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What happened???

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BillyJean
New Member

What happened???

I know this post might sound weird but I have been reading hundreds of threads on this site just trying to learn more about credit, and one thing I don't see is a lot of people with credit cards over 20K limits.  I ask because when I was 20 discover card gave me a 20k credit card as my first card almost no history, no verifiable income, etc.  I was in college self employed and I put I made like 75k ( which I thought was going to be true due to a few good months ) and I was living at home with my parents so I put down the address as theirs and I put own instead of rent.  I always felt when it went to court I should of tried to fight it on the defense that they gave me too much at a young age it was kinda like a trap, but I never fought it or showed up to court.

 

 I'm sure during the bubble times banks where handing out crazy card limits to people, did something happen (besides the obvious) like banks just reducing credit limits on everyone even if your in good standing. 

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longtimelurker
Epic Contributor

Re: What happened???

Certainly a lot of people here DO have at least one card over $20K (some CUs are very generous) but a large segment of the population here are either somewhat new to credit or rebuilding.  As in your experience, in boom times being new to credit was no reason not to give huge CLs, but most banks are more cautious now.

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SnackTrader
Valued Contributor

Re: What happened???

Banks are more cautious, and also have better systems to detect misleading information (your example is a borderline case of fraud). Therefore, obtaining high credit lines now often requires longer credit history, which would include evidence of income and payment capability, as well as an existing banking relationship. It is rare to find a $20k limit off the bat, but very common to find them with people who have been customers of the same lender for long periods of time.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
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