I have an older BofA rewards card I rarely use with a limit of $45,000 in the sock drawer. They dropped the limit on me about 3 years ago from $90,000 to $25,000 but I called and raised hell to get it back up to where it is now. Honestly I have no idea how my limit got that high in the first place but at the time it was my only card and it was used for everything.
Yeah I assume it has to do with relationship as someone mentioned. They hold my mortgage, my personal banking and checking, IRAs and multiple business accounts.
It's a credit card and they've had it for quite awhile.
Wait ur parents have a 200k limit on their BOA credit card ??? Is this a credit card or line of credit ??
I was just wondering I haven't updated my sig but my current BOA cards have a combined limit of 43.5k, I was just wondering how high I could go...
They do, but I don't think they use it much these days. It's backed by investments via Merrill Lynch much in the same way that cards issued via CPC or PB have much higher CLs than normal Chase customers. They spend a lot of money on wasteful things though IMO. A few years ago my father spent 3k on a toilet roll holder for a bathroom, and another 4k on a soap dish. I'm all for living well, but that's just ridiculous. When I heard it I tried to be happy for him because he was so excited, but all I could think in my head is "are you kidding me?"
That's Crzy... I was just calculating the interest if a person had a balance that high.... That would be nuts !!!!
Creditscholar, that wasn't offense I'm sure with that limit ur parents PIF and have the ability to pay...
Could u imagine what the min payment would be....lol