Pre-approval Limits

[xiownthisplacex]

I have 3 credit cards with $5,000 limits for a while and an AMEX charge card since 1998. I receive a lot of the pre-approved letters from all kind of banks to apply with them, but most, if not all, say that a credit limit up to $1,500. Now why would I want the card that they are offering if I have cards that have a much higher limit? I don't understand that marketing strategy from them. Can anyone share any insights on this?

[Iamien]

Plenty of small fish lenders want to put their card in your hand even if they have nothing competitive to bring to the table.  The reason they send them out is because the credit illiterate see credit like cash and quickly max the card with no intention of paying back or with the intent to pay minimum balances.

Those people end up in this forum a few years later asking why they can't get a $200 secured card from Orchard or Capone.

[xiownthisplacex]

I see what you mean! And unfortunately that does happen to a lot of people who don't educate themselves first before taking action. I like to be able to get what I want when I want it

[Crashem]

Figure out what you want from your cards and find cards that meet your needs as opposed to waiting for offers.

[xiownthisplacex]

Crashem, I don't need more cards, unless if they offer a much higher limit than I currently have. I just receive these offers in the mail. I don't want to waste an inquiry on something that won't benefit me.

[injustifiiable]

What companies are the offers coming from?

[Crashem]

Yep, hence my advice that you figure out what you are looking for and go find those cards yourself. You mentioned raising your cl. Tendancy for card issuers not to wait to be first to offer higher cl. Your current issuers will raise their cls eventually. Two ways to rush that process. App for new cards that are known to be agressive with initial clips. 2nd, lender with fico friendly cli policies. So which cards do you have and I bet I help you get to 10k faster which will encourage current card issuers to cli as well.

[xiownthisplacex]

I don't remember off the top of my head which banks send me stuff, but a lot of them I never heard off before lol.

I have Chase Sapphire Preferred with $5k, Chase United with $5k and Citibank Thank You with $5,3k.

Which cards are known to have initial credit limits?

[Crashem]

You should get Amex revolver. Their cli policy is among the best. 3x in 61 days. 3x 6 months after. Obviously, you need to qualify but all requests are soft. Btw, your Amex gets backdated to 1998 so probably help your aaoa.

[xiownthisplacex]

You mean a credit card AMEX rather than a charge carde, like Blue?