Credit Card with a $5000 CL

[ngerasimatos]

My first good CL came from a CU. They are always good to start with. 

[austinguy907]

My 2 biggest CL's are w/ CU's.  That's 2/3 of my total CL too

[Anonymous]

I think a large CL is a mix of things, but sometimes it seems arbitrary.   I think the annual income you report on the application weighs heavily on how much they'll give you.   I have 800's FICO and I applied for a visa this week and was given $5000 but only reported $30k in income.    I also had a 6 year history with this company;  a MC in good standing with an $8000 CL....they gave me that CL  in 2004 with a FICO in the mid 600's.  

So in 2010 they gave me a $5k limit with an 800's fico and 6 years of positive history....but in 2004 they gave me $8000 CL with FICO in the mid 600's and no company history.  Go figure. 

[Carbusys]

It doesn't make sense, but, blame it on the economy. And the new credit card rules. My income is almost $50, 000 annually. I guess with my low 600 scores, I will be regulated to limits around $1000-1500. My utilizations are today down to 62% and my goal is 49% by Sept 1. I hope to be over 650 on each score by then. I WILL join the 700 club by Feb 1, 2011, I promise. Thank for the input!

[score_building]

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@Carbusys wrote:

It doesn't make sense, but, blame it on the economy. And the new credit card rules. My income is almost $50, 000 annually. I guess with my low 600 scores, I will be regulated to limits around $1000-1500. My utilizations are today down to 62% and my goal is 49% by Sept 1. I hope to be over 650 on each score by then. I WILL join the 700 club by Feb 1, 2011, I promise. Thank for the input!

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Regardless of income, if you apply for credit with high uti that will continue to be a major road block to higher CLs.

Many lenders will deny for high uti, even in the absence of any other neg info/ factors.

It is unlikely that you will receive a high limit approval when you're down to 62% or 49% (even though your scores will rise noticeably)  the sweet spot is 1-10% for best app results and generally not above 30% for any kind of loan app, YMMV.

[ngerasimatos]

To put things in perspective. I have a ~740 FICO (average between all 3 scores) and make six figures annually and my UTIL is less than 3% and I still dont get aproved for high CLs, mostly due to my AAoA being low (under 1.6 years)

Some of my recent approved CLs were only $1500-$2000 for typical store cards (Best Buy, Apple, etc)

The economy certainly has a lot to do with things, and also regulations do as well. However, the biggest issue is banks are just very conservative currently. With over 108 banks failed so far, I can certainly understand why. However, we will never start to make a speedy recovery unless we start lending money again (though it still is a bit soon)

To put it in perspective, there is over 1.5 trillion dollars currently held by large business companies and they are sitting on it as the market is volatile. If they started investing it in whichever manner they see fit (assest, stocks, tech, construction, etc) then we would recover much faster.

Also, lowering taxes during a time of war has never been done before in all of history, but you can thank you prior administrations for that situation and also for raising the deficit 4x as compared to when Clinton left office and had a surplus.

But anyway.....

[Carbusys]

Right, score-building, I know. I will be down to 10% or lower by Feb 1, 2011 if I stay on my plan. I just paid two accounts to zero balances yesterday and I paid two other down considerably. That caused my jump from 73% to 62% util. Thanks.

[score_building]

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@Carbusys wrote:

Right, score-building, I know. I will be down to 10% or lower by Feb 1, 2011 if I stay on my plan. I just paid two accounts to zero balances yesterday and I paid two other down considerably. That caused my jump from 73% to 62% util. Thanks.

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Gotcha, good plan Carbusys, keep up the good work!

[cookiemonster]

dose not matter, the banks are being stingy and selfish with giving out credit. I wish we didn't have to deal with them.

[Anonymous]

Try Capital One.