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Smug wrote:
My friend from another board has just under 1 million in credit, it amazing to see on paper 160k is only one card for him...
Smug you're just well connected
+1
@Smug wrote:
My friend from another board has just under 1 million in credit, it amazing to see on paper 160k is only one card for him...
which card is that?
@kpresod wrote:
I'm a new user to this site, and I LOVE it because I get lots of information to build my financial background to its best! However, I am amazed and get excited when I see high CLs most ppl receive from their financial institutions. What I don't seem to understand is, when one acquire so much Credit (which is good); what do u do from there on? Use it responsibly and PIF. Of course I don't expect one to max the cards out, but seriously what do u do? Keep in mind, I've also read, and witnessed ppl with really high CLs of which they don't utilize at least 30% of it an the banks automaticallly closes their accounts. Most likely due to other factors on their credit reports. What would happen to their credit? AAoA / overall Util. may take a hit, but other than that not much. What would another institution look at/think before they consider giving such person(s) lines of credit? Account age, payment history, FICO score are the big things. AAoA as well. These are the things I would like to know. On the other hand, is it better to have (1) major CC preferably AMEX Green/Gold/Zync and every 8-12mths of "gardening" you then look at your expenses within your budget and request a CLI as needed? With AMEX you can request a CLI sooner (61st day of opening) and request up to 3x your CL. Overall, we all know banks are for profit and somewhat for fair trade.