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Some of you have high scores and credit limits. What gives?

Established Contributor

Re: Some of you have high scores and credit limits. What gives?

My SON has a TU  FICO of 797, 28 years old, NEVER had a credit card of any kind. His LO for his mortage is just blown away. His credit history consists of three automobile loans, all PIF ahead of time. Of course, Dad and mom are very proud.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 11 of 27
Established Contributor

Re: Some of you have high scores and credit limits. What gives?

I hit the 800 club at  at about age 37. At the time my wife and I had several credit cards, including Sears, Montgomery Wards, JC Penny, Macy, etc, plus our own individual MC and Visa cards. Our first new home and loan, a 30 yr note was paid off in 7 yrs 6 mos. We save thousands in interest!.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 12 of 27
Valued Contributor

Re: Some of you have high scores and credit limits. What gives?


mxp114 wrote:

Besides the above, also take it all with a grain of salt. Some people enjoy lying about things, so you never know Smiley Wink


#truth!

 

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 13 of 27
Established Contributor

Re: Some of you have high scores and credit limits. What gives?

Photobucket Pictures, Images and PhotosMy CLI are not showing, NFCU 14K, Walmart 5K and care credit 10K. I also closed 7 cards last month.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 14 of 27
Moderator Emeritus

Re: Some of you have high scores and credit limits. What gives?


In my opinion, the CL is a factor of how much you make, how long have you been dealing with credit and using a card, how many accounts have you responsibly managed in the past, have you ever not paid or been late with payments...  What are your current limits and have you used them responsibly?

All of these factors tell the lender how likely you are to pay them back,  if you are less likely, they won't risk as much money on you in the form of a CL.  If you are more likely, then they feel they have nothing to lose, but a lot to gain (interest and swipe fees) and they will grant you high limits.

 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Message 15 of 27
Valued Contributor

Re: Some of you have high scores and credit limits. What gives?

I was in the 700 club and had a five figure credit line by the time I graduated college. This was during the easy days of credit when banks had kiosks on my campus and were just giving cards away. I signed up my freshmen year and had a perfect payment history for the 4 years, along with heavy usage. I also had to take out quite a few student loans early on, which probably helped my score as well as the accounts aged and a payment history developed.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 16 of 27
Highlighted
New Contributor

Re: Some of you have high scores and credit limits. What gives?

Try going through your bank for a credit card. If you have direct deposit and a long history with them, then that will get you a good interest rate and high CL. That's probably the easiest way to gain experience with high CL for future approval with bigger limits from Chase etc. 

Message 17 of 27
Regular Contributor

Re: Some of you have high scores and credit limits. What gives?


luckelle wrote:

I know some of you were always credit responsible but, how old were you all when you got 700 club scores and over 5000 CL. Im about to turn 40 and some of you credit wiz kids blow my mind with your young ages and CL. I was told when I was young you couldnt get 700-750 scores until you had AAofA of 15 to 20 yrs. Due tell if its not to much.


What I've discovered the Fico score is more like a game. If you are not actively playing then you are not going to be Fico Fit.  If you look at how the fico score is created its easy to game yourself into a good score.

Message 18 of 27
Valued Contributor

Re: Some of you have high scores and credit limits. What gives?


Smug wrote:
My CLI are not showing, NFCU 14K, Walmart 5K and care credit 10K. I also closed 7 cards last month.

Oh when I said "above," I mean all of the previous replies were true but to also consider some people do lie. I wasn't suggesting it applies to you at all.

Message 19 of 27
Member

Re: Some of you have high scores and credit limits. What gives?

AU helps a lot I think. Although I've never dipped below 650, I know that when I had just 1 account I was at ~650. I'm AU on 3 accounts and I have 3 accounts now. Highest limit for me is 4k, highest AU is 2k. I'm a student who doesn't pay for anything except what I "want" and I pay for that with school refunds so everything is paid on time and in full. My current CK score is 732 (today) and I got a letter from BofA saying they pulled my score from Experian I think and it was 726 (about 2 weeks ago). I got my first card July of last year when I was 18.

Message 20 of 27