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@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?
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.
$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.
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.
$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...
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.