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Senior Contributor
fishbjc
Posts: 3,321
Registered: ‎11-30-2007

Re: Is 5K a toy limit?

For Donald Trump YES, for me NO.  I was thrilled to get 5k w/nfcu and estatic to get it bumped to 7k!

Valued Member
chewchowlady
Posts: 25
Registered: ‎10-12-2013

Re: Is 5K a toy limit?


phillyguy12 wrote:

 

3001+ i wanna make babbies with you

 


Good Morning Philly, and thanks for making me laugh. hahahahahaha. 

Seedling:

Discover It 5.5K / OCCU Duck 5K / Sportman's Guide Visa 5K / Walmart Discover 4.2K / Citi AA Amex 3.5K / Chase Freedom 2K / Cap1 Quick Silver 2K / BOA Cash 2K / Amex BCE 1K - Too many store cards to list!

Garden since 11/14/2013 - No need to apply for any new credit until closing on my home! (Summer 2015)
Established Contributor
eddie84
Posts: 554
Registered: ‎05-28-2013

Re: Is 5K a toy limit?

[ Edited ]

My Amex Optima with $500 CL, now that's a toy limit for me but at the time, I was just happy to be in with Amex again after so many years without one. lol

7/13/14 EQ 754 | AmEx Platinum NPSL | Discover it $11k | BofA Travel Rewards Visa Sig $7k | Citi Platinum Select AAdvantage WMC $10k | Barclaycard Arrival+ WMC $9.7k | Jared/Kay $5.1k | Chase Sapphire Preferred $5k | BofA Cash Rewards Visa Sig $5k | DFS $5k | PayPal SC $5k | Citi Diamond Preferred MC $4.7k | BofA Better Balance Rewards MC $7k | Chase Freedom Visa $4k | Zales $5k | US Bank Visa Platinum $3k | Bloomingdale's $3k | Macy's $1.2k | Amex Delta SkyMiles $1k | Chase Amazon $800
Established Contributor
tennisfan78
Posts: 629
Registered: ‎09-18-2011

Re: Is 5K a toy limit?

5K is a great limit.  If you manage it well, It open up doors to higher limits soon.


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

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Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Is 5K a toy limit?

@young, I don't think the naming of the new visa tier is confirmed yet. There have been several names tossed around the internet but it does seem to be more of a project code name, rather than the product's actual name. There are also different CLs and spending requirements being tossed around, which may have to do with the issuers setting different requirements.

So almost everything is still pretty much unclear. The cards probably will most likely come with a hefty AF anyhow, depending on the issuer. Some private banks are able to waive the AF for their clients though.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Regular Contributor
Startome
Posts: 399
Registered: ‎08-21-2013

Re: Is 5K a toy limit?

CHeck out my siggy. That should say whether 5K is a toy limit =D

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

Starting total revolving credit: $0 | Current total revolving credit: $1600.00

Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013


2013 Goals:
1,000.00 Emergency Fund
1,000.00 Emergency Fund, AGAIN
Mechanically Sound Car
Unsecured Card

Fifth Third $300
U.S. Bank Harley Davidson $300
Capital One Platinum $500
2nd Capital One Platinum $500


Community Leader
Valued Contributor
DaveSignal
Posts: 2,039
Registered: ‎07-29-2011

Re: Is 5K a toy limit?

A toy limit is a limit that you can't really make use of to pay for normal expenses, because you will reach the limit just by filling your car with gas or paying for food... you can't really do anything useful with it. I don't live frugally, but I could probably make it an entire month just with $5000 and no income or other money available, without any living compromises. In my view, $5k credit is a generous amount of credit and can be used for most things throught the billing period without multiple payments. It is not a toy.
EQ:701 TU:745 EX:694
Barclays Arrival $6.5k - BoA Travel Rewards $15k - SDFCU EMV $15k - NFCU goRewards $20k - CSP $5k - Amex ED $19.5k
Regular Contributor
CreditCardDiva
Posts: 113
Registered: ‎03-15-2012

Re: Is 5K a toy limit?



SunriseEarth wrote:

DigitalArk wrote:

In general speaking. :smileyindifferent:


I really hate that term.   At this point in my credit journey, I was pleased to get my cards with $250 limits.  Back before my BK, I had 5 TLs with over $7000 limits and the highest was $11K.  Looking back, AMEX was the only one who didn't indugle my desire for big limits and they were clearly correct.

 

Yes, there are plenty of people in a financial and credit position where $5K is just a paltry limit.  There are others clawing their way to good credit with a $200 Fingerhut TL.  I think it's more encouraging to simply say a card at a given limit doesn't meet one's current credit needs instead of dismissing it as a "toy limit."  


I completely agree. IMO, 5k is not a "toy limit". Now, I know a lot of folks make/spend a lot of money, but sometimes this whole "toy limit" thing starts to seem a bit pretentious.  If someone can afford to pay off  thousands of dollars in charges, in full, each and every month...and then some, and meet all their other financial obligations with ease, then I guess 5K is not up to standard, but so what? Also, it depends on what kind of expenses you'll be running through the card.

 

Why does this question keep coming up? Why does it matter what others consider to be a "toy limit", considering that we all come from and are at different places in our financial journeys? The answers will vary, so there really is no "right" answer. To be honest, I hope I never get to the place where I can dismiss 5K as a "toy", but I'm fine with those who can and do. Each person needs to look at their own individual financial situation - their income, expenses, savings, goals, etc. and determine what limit best suits their situation.

No FICO Score Info Until Fall 2014.
I'm working on getting utility down to 10% or less. Chillin' in the garden.
Credit Rebuild Start Date (3/12)
Credit Union Visa ($500 3/12) | Capital One Platinum MC (formerly Orchard Bank) ($500 3/12) | Capital One Secured MC ($200 3/12),| Walmart ($400) | Bill Me Later ($1000) | Jared ($2200) | Victoria's Secret ($650) | Gettington ($2500) | Zales ($500) | GE Amazon ($700)

In the garden till 3/5/2014 (my birthday!)
Senior Contributor
longtimelurker
Posts: 5,366
Registered: ‎04-22-2013

Re: Is 5K a toy limit?

On a recent similar thread, someone made the great point that it also depends on the card, giving the example of a Starbucks card (where $500 is more than enough for most people) vs an international airline card, where $500 isn't enough to buy a ticket.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Regular Contributor
Startome
Posts: 399
Registered: ‎08-21-2013

Re: Is 5K a toy limit?

I take home 14K a year, so a 5K card could easily cover 4 months of living. lol

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

Starting total revolving credit: $0 | Current total revolving credit: $1600.00

Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013


2013 Goals:
1,000.00 Emergency Fund
1,000.00 Emergency Fund, AGAIN
Mechanically Sound Car
Unsecured Card

Fifth Third $300
U.S. Bank Harley Davidson $300
Capital One Platinum $500
2nd Capital One Platinum $500



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