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Nice limit there on your amex. Amex doesnt wanna give me any kind of clis and i make a 47k year. Im 22 also so im hoping with time they will loosen up with me.
Yes they do know I only make that amount everytime, I have no reason to lie.
A CLI is a CLI no matter how small.
I would not be happy about a HP for a smalll CLI, like $500. But if a company chose to give me that increase on their own, then I'd be more than happy.
@BlueTank wrote:I'm curious how others view credit limit increases. Personally, I was able to recieve the amex 61 3x cli, and I asked for 3x on my citi card the same day and went from 3500 to 10400 (100 dollars short of what I asked, idk, but I'll take it). However I've read forums where people are happy about 500 dollar limit increases. I know it's a case by case basis, but in the grand scheme of things, a 500 cli to me doesn't seem to mean alot. I am young and only make ~30k a year, however I'm reaching a point where I'm not sure what to do with credit limit increases. I don't need anymore credit but want to continue growing on my accounts. I plan on doing an amex 3x cli again after the 6 month time point, am I wrong in thinking 3x every cli is the way to go? I'm new and trying to learn what's best at a young age, so any advice is appreciated
I remember closing out my AMEX Optima card for having a piddly, unmovable $500 limit. Nope, 18 year old me didn't realize the value of a relationship with AMEX or a card with membership points and no annual fee. I was more thrilled with my $11K TL with MBNA and my $10K Discover. As it turns out, AMEX was far smarter than the other companies. I had an SO that helped me run up $30K in CC debt. I couldn't keep up and BKed in October 2005. The SO is gone, but the BK is still on my CRAs.
Take it from me. It's far better to have cards that suit your needs than trying to get the highest limits. The temptation of high limits really did me in. I think it's also better to show you can handle what you have now, in the long run.
And at this point, you can BET I was thrilled with my $500 JCP CLI!
To express my point of view and thinking a little more. I see a limit increase as a company telling you that you are a lower risk. 1500->2000 in my opinion is still the same risk bracket. My utliity is under 5% now but I have the same spending as when it was 30%, I believed I earned my credit limits due to my usage and paying in full (people can view this as "hard work"). The company does not give me a 10K limit to run up 10K in charges, they like that I pay in full and on time, and keep my utility low. If I were to put in "hard work" for a few years and only recieve a 500 limit I would take it yes, but I see the only benefit then is if you maxed the card already and need another 500 just to get by. That in itself has other problems. The 500 does let you spend more and lowers your utility but does one really need an extra 500 after putting in hard work, when it'll take getting a significately higher limit to move into a lower risk bracket. When I only had one card with 3500 limit, I still used it for everything and ran a high utilitiy on it, but always paid in full. 3500->4000 wouldn't have done much for me, raising to 10,400 did, and lowered my utility. It's all a numbers game and I'm happy how I've played my cards this past year. I've seen the results of bad credit first hand which is the main reason I've tried to make mine the best it can be and do enjoy hearing and learning from others opinions on this forum.
@jennylocha wrote:I think some comments on this forum definitely shows people's age. I thinks its fair to be mindful that not everyone can get large increases when they start out, be careful not to step on the positive steps that make them excited that they're on the right track. You're getting large credit increases with a $30,000 annual income? Do these creditors know that you only make this much everytime you request a CLI??
I started from the bottom myself and I am still learning as this is only my first full year of rebuilding following EVERYTHING on this site to the letter. So when I see people post comments that can easily be misconstrued as looking down on the very thing that got them to where they are, it makes me feel some way about that. If you're excited about your CLIs be excited, but don't bash small CLIs because you think that its beneath you please.
I'm not trying to be rude, just protective of where I started and what little things allowed me to know that I was on the right path to excellent credit! With that being said, CONGRATS on your CLI!
Your right! we all had to start from somewhere.
I have to say I'm a little confused on the objective of this thread - is the OP saying that CLIs that are less than 3x ($200 or $500, etc) are not worth being celebrated or what.....I don't get it.
I agree with Jenny and Bluedog....Also......people get excited over auto cli, which are sometimes very low....hell, I am happy with any cli that a company gives me when I haven't request it. If you want the real mark of a company rewarding you for using your credit wisely, then don't use an approval of your request for more credit as the mark -- use the company increasing your credit line unprovoked as the reward...