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Quick Question about CL

Valued Contributor

Quick Question about CL

So from what i understand is that theres a CL law apparently i dont remember when it was put in, but i work for retail and we used to approve people for like 40k before the law, and now its more like you get approved for 6k, so i was wondering i live in Minnesota btw, that if it varied by state?

 

And is it still possible to be approved for or reach ridiculous limits after this law? i know its been in effect since like 2000 something

 

Ridiculous limits meaning insta-approved or CLI to above 10k (i know that may seem small)



I realized i am still young and still have many years to achieve whatever i want.
4 REPLIES
Senior Contributor

Re: Quick Question about CL

What specific law are you referring to?  Was this an ammendment to any specific Act that was passed by Congress?  There individuals who can still get approved for CLs with specific income levels and excellent credit.  Case in point, folks that have a CPC relationship and apply for the JPM Palladium, some can easily get approved for $100K or more.

Regular Contributor

Re: Quick Question about CL

I've never heard of this law - is it specifically for retail cards?
Super Contributor

Re: Quick Question about CL

News to me CC companies aren't required to approve or increase your lines of credit 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Highlighted
Senior Contributor

Re: Quick Question about CL

If there was such a law in Minnesota back in 2000, I think it would have required Jesse Ventura to sign it.

 

Hmm, the Jesse Ventura Trivially Small Initial Credit Card Act. Nope, it doesn't ring a bell...





TU-8: 755 EX-8: 771 EQ-8: 763    EX-8 Bankcard: 815    
TU-9 Bankcard: 795 EQ-9: 822
   EX-98: 735 EQ-04: 730
Total $437,800