topic Re: Credit Card Limits with 40-50K Income in Credit Cards

Credit Card Limits with 40-50K Income

SteveUrkel — Sun, 10 May 2015 05:39:22 GMT

Was just wondering if its possible to have credits cards higher than 15K Limit with an income ranging between 40-50k?

Re: Credit Card Limits with 40-50K Income

skorpyo3 — Sun, 10 May 2015 06:00:17 GMT

I know of people with that income. They have cards that are 15-20k CL. Most have many years of established credit history. You're best bet for high limit would be Cap1 Venture. Have you tried the pre-approval to see what you qualify for?

Re: Credit Card Limits with 40-50K Income

SteveUrkel — Sun, 10 May 2015 06:03:52 GMT

I dont really need more cards, was wondering for the cards I currently have.

Re: Credit Card Limits with 40-50K Income

Jansroom726 — Sun, 10 May 2015 06:07:28 GMT

Hey there -

Yes, very possible.

I'm 24 - with fairly decent card limits. I need to update my signature - but I have a few 10k+ cards, including my most recent Venture with 15k, and chase marriot with 10k.

As long as you dont engage in risky behavior and treat your creditors right, they will grow with you.

Re: Credit Card Limits with 40-50K Income

skorpyo3 — Sun, 10 May 2015 06:08:33 GMT

Good boy! You have discipline. Most of those cards should grow well with you. Do you carry balances or PIF each month? Low utilization should factor higher than income.

Re: Credit Card Limits with 40-50K Income

skorpyo3 — Sun, 10 May 2015 06:09:26 GMT

Impressive!

@Jansroom726 wrote:
Hey there -
Yes, very possible.

I'm 24 - with fairly decent card limits. I need to update my signature - but I have a few 10k+ cards, including my most recent Venture with 15k, and chase marriot with 10k.
As long as you dont engage in risky behavior and treat your creditors right, they will grow with you.

Re: Credit Card Limits with 40-50K Income

SteveUrkel — Sun, 10 May 2015 06:10:51 GMT

@Jansroom726 wrote:
Hey there -
Yes, very possible.

I'm 24 - with fairly decent card limits. I need to update my signature - but I have a few 10k+ cards, including my most recent Venture with 15k, and chase marriot with 10k.
As long as you dont engage in risky behavior and treat your creditors right, they will grow with you.

Thanks for the info!

Re: Credit Card Limits with 40-50K Income

SteveUrkel — Sun, 10 May 2015 06:12:51 GMT

@skorpyo3 wrote:
Good boy! You have discipline. Most of those cards should grow well with you. Do you carry balances or PIF each month? Low utilization should factor higher than income.

I carry balances. Not huge ones though except on my Best Buy which I took the 24 month financing 0% interest on buying a 4k TV

Re: Credit Card Limits with 40-50K Income

skorpyo3 — Sun, 10 May 2015 06:16:10 GMT

@SteveUrkel wrote:
@skorpyo3 wrote:
Good boy! You have discipline. Most of those cards should grow well with you. Do you carry balances or PIF each month? Low utilization should factor higher than income.
I carry balances. Not huge ones though except on my Best Buy which I took the 24 month financing 0% interest on buying a 4k TV

That may keep you from getting higher limits until that 4K TV is paid off. Now I want a 4K TV LOL!

Re: Credit Card Limits with 40-50K Income

SteveUrkel — Sun, 10 May 2015 06:17:30 GMT

@skorpyo3 wrote:
@SteveUrkel wrote:
@skorpyo3 wrote:
Good boy! You have discipline. Most of those cards should grow well with you. Do you carry balances or PIF each month? Low utilization should factor higher than income.
I carry balances. Not huge ones though except on my Best Buy which I took the 24 month financing 0% interest on buying a 4k TV
That may keep you from getting higher limits until that 4K TV is paid off. Now I want a 4K TV LOL!

Lol. Its beautiful, but trust me you dont need it!

Re: Credit Card Limits with 40-50K Income

lg8302ch — Sun, 10 May 2015 06:17:12 GMT

I am slightly above the 50K limit but got instant approvals for 17K from Citi which was a shock as my other cards were 5K at that time. So it is possible and it looks that double digit limit was the ticket to higher CLs for me. Thank you Citi The easiest to CLI is probably your Amex. You can ask for 3 x every 6 months and see how that goes.

