01-20-2013 08:44 AM - edited 01-20-2013 08:51 AM
Future limit increases beget future increases, depending on the BIG PICTURE!
Yes, once you get to a certain threshold ($5K) on one card, there seems to be an exponential increase in other cards, but it's all in how you manage it. One gets declined if one gets greedy! There's an art to it, there's some science behind it, it's just a matter of figuring out what works FOR YOU! As with anything credit related, YMMV.
You've got to have the income to support it, the AAofA, the UTIL, the scores, and a clean history to get the really good increases. In these first few weeks of the new year, I've gotten $7.5K in CLI on 2 cards, and $18K in new credit, bringing my total credit available to over $100K. That's an increase of over $25K from where I was at the end of 2012, and nearly $75K increase from where I was just a few short years ago. It's all a matter of how you play the game. ANYONE can do the same thing!
I'll proabably see a slight ding on my CR's, but I don't expect anything significant, due to the inquiries. EX will take a hit since the HP were all EX, so I'll probably lose 15-20 points for the INQ, but will make that back up with the new TL, and decrease in UTIL, once everything reports.
01-20-2013 10:05 AM
That sounded mean In any case, If you have the Freedom and United and depending on your income you may hit your internal Chase limit. Also other lenders may be hesitatnt if they feel you have too much available credit v. income as well.
Well I was speaking from experience. I have many limits over 5000 and three 10000 limit cards and was sure the US Bank Cash+ would be a no problem approval; I was wrong. I got a 1000 limit from them, and a wasted inquiry. I was just approved for 10000 a few days before I applied so that fueled my sureness, and as I said, other limits do not always mean you will get another high limit.
01-20-2013 11:59 AM - edited 01-20-2013 12:00 PM
I think it's just true, I kinda believed I'd get a decent limit from anybody, and Discover gave me $1500 (remember that's really only $400 usable to avoid going over 30% utilization).
It just means for pretty FICO purposes (which is instant in time, though admittedly utilization it appears can rebucket you looking at some data) you need to make a payment before the statement cuts.
As a practical example, even if you spent $3000 on that Discover card and paid roughly 2 weeks into the statement cycle, and again 4 weeks into the statement cycle at $1500 each time, by the time your statemetn cuts it's still going to report $0.
Since FICO only cares about instant in time utilization based on reported balances, there's no penalty to doing this from that perspective.
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