Where do you want your high limits?

[Anonymous]

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@Anonymous wrote:

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@OmarGB9 wrote:
I want a high limit Amex and Chase card. Already have a $10k Venture from Cap1, which is high enough for me (though if they increased it even further, I certainly won't complain ).

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How high do you consider high? 10k+? 

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I dunno.... I think its all relative. Once you have higher limits your views change. I remember practically dancing last may when my Amex had a 5k instant approval.  But my happiest moment was probably september 2014 when all I had was a $500 limit credit one and Commerce Bank issued me $2k!   Then once I got the charge card that didnt hurt utilization, that is when my score really improved.  But now my utilization is literally 2 or 3% so it doesnt matter really.

Now for me, I would say high is...a Visa or Mastercard (not amex or discover) with a $10k limit.  Crazy limit would be like $40-50k.  I pay my charges off daily half the time .

[Anonymous]

Between 5 and 10 thousand on each card I keep would be more than enough. Probably not going to happen as long as I have low-limit synchrony cards.

[Anonymous]

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@Anonymous wrote:
Between 5 and 10 thousand on each card I keep would be more than enough. Probably not going to happen as long as I have low-limit synchrony cards.

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I dont think having low limits on some retail cards would hurt. Especially with chase on board. Disco is 50/50

[NRB525]

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@Makersmark23 wrote:
Pretty simple and subjective topic here...

I first was upset that my Citi Prestige was not my highest CL, my Amex ED is at 30K. But now that I think about it, is it not better to have your highest limits on your Non-AF cards? That way keeping them is no problem. Obviously subjective, but potentially a good rule of them I had not yet considered.

Opinions?

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My Chase Freedom, at $1,500, gets the most use in my wallet, in terms of swipes.

The Citi Diamond Preferred, at $1,000, just came off a busy quarter of 5% offer spend and a 1.9% Spend APR offer for a few months more.

Discover made it worth my while with 0% on purchases, a 0% BT offer, and the ApplePay promo.

My Venture, at $30,000, has a $20 balance I grudgingly gave it to keep it active.

Features I like:

1) Decent rewards (5% minimum, 10% preferred) or

2) 0% APR on Spend or

3) 0% APR on a low fee BT offer or

4) a No BT Fee reasonable interest rate offer

These get my interest much more than a specific CL. Combine any of those four attributes and that card is hot in my wallet, as with the DP $1k card, or Discover at $8k.

[Anonymous]

This is an easy answer, I want my NFCU cashRewards card to have a 25,000 limit. Currently I am at 3k and have had the card for a week (don't even have the card yet). Needless to say it is now my daily driver. I am transferring my balance from my Cap1 QS1 with a 2k limit and sock drawing it. I will use my Cap1 accounts for emergencies. On a personal note I have blacklisted BOFA and WF (they can fly a kite around power lines).

Xace

[OmarGB9]

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@Anonymous wrote:

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@OmarGB9 wrote:
For me, yes. At my current income level, I know $20k+ limits are out of the question, and that's fine. Later on when I graduate from college and start my career I'll aim for those kinds of limits.

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What are your current QS and Venture limits? You could always put in a CLI request on each before merging them into a single card for a high CL.

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@Anonymous @$1.3k, Venture @ $10k. I've tried for increases on both regularly, believe me. Lol. QS says "there was a recent change" (steps increase in July) while Venture is saying too new (got it in July as well). Maybe next month?

[Anonymous]

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@Anonymous wrote:

8ottaway,

I'm a bit suspicious of the utilization argument when it's taken to extremes. 10% utilization is better than 30%, but is 1% really so much better than 3%? I know for FICO purposes it is very slightly better, but getting (and keeping) credit isn't all about FICO scores. At some point, certain issuers may become uneasy about a customer having an enormous about of open, available credit relative to income and spending.

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But you're assuming that everyone has an enormous amount of open, available credit relative to income and spending.  I agree with your bit about taking it to the extremes, but why take it to the extremes when the vast majority of people aren't operating there?

Most people don't have multiples of their income in credit.  Most people do have to worry about 30% vs. 10%.  If you're worrying about 3% vs. 1% then this situation doesn't apply to you (and you're very lucky/planned well, so good on you!) but you can't project that onto everyone else because most people aren't as well off.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

8ottaway,

I'm a bit suspicious of the utilization argument when it's taken to extremes. 10% utilization is better than 30%, but is 1% really so much better than 3%? I know for FICO purposes it is very slightly better, but getting (and keeping) credit isn't all about FICO scores. At some point, certain issuers may become uneasy about a customer having an enormous about of open, available credit relative to income and spending.

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But you're assuming that everyone has an enormous amount of open, available credit relative to income and spending.  I agree with your bit about taking it to the extremes, but why take it to the extremes when the vast majority of people aren't operating there?

Most people don't have multiples of their income in credit.  Most people do have to worry about 30% vs. 10%.  If you're worrying about 3% vs. 1% then this situation doesn't apply to you (and you're very lucky/planned well, so good on you!) but you can't project that onto everyone else because most people aren't as well off.

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I should have explicitly stated the assumptions I was making:

This is MF, a community of outliers on most things credit-related. Sallie Mae is popular here, but extremely rare in the general population. It has (or, rather, had) a reputation as one of Barclaycard's products with higher credit standards. The rewards program's structure makes spending on the card unappealing after the monthly bonus caps.

Therefore, I think it is reasonable to say that most people with a Sallie Mae:

1. Have decent credit histories (or they wouldn't have likely applied and been approved).

2. Either don't spend a lot on gas/groceries/books/Amazon, or spend more and have other cards with higher caps (like Amazon Prime, BCP, etc.).

3. Given their good credit, generally aren't accustomed to spending well beyond their incomes.

4. Given good credit and reasonable incomes relative to spending, generally don't have much difficulty in getting adequate credit limits with at least some lender.

5. As credit enthusiasts, are likely to have more cards than is typical in the general population.

6. Could be approved for a Slate, Diamond Preferred, or some similar card if carrying a balance or making a BT is necessary.

Taking this together, I made the assumption that most people with Sallie Mae aren't likely to need an enormous CL on the card. Maybe it's flawed logic, but it's what I was following.

[aubie1kenobie2]

I want my Discover to have a high limit (but it doesn't). Right now my Amex Blue has the highest limit and it is my most used card, but I like the fact that Discover gives the cash back right away so I wish it had a higher limit so I could use it more.