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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.