Reply
Valued Contributor
Posts: 1,646
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)

Valued Contributor
Posts: 7,947
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
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?
Community Leader
Senior Contributor
Posts: 26,822
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 



+ Chase Ink =

Valued Contributor
Posts: 2,162
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...


Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.