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10-09-2012 11:23 AM
It's a subjective question based solely on one's own income and financial obligations.
For example, a $100 bill is worth more in the eyes of a homeless man than it is to Donald Trump. A $500 limit card held by a college student making $20k/year is going to be more useful than it is to a professional making $80k/year. This is along the same lines as the 'what makes a card prime' question that comes up every month here.
thats what i was trying to avoid prime vs sub.
this is solely for cl question. i know some people on here have cl on 20k+.
a toy could be a macbook and that costs 2k for a standard one.
@injustifiiable like stated macy's gave me my first non co signed card with 100 limit and now it sits at 3.5k and they're cli are soft pull so i still see them as a plus in my book.
10-09-2012 11:36 AM - edited 10-09-2012 11:36 AM
I agree. Anything under $1k is usually considered a toy limit. If you have a long string of cards at $300, $500, $750, $800 it looks bad to other creditors. Most companies will try to match your highest limit card to compete for your business. The lowest credit line I've seen is $100! That's not even a credit line!
LOL...doesn't Macy's give out $100 limits to anyone with a pulse? Target isn't much better...giving $200 limits to those in the high 600's- 700's...
Haha basically! I started out with $100 at Macys--card is at $1k now. I don't think they periodically review accounts like they say...I had to call to inquire about it.
10-09-2012 11:44 AM
By the title I thought you were taking about a Toys R Us card lol I think anything under 1000 CL would be considered a "toy" limit. An "ideal" limit I believe is 5k and up
10-09-2012 11:50 AM
What I consider toy or low limits has evolved over time .I remember when Amazon store card gave me $1000 and I thought that was the coolest thing. When Chase Freedom started me out at $3000, I remember coming on here and hyperventilating like I struck gold. When NFCU started me at $9000, I felt like I surpassed some magical plateau in my credit journey. A few weeks ago, I applied for the Walmart Discover and they started me at $2000 and I had that 'what, that's all I get' attitude..lol.. and called and they upped to $5000. I imagine someone will those $20,000 + lines would consider some of my credit cards as toy limits!
10-09-2012 12:21 PM
10-09-2012 12:31 PM
I think the lowest card open limit is $50, because the merchant agreement states that all offline (when the merchant is unable to reach the visa or MC network for approvals) purchases of $50 or less are automaticly approved if its more you will have to call in and get approval for the purchases, this was about 8 years ago so it may of gone up by now.
10-09-2012 12:39 PM
Lowest card limits I've personally had is $250. It's not really "useless" unless it's combined with an AF, then it's just shooting yourself in the foot to rebuild your credit. I used it for small purchases until my score improved. My highest limit ever is my CSP and it's probably due to the fact I have a relationship with Chase (car loan). I've never seen anyone with a lower CL than $250.
10-09-2012 12:46 PM
I would say a card has a toy limit if it doesn't provide enough credit for the customer to comfortably charge and pay-in-full his monthly expenses with one payment. If you charge between $300-$500 per month, then a $1000 limit isn't really a toy limit. If you charge $3,000 to $5,000 per month, then that $1,000 absolutely is a toy limit.