Low APRs, but low limits

[afinch1992]

Hi everyone, 

I have a question regarding how limits and APR are determined. I know it is up to each bank and how they calculate it, but what is the general trend? I have a slim, but strong file. AAoA of close to 2 years (will go down a bit with my new card), oldestest account about 4 years, no baddies at all (always PIF and many times before statement cuts). I have recieved the lowest possible APR on the past 3 apps, but my limits seem to be in the near-toy range for my income (50-60k during the apps). My current high is from Cap1 at 3k, however my most recent limit was a mediocre 1.4k from Barclays (Sallie Mae). Are the APRs more based on not having any baddies or are my limits lagging behind?

I tried to recon the Sallie Mae for an increase and at first they were worried about my first card being from Oct, however I corrected them and they acknoledged my BOA that I have had for nearly two years. After that, I thought I was in the clear as they seemed pleased with my income and recent promotion. I asked for a limit of 5k and after a couple of minutes the CSR replied that although I have a good established history, I have only run a max of $1200 in one month on one card. While this is technically correct, I have charged nearly 3k in just the past month spread over a few of my cards. I explained that I not only want to run a large purchase through their card, but would like to use it exclusively for my travel related expenses that will be occurring starting in two of months. No dice. Not even a counter.

Am I missing something here? I guess that a 3x increase to 6k from AMEX (1 month away) would have helped the situation, but I'm a little dumbfounded why they didnt even counter when I am practiaclly begging them to run 4k+ on their card and make it my go to for nearly guarnteed travel expenses for work. Any thoughts and insights are appreciated. 

Editl: FWIW, Barclays also has me at a FICO of 739 

[Gunnar419]

FWIW, I had EXACTLY the same thing happen with the Barclays Sallie Mae MC a year ago. $1.4k limit, best available APR, denial of CLI on immediate recon.

In my case (as in yours, I suspect) the reason was too much new credit. Barclays is just especially leery of that.

I had credit in the mid to high 700s and had two TLs over $10k. But Barclays wouldn't budge.

They do give decent auto-CLIs though. I got bumped to $2.4k on my six month anniversary and am looking forward to my one year anniversary soon.

[afinch1992]

Thank you for the reply Gunnar. That is an increadibly similar story. I was hoping to run a new TV and some other stuff from Amazon, but I guess they will only get the $750 that they pay out 5% on. I was looking to consolidate my wallet as well, but it looks like I will probably stick all my travel to the AMEX. 

[Themanwhocan]

---

@afinch1992 wrote:

Thank you for the reply Gunnar. That is an increadibly similar story. I was hoping to run a new TV and some other stuff from Amazon, but I guess they will only get the $750 that they pay out 5% on. I was looking to consolidate my wallet as well, but it looks like I will probably stick all my travel to the AMEX. 

---

You can buy an amazon gift certificate and get the 5% cash back. Then after the statement date, you can spend twice as much by using the gift certificate and the next $750 available on the Sallie Mae. In that way, you can buy something that cost smore than $750 and still get 5% cash back on the entire value.

[afinch1992]

---

@Themanwhocan wrote:

---

@afinch1992 wrote:

Thank you for the reply Gunnar. That is an increadibly similar story. I was hoping to run a new TV and some other stuff from Amazon, but I guess they will only get the $750 that they pay out 5% on. I was looking to consolidate my wallet as well, but it looks like I will probably stick all my travel to the AMEX. 

---

You can buy an amazon gift certificate and get the 5% cash back. Then after the statement date, you can spend twice as much by using the gift certificate and the next $750 available on the Sallie Mae. In that way, you can buy something that cost smore than $750 and still get 5% cash back on the entire value.

---

great tip, thank you. I will more than likely do just that. I doubt I would have thought of that one and would have split it. The only thing that came to mind was an amazon payment, but I dont think those go through as 5% anyways. 

[Chris679]

I am speculating here but I suspect that your starting APR is based only on your credit worthiness while the starting limit is affected by your limits on your current cards.

[afinch1992]

---

@Chris679 wrote:
I am speculating here but I suspect that your starting APR is based only on your credit worthiness while the starting limit is affected by your limits on your current cards.

---

Sounds very plausable. The thing that confuses me in the whole process is the fact I have plenty of income relative to my total credit lines (about 10k credit for 60k income) and blasted through about 3k so far in about 15 days. I guess Barclays is just a stickler as many people have stated. The current limit is not unreasonable, but its definitely going to be PIF a couple of times a month for a little while (with the bigger purchases).