No more Toy Limits Plan for 2016

[Anonymous]

I'm pretty sure You'd get calls from credit departments
if you are 80% on Total Credit limit
I got a call from BoA when my untilization was 35% with excellent history

[Dj4Money]

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@Anonymous wrote:

I'm pretty sure You'd get calls from credit departments
if you are 80% on Total Credit limit
I got a call from BoA when my untilization was 35% with excellent history

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 BoA calls you when your Utl is high? Interesting, I get nothing from Cap One, Logix or SDFC. All cards currently are nearly maxed out. I will start paying them down next month in big chunks.

 
 I make more than the min payment anyway.

 My QS1 is building nicely no complaints ($2,000 limt) and only had the thing for about 8 months now.

 The others are small ($500 and one coming that's $700) but I will paying down all balances working towards finally trading in my Accent for a Focus ST (2016).

 Small limits are frustating especially if you are starting a business.

[Anonymous]

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@Dj4Money wrote:

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 BoA calls you when your Utl is high? Interesting, I get nothing from Cap One, Logix or SDFC. All cards currently are nearly maxed out. I will start paying them down next month in big chunks.

 
 I make more than the min payment anyway.

 My QS1 is building nicely no complaints ($2,000 limt) and only had the thing for about 8 months now.

 The others are small ($500 and one coming that's $700) but I will paying down all balances working towards finally trading in my Accent for a Focus ST (2016).

 Small limits are frustating especially if you are starting a business.

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BoA is very conservative, I don't recommend BoA card
If you really want to get one then get it but never ever get two
they will not stick by you when time gets rough
Good Luck!

[takeshi74]

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@merlinflex wrote:

No more Toy Limits Plan for 2016

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The limits and increases you qualify for will depend on your credit profile and income.

CLI's won't help as much if your revolving utilization is already low.

Don't rely on "higher limits beget higher limits" meme.  Limits do factor into revolving utilization but your entire credit profile matters.  Your profile and income at time of consideration will determine the limit/CLI that you receive.

Simply having higher limit cards doesn't necessarily mean that you will only get high limit cards.  I've had $30K, $25, and $20K cards and have received new cards with starting limits of $5K.  Recent activity is part of your credit profile and a major reason why some of my newer cards started with what are low limits for me.

The limits will come as your profile improves, ages and thickens.

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@merlinflex wrote:

Toy limits annoy me as I can reach 30$ UTIL very fast on one purchase.....so doesn't really help me in the overall plan...

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If you're really bothers by increased revolving utilization you can always pay down balances prior to report date.  You can increase any fraction by both reducing the numerator (balance[s]) and increasing the denominator (limit[s]).  You don't have to rely on just one or the other.

In any case, revolving utilization is calculated based on whatever is currently in your reports.  Short term high utilization geneally isn't an issue and if you have high utilization one month you will recover as soon as the utilization drops.

[Themanwhocan]

I started my own More Toy Limits Plan for 2016 a month early. I picked up a Holiday Smart Savings card with $1500 limit, and then a Target Redcard with $1000 limit.

Both are 5% cards, so have been on my radar for a long time.

Hmm, come to think of it, both are home based less than 2 miles from my apartment.