Re: Credit Card Limits with 40-50K Income

SteveUrkel — Sun, 10 May 2015 06:19:28 GMT

@lg8302ch wrote:
I am slightly above the 50K limit but got instant approvals for 17K from Citi which was a shock as my other cards were 5K at that time. So it is possible and it looks that double digit limit was the ticket to higher CLs for me. Thank you Citi The easiest to CLI is probably your Amex. You can ask for 3 x every 6 months and see how that goes.

Thanks for the info! I asked for a CLI on my AMEX recently but I asked for more than the 3x, (my mistake!),and was denied. Was hoping for a counter offer at least.

Re: Credit Card Limits with 40-50K Income

lg8302ch — Sun, 10 May 2015 06:22:11 GMT

@SteveUrkel wrote:
@lg8302ch wrote:
I am slightly above the 50K limit but got instant approvals for 17K from Citi which was a shock as my other cards were 5K at that time. So it is possible and it looks that double digit limit was the ticket to higher CLs for me. Thank you Citi The easiest to CLI is probably your Amex. You can ask for 3 x every 6 months and see how that goes.
Thanks for the info! I asked for a CLI on my AMEX recently but I asked for more than the 3x, (my mistake!),and was denied. Was hoping for a counter offer at least.

oh...no counter .. try again in 90 days but with 3 x only. Good luck !

Re: Credit Card Limits with 40-50K Income

Exonumist — Sun, 10 May 2015 06:42:28 GMT

I'm also 24 with similar income. My cards and limits can be seen in my siggy. AMEX will get there eventuually. My highest initial limit was 10k on my Sallie Mae. Everything else has been built up. Keep everyone paid on time and things will go your way. I will say though, I can't imagine even coming to close to using my limits. I'll never have high utilization though.

Re: Credit Card Limits with 40-50K Income

Anonymous — Sun, 10 May 2015 07:08:11 GMT

It's a mad mad mad world. Normally I dont share this kind of info, but here we are all somewhat anonmyzed right. Here's an example of how different choices and different behaviors lead to different outcomes. I've avoided and/or not needed credit for huge chunks of my life. Last year, my take home was $132K. This year, with my bonus, it will be $159K. Next year, with my base salary, no bonus projected - I'm on track for $129K. Currently, Highest CL is $5K. Target only recently gave me $500 CL. I generally pay cash for everything. Because I don't use credit - I'm far behind. There are upsides to using credit - mainly, the flexibility of borrowing combined with available savings allows you to buffer for lifes surprises (layoffs, career changes, recessions, short term illnesses) - for that reason, it's prudent to nurture your score and your history.

The real question for you to ask yourself is this? If you slashed your all of your discretionary expenses, and lived like a Spartan - how long would it take for you to repay you outstanding credit lines?

Re: Credit Card Limits with 40-50K Income

Anonymous — Sun, 10 May 2015 08:34:14 GMT

I am in that range, mid 20s, and didn't open my first credit card until 3 years ago. Credit lines are in my signature.

To OP, work on your AMEX. I got mine from 3.5K to 24K in under a year.

Re: Credit Card Limits with 40-50K Income

Anonymous — Sun, 10 May 2015 11:38:15 GMT

In all honesty, the average American has no need for a card with a limit over $10,000. Unless you are using the card for business purchases or travel, there are very few reasons to spend $10,000 in any given month. AmEx alone can get you a 20k limit card with their 3x cli

Re: Credit Card Limits with 40-50K Income

Anonymous — Sun, 10 May 2015 12:45:33 GMT

Why?

Everyones needs are different. Thats like saying no one needs a car better than a Yugo.

Re: Credit Card Limits with 40-50K Income

disdreamin — Sun, 10 May 2015 12:49:25 GMT

"In all honesty, the average American has no need for a card with a limit over $10,000."

I must respectfully disagree, although it is of course all income and monthly-spend driven. Unless you pay before the statement date, you float one months charges into the next. Thus, if you run $5k a month through the card, right before your payment due date you will have very close to $10k outstanding on the card.

Add in a trip or other major expenses (big car repair, new fridge, whatever) during that time and it is VERY easy to exceed a $10k limit by typically running, say, $4k a month through one card. This is assuming that one pays the full balance due on the due date each month. I'm not even talking about carrying balances here.

Re: Credit Card Limits with 40-50K Income

vanillabean — Sun, 10 May 2015 12:57:10 GMT

You have to wonder about using gross income as a criteria. It's really net income that matters. But the credit reports don't list all of that difference!