ( Amex 44k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 2/15
Message 10 of 64
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