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Happy Saturday to all! Was just wondering - I got a 20K SL venture 6 months ago – did this in anyway influence my being able to recently get a 25K limit? I will be doing a cli/pc/combine move shortly which will yield me a ~38K card – does this mean that I have set the bar higher for future cards should I ever step out of the garden? My goal is fewer cards and higher limits so inquiring minds want to know. Sorry if this has been asked before and mods please move if I posted in the incorrect place. Thanks and have a great weekend
Generally, if we're talking about a manual review, an analyst seeing your existing limits may use that to see what kind of limit you can potentially handle. So in a sense yes it may make comparable limits easier to get in the future but it also depends on your exposure vs your income and other factors.
For a computer's decision, it's not as clear how much difference it makes. The computer decides your limit based on score, history, income, etc. It's unclear if the algorithims know or care what your other limits are.
Also, you have to factor in that some lenders are more, or less, conservative with limits regardless of your other accounts.
So in short I wouldn't get too caught up in "higher limits beget higher limits" but I think it has some amount of truth to it, just not an absolute.
@kdm31091 wrote:Generally, if we're talking about a manual review, an analyst seeing your existing limits may use that to see what kind of limit you can potentially handle. So in a sense yes it may make comparable limits easier to get in the future but it also depends on your exposure vs your income and other factors.
For a computer's decision, it's not as clear how much difference it makes. The computer decides your limit based on score, history, income, etc. It's unclear if the algorithims know or care what your other limits are.
Also, you have to factor in that some lenders are more, or less, conservative with limits regardless of your other accounts.
So in short I wouldn't get too caught up in "higher limits beget higher limits" but I think it has some amount of truth to it, just not an absolute.
Hey, I was more less curious about the automated process of getting a new card or cli and I am not caught up in anything except finding a bottle or two of W.L. Weller 12 Year..
I think within reason a few higher limit cards can help yield higher limits from your lower limit cards. A lot of people on this forum have reported having a certain card with a low limit for years, unable to get CLIs or very small CLIs, then after getting a couple of higher limit cards they report getting a more healthy CLI on the old lower limit card.
I'll actually be testing this theory myself this October with Capital One. I've never received more than a $500 CLI on their card and a few months ago I was approved for 3 other cards (different creditors) all with limits at least 2X the limit of my Capital one. All 3 also will have received CLIs before my next Capital One CLI which will put their limits at 3.5X-7X my CO limit. If I finally get a healthy CLI from CO in October, I will conclude that my other cards with greater limits most certainly played a role as nothing else in my profile has changed and my scores have been relatively consistent over the last 6 months.
Hey, I was more less curious about the automated process of getting a new card or cli and I am not caught up in anything except finding a bottle or two of W.L. Weller 12 Year..
Laphroaig 18 is where its at if you can even find it.
@Berk wrote:Hey, I was more less curious about the automated process of getting a new card or cli and I am not caught up in anything except finding a bottle or two of W.L. Weller 12 Year..
Laphroaig 18 is where its at if you can even find it.
@sort of lost interest in peat and scotch in general but that does look like a nice bottle. bourbon has been my thing for a while and based on the shelves here in LA I am not alone. check out rowan's creek @ ~$40, delish!
@Anonymous wrote:I think within reason a few higher limit cards can help yield higher limits from your lower limit cards. A lot of people on this forum have reported having a certain card with a low limit for years, unable to get CLIs or very small CLIs, then after getting a couple of higher limit cards they report getting a more healthy CLI on the old lower limit card.
I'll actually be testing this theory myself this October with Capital One. I've never received more than a $500 CLI on their card and a few months ago I was approved for 3 other cards (different creditors) all with limits at least 2X the limit of my Capital one. All 3 also will have received CLIs before my next Capital One CLI which will put their limits at 3.5X-7X my CO limit. If I finally get a healthy CLI from CO in October, I will conclude that my other cards with greater limits most certainly played a role as nothing else in my profile has changed and my scores have been relatively consistent over the last 6 months.
good little test, I have my own..re the qs wmc, I will have spent > $100 on it on one swipe in 6 months when I cli it in 2 weeks and I pifed it in > 1 week so I am interested in what they give me. my last cli was 4k but I was running everything throught the card and I have since shifted to the prg. my bet is I will still get 2-3K before I combine it. maybe not - good luck to us both
Sounds good.
My Capital One card is likely going to end up in the SD even if they do give me a healthy CLI in October. I really don't have a use for the card since getting several others a few months back. For the first year+ that I had the card it was my only card so by default it was my daily driver and always saw > $1000 monthly spend. For the last 2 months however, I've only been giving it 1-2 swipes per month with around $100 spend as my other cards are being used daily. With $1000+ spend for about 15 months you'd think I would have received better than the two measly $500 CLIs I was awarded.
When I do my October CLI request with Capital One, if I do get a bigger CLI it will be ironic as my swipes/spend will be significantly down which will more or less confirm to me that my other higher limit cards had an impact on the decision.
WARNING: thread drift…you know, I have mostly stropped trying to figure out any of this – the algorithms/models the 3Bs use are so upside down and fickle most of the time that is makes no sense at all to me. Some lenders are more conservative to me like penfed and chase and others like nfcu and cap1 are the wild west of credit. All I know is I was in the 500s two years ago and had a single $ 300 card going through cap1 steps and 18 months later they gave me a 20K card. They enabled me to turn it all around and for that reason alone they will always take up 1 of the 6 slots in my tumi. For years I dreamed of having 5 cards that would = a decent total limit and in 2 weeks hopefully that is what I will have. Time is everything when it comes to this game, really amazing. Besides getting a car loan or lease next year my single elective hp will be a chase cli after my bad come off late next year. Never use the card so it will be an interesting test. Good luck in your journey because sometimes I think luck is all we have lol.