03-27-2009 06:31 AM - edited 03-28-2009 02:02 PM
Hey, I think a very useful thread would be to collect data on what the "Minimum" issued credit limit is for particular credit card products.
This is important because many cards require that you must have an existing account with an established CL that is equal to or greater than the minimum allowable credit limit of the product you apply for.
Example scenario: You want to apply for XYZ Reward Visa which issues CL's of $2500 or more (never less), AND require that you have an existing CL that is at least $2500 before they will consider your application. I read many posts where people had good FICO scores but were denied. And when examining their current tradelines, they were all of somewhat low CL or as new accounts. (New accounts, of course, often are ignored as a reference and are only considered as a liability until they obtain some history. )
The use of this information will allow people considering to APP certain products, they can determine if they will be denied soley based upon existing trade line CL's and account ages.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO