Credit Cards

[tpatterson2k9]

This question may have been asked before, but I see it all the time on this forum of people hoping, waiting, and often receiving the CLIs they request.  I am not trying to sound callous, but wouldn't a $1,500 CL suffice just as much as a $15,000 CL?  Perhaps it's just me, but my highest CL right now is $5,850, and I think this is more than enough (lowest is $3,900).  Most of my cards HP for CLI requests so I just don't bother.  Rather, I pay my CCs off multiple times per month (or more recently, push a higher payment through via online bill pay) to keep my util low.  So my question, what is the huge fascination with large CLs (other than the decreased util they can provide and bragging rights)?  Are multiple payments per month to a CC looked down on by the CCCs?  I'm wondering if I am missing something here. 

[SamsungHDTV]

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tpatterson2k9 wrote:

This question may have been asked before, but I see it all the time on this forum of people hoping, waiting, and often receiving the CLIs they request.  I am not trying to sound callous, but wouldn't a $1,500 CL suffice just as much as a $15,000 CL?  Perhaps it's just me, but my highest CL right now is $5,850, and I think this is more than enough (lowest is $3,900).  Most of my cards HP for CLI requests so I just don't bother.  Rather, I pay my CCs off multiple times per month (or more recently, push a higher payment through via online bill pay) to keep my util low.  So my question, what is the huge fascination with large CLs (other than the decreased util they can provide and bragging rights)?  Are multiple payments per month to a CC looked down on by the CCCs?  I'm wondering if I am missing something here. 

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There is probably a big spectrum of reasons why people want high CLs. My sole reason is to increase my total CL and thus decreasing my utilization and hoping for the end result of a higher credit score.

EDIT: I thought of a secondary reason, if my spending habits were high... I wouldn't want to be limited and having to make frequent payments. A prime example: I had a client that travels constantly for his employer. He wine and dines his clients, and runs his expenses through his personal card. His expenses can to get up to $8,000. His CL was less, and he doesn't get reimbursed until a week or two later I cant remember. He liked using his own card so he can take advantage of the rewards. But essentially he had a cash flow issue hindering him.

[Open123]

Lower utility making it easier to keep the 10% credit used for scoring purposes.  

Also, there are times when spending when racking up $10k in a month happens pretty quickly.  The higher CL makes it more comfortable when during those invevitable times when we have a series of excessive charges.

Or, if you have a high performance charge card, then CLs matter much less.

[SwiftTone]

Because its BALLER

Other than utilization, it makes other lenders look at you differently and more willing to jump on your bandwagon and compete with the other cards in your wallet. 

[TannerK]

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tpatterson2k9 wrote:

This question may have been asked before, but I see it all the time on this forum of people hoping, waiting, and often receiving the CLIs they request.  I am not trying to sound callous, but wouldn't a $1,500 CL suffice just as much as a $15,000 CL?  Perhaps it's just me, but my highest CL right now is $5,850, and I think this is more than enough (lowest is $3,900).  Most of my cards HP for CLI requests so I just don't bother.  Rather, I pay my CCs off multiple times per month (or more recently, push a higher payment through via online bill pay) to keep my util low.  So my question, what is the huge fascination with large CLs (other than the decreased util they can provide and bragging rights)?  Are multiple payments per month to a CC looked down on by the CCCs?  I'm wondering if I am missing something here. 

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For me, 1.5K wont cut it. Thats not even a computer for the office. Combine that with everyday expenses and I would be paying the card several times a week. Higher cl mean less hassle and worry about frequent payments. Uti is also a major factor. If you let 1K report your already at 2/3 your total uti, killing your score for the month. 

[jefftca925]

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TannerK wrote:

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tpatterson2k9 wrote:

This question may have been asked before, but I see it all the time on this forum of people hoping, waiting, and often receiving the CLIs they request.  I am not trying to sound callous, but wouldn't a $1,500 CL suffice just as much as a $15,000 CL?  Perhaps it's just me, but my highest CL right now is $5,850, and I think this is more than enough (lowest is $3,900).  Most of my cards HP for CLI requests so I just don't bother.  Rather, I pay my CCs off multiple times per month (or more recently, push a higher payment through via online bill pay) to keep my util low.  So my question, what is the huge fascination with large CLs (other than the decreased util they can provide and bragging rights)?  Are multiple payments per month to a CC looked down on by the CCCs?  I'm wondering if I am missing something here. 

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For me, 1.5K wont cut it. Thats not even a computer for the office. Combine that with everyday expenses and I would be paying the card several times a week. Higher cl mean less hassle and worry about frequent payments. Uti is also a major factor. If you let 1K report your already at 2/3 your total uti, killing your score for the month. 

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I'm kind of in the same boat.  I buy supplies/equipment all the time for my office.  I have a company CC with a spend limit but on ocassion I will have to spend $$ on computer equipment that can run into the thousands and a small limit would not work.  I've also found that having a few 5-digit limits on my CR almost always guarantees me a 5-digit limit on a new card.  But as always when it comes to limits... it's always a work in progress.

[cloyd]

Besides the upside to utilization, a higher credit limit on your cards provides a cushion, be it for a family emergency, or
a cross country flight for businesson a days notice. For me its just reassurance that funds are available with ease and the option to pay it back over time.

[anderl]

+1

[frogfan12]

In case of an emergency, it's nice to have some cushion to rely on. I know I've used CCs for things like dental surgery and it comes in handy to put down $1K and still have some CL left over. This summer I'm going to have to do the same thing. 

[clocktick]

Also, you can make a larger charge on one card.  Having a credit limit of $1500 wouldn't cut it for large charges, and would make a person have to spread one charge out over several credit cards.  Then all of these cards would be maxed out.  Now a person looks like a risk and faces CLDs and AA.