$5000 Credit Limits

[KneelBeforeZod]

TRC_WA...lol. Ain't that the truth. I remember getting my first card with a 1k limit and being on cloud 9. I still remember getting my first card with a 10k limit out the gate from Discover and almost falling out of my chair. It's a funny feeling when you make it to prime country.

[Anonymous]

5K unsecured means you are prime.

[Open123]

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@TRC_WA wrote:

$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.

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Oh, man, this cracked me up!  LMAO  Almost spit out my coffee.

[TRC_WA]

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@Open123 wrote:

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@TRC_WA wrote:

$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.

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Oh, man, this cracked me up!  LMAO  Almost spit out my coffee.

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It was my first thought and I couldn't resist.

We all know how NFCU is the greatest thing since sliced bread and spits out $10-$15k limits at people who have no experience or credit profiles to support such a limit.... so the fact I got there without their help has me feeling pretty good. 

[Anonymous]

You makin fun of my NFCU 5 digit goodness?

[TRC_WA]

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@Anonymous wrote:
You makin fun of my NFCU 5 digit goodness?

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Not yours specifically... more the people who file BK7 and within 2 months have a $15k NFCU card when their highest other card is $2k.

Am I jealous?  Not really.  Just a bit annoyed at how BK7 people who burn creditors 100% seem to get more love than I did when I started my rebuild... and I paid my creditors back over 4 years. 

[Anonymous]

I'd say it varies from person to person. If I can't put my monthly spend on it plus a buffer for util and unexpected expenses, then it is effectively a toy limit.

That being said I think $5k limits, particularly from prime lenders is a good accomplishment showing success in establishing good credit.

I don't undertstand the knocking on NFCU. Even if their underwriting is more lax than others their credit lines are just as "green" as any other prime lender. Money is money.

[Anonymous]

+1

[chwebb1]

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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.

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It's my opinion that a $5000 CL is pretty good. It seems to me like it should be large enough to make whatever purchase(s) you need to make without going over your CL. The largest single purchase I've personally made is less than $3000, so $5000 is definitely enough for me right now.

[core]

From reading posts here I have come to the conclusion:  A toy limit is a limit that was perfectly fine for the cardholder's needs for all the years they held the card, until the one day they asked for a CLI that they didn't even need and got denied.  Now it's a toy limit and suddenly the card is useless.  Into the SD it goes.