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Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012

Re: Upgrade path


Creditaddict wrote:

Crashem wrote:

It is not so much that it shows up on your credit report differently.  After a certain amount (unclear as I hear 30ish to 40ish), the FICO formula itself removes the card from revolving util calculations.  Normally high limits are good as it allows higher reported balances while keeping util low.  But after the threshold, the card is treated as installment loan.  This was originally done because of HELOCs which were ruining people's credit score as they were reflecting as revolving.  Obviously this can change and has probably been changing in the past.  My feeling is to get to 30ishK on cards until concrete evidence comes that they no longer do this anymore.


HiJACK - Why do you have a Firestone Card??!  Sorry if it actually makes sense for you but it is funny (in my mind:smileytongue:) to be reading $23kk, $30k, $100k, Firestone $2.2k!

That bank has not seen a credit score above 600 in the last 5 years:smileytongue:

I have one, but it's gone inactive long ago, never used it but they literally didn't decline anyone back 5+ years.


Its my one big regret.  Fact is I have had extensive knowledge of credit industry/scoring for a long time.  Never really thought to apply knowledge to my own situation until the last year or so.  Had enough credit and wasn't a big user of credit.  But that firestone card was mistake from before I started thinking about my own credit.  Got the card when had to replace one tire that turned into 4 tires.  Bought the get XX% off, if you get our Firestone card today.  Got my credit limit of 1800 and was like **bleep**.  But they told me that was a great starting credit line.  Even worse, they pulled from all 3 credit bureaus (grrr).  Did however recently get soft based CLI to 2.2k.  So sad I even did it in the first place. Wasn't worth the AAoA hit, the inquiry hit for the discount.  But at this point, might as well make the best of it.

               LIMITS IN CARD DESCRIPTIONS
Mega Contributor
Creditaddict
Posts: 16,867
Registered: ‎10-23-2007

Re: Upgrade path


Crashem wrote:

Creditaddict wrote:

Crashem wrote:

It is not so much that it shows up on your credit report differently.  After a certain amount (unclear as I hear 30ish to 40ish), the FICO formula itself removes the card from revolving util calculations.  Normally high limits are good as it allows higher reported balances while keeping util low.  But after the threshold, the card is treated as installment loan.  This was originally done because of HELOCs which were ruining people's credit score as they were reflecting as revolving.  Obviously this can change and has probably been changing in the past.  My feeling is to get to 30ishK on cards until concrete evidence comes that they no longer do this anymore.


HiJACK - Why do you have a Firestone Card??!  Sorry if it actually makes sense for you but it is funny (in my mind:smileytongue:) to be reading $23kk, $30k, $100k, Firestone $2.2k!

That bank has not seen a credit score above 600 in the last 5 years:smileytongue:

I have one, but it's gone inactive long ago, never used it but they literally didn't decline anyone back 5+ years.


Its my one big regret.  Fact is I have had extensive knowledge of credit industry/scoring for a long time.  Never really thought to apply knowledge to my own situation until the last year or so.  Had enough credit and wasn't a big user of credit.  But that firestone card was mistake from before I started thinking about my own credit.  Got the card when had to replace one tire that turned into 4 tires.  Bought the get XX% off, if you get our Firestone card today.  Got my credit limit of 1800 and was like **bleep**.  But they told me that was a great starting credit line.  Even worse, they pulled from all 3 credit bureaus (grrr).  Did however recently get soft based CLI to 2.2k.  So sad I even did it in the first place. Wasn't worth the AAoA hit, the inquiry hit for the discount.  But at this point, might as well make the best of it.


Well if you got a discount and are not looking to get a new mortgage in the next year, or even if with your score! then I would take it too... Credit used correctly I believe can be a great tool to save lots of money if you leverage correctly, and while you probably saw a bigger drop then someone like me might see to open 1 account and have a HP on all 3 (I don't get that!) I only had 1 back when.

But why I have fantastic credit if you can't benefit from it?!

Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200
Super Contributor
CS800
Posts: 6,542
Registered: ‎04-07-2008

Re: Upgrade path


riker20 wrote:

Long time lurker, first time poster.  Here's my current portfolio and my thoughts on obtaining so large limit credit cards (>40k) going forward for the next 2-3 years.

 

Credit Karma score: 788

 

Ex: 791

TU: 787

Eq: 801

 

No baddies, COs, lates, etc. 

 

AAoA: 2yr 11m

 

Card / Balance / Limit

 

Chase Freedom: $825 / $30,000

NFCU Platinum: $3000  /$27,500

Best Buy Store Card: $0 / $18,000

NFCU Navcheck: $0 / $15,000

Lowes Store Card: $0 / $12,000

Furniture Row Store Card: $0 / $10,100

Chase Sapphire: $100 / $8,000

Macy's Store Card: $0 / $4,400

 

Annual Income: $78,000

 

Been with NFCU for primary checking, savings, navcheck, credit card, certificate, and auto loan for about 3 years now.  Direct deposit setup with them. (love their remote deposit android app)

 

Been thinking of applying for their Flagship card which goes up to 80k on the limit and hoping that they give a good sized starting limit for it.  Maybe around $15k-$20k.  Take a year or two to get the CL increased to perhaps 30k?  Then combine the CL from both NFCU cards together and hopefully get about a 60k limit on the Flagship.  What are your thoughts on that? Pros and cons?

 

I'm thinking of doing the same with the Chase Freedom and Sapphire.  I'd like to get the CL on the Sapphire up and then combine those two cards together and probably keep the Freedom. My Freedom card is 11years old and I don't want it closed out taking a hit on AAoA.

 

Is this a reasonable plan going forward, or are my expectations too high? Don't be afraid to tell me your straight up answer.  Sugar coating not needed as I have a tough skin.

 


That's a nice CL on your freedom :smileyhappy:






New Contributor
riker20
Posts: 63
Registered: ‎08-23-2012

Re: Upgrade path

Thanks! Used to be $32,000., but I had Chase re-distribute some of it to the Sapphire when I was approved for the Sapphire.  I did a balance transfer with the Sapphire and I didn't want it to show high util, so I had them move a couple thousand around on the limits.

NFCU Platinum - 50k | Chase Sapphire Preferred - 38k | AMEX BCE - 29.3k | Best Buy Store Card - 21k | Lowes Card - 16k | NFCU LOC - 15k | Furniture Row - 17.3k | Amazon Store - 12k | Macy's - 6000

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