topic Re: Credit Limits? in Credit Card Applications

Credit Limits?

Anonymous — Sat, 07 May 2016 13:01:59 GMT

Not trying to be too nosy... but I was just wondering what income some people with the $20,000 credit limits have or a hypothetical scenario explaining how high credit limits should be for a given income. Or what companies allow for a given income? May not be wording it correctly, but you know what I mean..

Re: Credit Limits?

Anonymous — Sat, 07 May 2016 13:16:18 GMT

Income is tricky. My mother makes 30k per year and has a few 5 digit limits. I make $120,000 per year, and have mostly $4000-$5000 limits. So the credit file is a much bigger factor in my experience.

Re: Credit Limits?

Anonymous — Sat, 07 May 2016 13:49:46 GMT

From what I've seen people post, some lenders and cards naturally have higher starting limits than others. In particular, I've heard of higher than average credit limits with PenFed credit union cards, Capital One Venture, and the Lowes store card. So each lender has their own calculations they use for each card, and that makes it difficult to determine an exact correlation.

I'd say there are 3 ways people get high credit limits.

1.) They have good credit scores (720+) and income above the minimum threshold for a generous card

2.) They have fair to good credit scores (660+) and an income that is higher than the national median

3.) They have had a card for a while and requested a number of credit limit increases

Re: Credit Limits?

SouthJamaica — Sat, 07 May 2016 15:42:15 GMT

@Anonymous wrote:
Not trying to be too nosy... but I was just wondering what income some people with the $20,000 credit limits have or a hypothetical scenario explaining how high credit limits should be for a given income. Or what companies allow for a given income? May not be wording it correctly, but you know what I mean..

From what I've seen on this forum high credit scores are much more important than income in determining the size of the credit limit.

Re: Credit Limits?

Superpet39 — Sat, 07 May 2016 16:57:24 GMT

@Anonymous wrote:
Not trying to be too nosy... but I was just wondering what income some people with the $20,000 credit limits have or a hypothetical scenario explaining how high credit limits should be for a given income. Or what companies allow for a given income? May not be wording it correctly, but you know what I mean..

The wife has a BofA cash rewards card with a $22.5k CL and she's NEVER made above 29k/yr

she had a savings account there, one day she was cashing her check, they told her she was pre approved for a CC, she accepted, and was granted the $22.5k

Re: Credit Limits?

Meanmchine — Sat, 07 May 2016 17:05:51 GMT

Ive had my checking / savings / CDs with BoA since 1991 and I dont even get a calender

Re: Credit Limits?

Anonymous — Sat, 07 May 2016 17:33:09 GMT

Yeah it does seem like it's not really the income that matters, but your credit profile. Especially with certain lenders, like AmEx where you can get a 3xCLI if your profile is in good shape.

Re: Credit Limits?

Anonymous — Sat, 07 May 2016 17:39:58 GMT

@Superpet39 wrote:
The wife has a BofA cash rewards card with a $22.5k CL and she's NEVER made above 29k/yr

she had a savings account there, one day she was cashing her check, they told her she was pre approved for a CC, she accepted, and was granted the $22.5k

But did she use household income on the app (including yours)? Or just her individual income?

Re: Credit Limits?

Superpet39 — Sat, 07 May 2016 18:10:26 GMT

@Anonymous wrote:
@Superpet39 wrote:
The wife has a BofA cash rewards card with a $22.5k CL and she's NEVER made above 29k/yr

she had a savings account there, one day she was cashing her check, they told her she was pre approved for a CC, she accepted, and was granted the $22.5k
But did she use household income on the app (including yours)? Or just her individual income?

We weren't married yet.... This was 15 years ago, and they didn't even ask what she made, but rest assure they new considering she cashed her paycheck there every 2 weeks.

Re: Credit Limits?

Anonymous — Sat, 07 May 2016 23:16:19 GMT

Depends big time on lender. I can tell you that NFCU doesn't care as much as others. My scores they've pulled are 690s and income of about $35k and $21,500 limit on one card with them, $12,500 on another and $15k LOC.

Re: Credit Limits?

MyLoFICO — Sun, 08 May 2016 01:55:08 GMT

@Meanmchine wrote:
Ive had my checking / savings / CDs with BoA since 1991 and I dont even get a calender

Hahahaha!! I feel your pain. I stole their pen once in the drive through. Slept with both eyes open for a month and shook uncontrollably every time I heard sirens or got a letter in the mail from them.

Re: Credit Limits?

Anonymous — Sun, 08 May 2016 01:58:19 GMT

They want you to take their pens..

Re: Credit Limits?

MyLoFICO — Sun, 08 May 2016 02:09:44 GMT

@Anonymous wrote:
They want you to take their pens..

Oh sure..that's what they WANT you to think.. I thought the same thing until...no..no...I can't..I can't go back to that day...I just can't.

Re: Credit Limits?

Anonymous — Sun, 08 May 2016 02:12:12 GMT

They should. Its 1 cent marketing.

Re: Credit Limits?

Creditplz — Sun, 08 May 2016 04:44:51 GMT

I made 186k last year my DW made 66k + a performance bonus. My highest limit to date is 13.3k NFCU. Hers is 34K. Her AAoA is better then mine, score is better then mine (770's) Inq are lower. I feel that file has more to do then income. If they see you manage your 8k limit exceptionally and not keep it at 90% usage maybe they see this as a basis to give you more?.

Re: Credit Limits?

Anonymous — Mon, 09 May 2016 03:32:45 GMT

My daughter works part time at Walgreens and makes about 20k per yr and has a 15k BOA limit.

Re: Credit Limits?

Imperfectfuture — Mon, 09 May 2016 17:49:05 GMT

@Anonymous wrote:
My daughter works part time at Walgreens and makes about 20k per yr and has a 15k BOA limit.

Nice.

Re: Credit Limits?

Thomas_Thumb — Sun, 15 May 2016 15:18:22 GMT

@Anonymous wrote:
Not trying to be too nosy... but I was just wondering what income some people with the $20,000 credit limits have or a hypothetical scenario explaining how high credit limits should be for a given income. Or what companies allow for a given income? May not be wording it correctly, but you know what I mean..

Here is some old info regarding credit scores, income and CL "guidelines". Since 2010 credit has loosened up and higher limits are available at lower income levels than shown in the below summaries. [These are individual card limit guidelines, not aggregate]

Re: Credit Limits?

nuno1485 — Sun, 15 May 2016 08:23:45 GMT

Based on lender and spending habits my avg 4.5k per card I have 9 income 65k per yr CL 36k

Re: Credit Limits?

Anonymous — Sun, 15 May 2016 17:09:47 GMT

My DW is 130k and has 20k cards. A few 10k+ cards.