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Credit Limit Increases

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jsickz32
Valued Contributor

Re: Credit Limit Increases

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.

Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Message 11 of 34
BlueTank
Established Member

Re: Credit Limit Increases

Yes they do know I only make that amount everytime, I have no reason to lie. 

Amex Blue Cash Preferred - 9200 (1/13)
Chase Sapphire Visa Signature - 5000 (7/13)
Citi Thank You Preferred Visa - 10400 (4/11)
Barclay Arrival Plus World Elite Mastercard - 5500 (7/13)
Message 12 of 34
Lilsnukems
Valued Member

Re: Credit Limit Increases

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.


TU FICO: 744 (updated 1/2014) , VantageScore: 760 (updated 7/19/13)
51.5K Total limit with 12.36% utilization, Income 44K
BOA Better Balance Rewards: 10K, CapOne: 5K, BOA Cash Rewards: 10K, Discover It: 8.2K, 1FBUSA: 8.3K, AMEX BCP: 10K
Goals: 800+ FICO score, minimum 10K credit limit on all cards
Message 13 of 34
TravellingNomad
Established Contributor

Re: Credit Limit Increases

And remember, a good chunk of those small cli's are for rebuilder cards. People hold on to these cards for a long time before being given a small cli...or any cli for that matter. So any movement of cli in the upward direction is something to be happy about. Its the simple things in life my friend...so to speak.
Message 14 of 34
SunriseEarth
Moderator Emeritus

Re: Credit Limit Increases


@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! 



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 15 of 34
Bluedog23
Regular Contributor

Re: Credit Limit Increases

OP, somewhere today, someone got a pair of new pants that cost 12.00 and they are extremely happy and grateful for those 12.00 pants. Maybe they had done without new pants or whatever for a very long time, or maybe they just got a job and are excited about buying their own pants as a result of their own HARD WORK. Could any of us look down on that excitement and say, " well they're only 12.00 pants. Why are you so excited? I've got pants that costs 20 times yours." Same thing with CLI 's. since I've been on this forum, I see folks with HUGE credit limits cheering folks on when they get their 200 or 500 CLI's . It seems to be the spirit of the forum. Our life circumstances, pitfalls, etc sometimes vary wildly -- but the thing I like about this forum is that those who "have" at the moment are constantly cheering on and giving sincere advice to those who for the moment "have not." Trust me on this, with a few unfortunate circumstances, that credit that was freely given, and be easily taken away with one stroke of a key.

Not being snarky, just explaining in a simple way how some people can be excited about small CLI's and how folks with hundreds of thousands in income and credit can be genuinely happy for them.
EX 805 FICO, EQ Fico 762; TU. 768Discover)
Message 16 of 34
BlueTank
Established Member

Re: Credit Limit Increases

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. 

Amex Blue Cash Preferred - 9200 (1/13)
Chase Sapphire Visa Signature - 5000 (7/13)
Citi Thank You Preferred Visa - 10400 (4/11)
Barclay Arrival Plus World Elite Mastercard - 5500 (7/13)
Message 17 of 34
Express
Frequent Contributor

Re: Credit Limit Increases


@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! Smiley Wink


Your right! we all had to start from somewhere.   Smiley Indifferent

CL $408,200
Message 18 of 34
parakleet
Valued Contributor

Re: Credit Limit Increases

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. 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 19 of 34
Swapmeet
Valued Contributor

Re: Credit Limit Increases

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...



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Message 20 of 34
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