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Contributor
Posts: 202
Registered: ‎06-30-2013
0

Does everybody start with low limit cards?

Hello all!.....and WAR EAGLE!

 

My question is this.  Did everybody here start with low limit cards and build up to the larger limit(ie$1,000+) cards, or did you just start getting the higher limit cards from the start?  You can see my cards listed at the bottom of this post.  The highest limit on these cards are the victoria's secret($500) and Total Rewards Visa($500).  The other cards vary from $300-$400 limits.  I know that PIF each month is key to CLI's. Does salary come into play with the limits issued, upon opening accts?  I recently got an offer from First Premier Bank(Smiley Sad) with a preapproved limit of $700, and I actually considered it becuase of the limit, itself. I hear that the cc companies look at your current limits and base their decision off of your current limits, or somewhere close(is that right?).  I did not take the offer, but should I? I have recieved some excellent advice from my friends here(creditaddictSmiley Wink) as to call credit solutions and my various other creditors and simply ask for the increases....which im still patiently waiting to do(i wanna get myself to a better place before i do). So did you guys have to work for those limits-or-did they come easy?

 

Thanks for y'alls time!!

AUBURN


IN THE GARDEN TILL 7/1/14!!!
Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: Does everybody start with low limit cards?

I think everyone starts low, I know I did, I still want to get that Total Rewards card but waiting foir some more Util to drop

 

whatever you do don't get first premier...have you tried the preapproval link for capital 1?

Moderator
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Does everybody start with low limit cards?

Nothing comes 'easy' and we all have to start somewhere. Even if you are 'new to credit' chances are the first cc will have a lower limit. Income and the credit profile are factored into CL's. CLI's, can be based on the particular lenders policy, usage, income and cr profile.

It does not take 4+ credit cards to achieve higher limits. Util , positive credit history and AAOA are key IMO.

Regular Contributor
Posts: 185
Registered: ‎10-11-2012
0

Re: Does everybody start with low limit cards?

I started with low-limits. $500 for Freedom, and $700 for BofA Cash Rewards 8 months into my credit history. 9th month Barclays took a chance with me and approved me for $2000. The other cards that I've acquired within the last month, one of the issuers matched my previous highest limit, and the others offered me higher limits. So I believe it's all a matter of how thick or thin of a file you have Smiley Wink

Chase Sapphire Preferred / Chase United MileagePlus Explorer / Chase Freedom / AMEX PRG / AMEX SPG / AMEX BCE / Discover IT / Barclaycard Financing / BofA Cash Rewards for Students / CITI Classic
Contributor
Posts: 205
Registered: ‎06-10-2013
0

Re: Does everybody start with low limit cards?

No, not everyone started with low limit credit cards. In today's day and age though.. most likely..

 

I know my first card, about 10 years ago was a Bank of America card. I got a preapproved offer in the mail.. I applied.. $10k limit. I had nothing else on my credit report other than a student loan in deferral...

 

I know of a younger person though who just got approved for a Bank of America card with a highish starting limit of $3k. He's had an account with them since he was first born. He's only 19 and obviously puts money through his checking account. He had absolutely nothing on his credit report. The banker inside said she's recommend to the analyst that he get it because of the banking relationship for the past two decades. Approved!

 

This might be rare, but you never know. Banks aren't giving out credit cards like they used to though.

Established Member
Posts: 1,058
Registered: ‎05-28-2013
0

Re: Does everybody start with low limit cards?

[ Edited ]

Walmart started me off with $100 CL! Smiley Mad   And this was back in '05.  I guess it was a lot back then?  Can't buy crap for a hundred bucks these days. lol


Experian score (Amex) 734; Transunion score (Barclay) 732
Regular Contributor
Posts: 185
Registered: ‎10-11-2012
0

Re: Does everybody start with low limit cards?


eddie84 wrote:

Walmart started me off with $100 CL! Smiley Mad   And this was back in '05.  I guess it was a lot back then?  Can't buy crap for a hundred bucks these days. lol


LOL Smiley LOL

Chase Sapphire Preferred / Chase United MileagePlus Explorer / Chase Freedom / AMEX PRG / AMEX SPG / AMEX BCE / Discover IT / Barclaycard Financing / BofA Cash Rewards for Students / CITI Classic
Valued Contributor
Posts: 1,615
Registered: ‎09-15-2012
0

Re: Does everybody start with low limit cards?

Admittedly, I started late to the credit card game (23) so my income was already rather matured ($60k+) when I applied for my Capital One card last June. I received a $3,000 limit and everything has gone up from there.

But I would generally say I am the exception rather than the rule, and if I had applied while in college the chances of getting that limit would have been significantly reduced. In fact, the chances of getting approved would have been significantly reduced.

But in all honesty, the only thing more valuable than time in receiving a high credit limit is a significant income. It's not a wealth thing, it's a cash flow thing. People who make more money can pay off higher balances quicker.

In My Wallet: Amex BCP (12/12) $32,000, Chase Freedom (12/12) $16,500, Citi Forward (12/12) $14,600, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Thank You Premier (6/15) $6,800

Last App: June 27, 2015
Moderator
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Does everybody start with low limit cards?

@SnackTrader

My first big girl cc was a BoA Student Visa-they were all over Westwood Campus. My CL was $800 and I thought I won the lottery!
Established Contributor
Posts: 969
Registered: ‎12-11-2010
0

Re: Does everybody start with low limit cards?

[ Edited ]

One of my close friend started off with 30000 CL with Citi Dividend Card right out of grad school. He only had one other card from BofA for 900$. I know it's hard to believe but true... I made him show his online account just to verify he isn't bluffing lol

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