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Established Contributor
Skye12329
Posts: 730
Registered: ‎07-13-2013
0

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)

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Valued Contributor
FinStar
Posts: 5,339
Registered: ‎10-21-2012
0

Re: Quick Question about CL

[ Edited ]

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
Rikku
Posts: 200
Registered: ‎09-21-2013
0

Re: Quick Question about CL

I've never heard of this law - is it specifically for retail cards?
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Senior Contributor
myjourney
Posts: 26,254
Registered: ‎02-07-2013
0

Re: Quick Question about CL

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

"Intelligence plus character--that is the goal of true education"
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Valued Contributor
Themanwhocan
Posts: 1,536
Registered: ‎04-04-2013
0

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...



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