topic Re: What determines your CL when approved? in Credit Cards

What determines your CL when approved?

Anonymous — Wed, 18 Jul 2018 13:08:07 GMT

Currently I have 1 secured card (CL $300) and 3 Comenity dept store cards (CL average around $9000) that are all almost exactly 1 year old with 100% on time payments. Util is always below 10%, usually just one card reporting each month.

My FICO Bankcard 8 scores are: EQ 808, TU 785, EX 736.

I'm planning to app for my first prime card (most likely Chase Freedom) and I'm wondering what sort of initial CL to expect. Any ideas? I'm hoping for around $10k. Are there other cards I should consider? I'm mostly interested in no (or low) AF and cashback rewards.

Re: What determines your CL when approved?

xaximus — Wed, 18 Jul 2018 13:11:14 GMT

I would say the Chase Freedom is a good card to app, also, I would add the Discover It to that list too. Both cards are relatively easy to get. I would actually recommend the Discover It since it's having a CB match for the first year. If anything, I would app for both. The Chase Freedom has 5% categories that if you use, it's worth it, otherwise, do the Disco for other purchases/expenses. As far as CL goes, if your AAoA is 1 year old (as stated above), I would say Discover could be in the 3-6k range while Freedom would be a bit lower end on that scale, possibly 2-4k.

Good luck!

Re: What determines your CL when approved?

wasCB14 — Wed, 18 Jul 2018 14:36:23 GMT

Don't forget the role of income.

Re: What determines your CL when approved?

Anonymous — Wed, 18 Jul 2018 14:37:45 GMT

Oh yeah. That's around $53k.

Re: What determines your CL when approved?

K-in-Boston — Wed, 18 Jul 2018 15:02:13 GMT

Even beginning to estimate a starting credit line is usually an exercise in futility. Income, assets, credit profile, payment history, utilization, and so many other factors go into determining that. My AAoA is 8+ years, with a thick and aged profile, income in the 2s, and I've received starting lines as low as $500 and as high as $24,000 in the past few years with scores usually in the 730s/740s. My wife has an AAoA of 11+ years, an almost as thick but even more aged profile, and she's received starting lines as low as $1,000 and as high as $27,000 in the past few years with scores in the 770s-800s.

Re: What determines your CL when approved?

Malcono — Wed, 18 Jul 2018 15:07:58 GMT

I'm pretty sure they just throw a dart into a spinning dartboard when deciding someone's SL.

The variance sometimes just doesn't make sense.

Re: What determines your CL when approved?

Anonymous — Wed, 18 Jul 2018 15:10:59 GMT

Alrightee then! I guess I'll just wing it. The starting CL isn't all that important anyway, as long as it eventually gets up to where I'd like it. Hopefully in a year or so. Thanks for the input!

Re: What determines your CL when approved?

Kforce — Wed, 18 Jul 2018 16:28:02 GMT

@Anonymous wrote:
The starting CL isn't all that important anyway,

+1, In the long haul, it means very little.

This forum is the only place I see anyone fret, worry or care about CL's or CL increases.

A good CL just comes with normal use and time.

Re: What determines your CL when approved?

Creditaddict — Wed, 18 Jul 2018 16:54:46 GMT

Chase

Discover

Amex

Would be my 3 go to banks unless you bank with another then maybe something from them.

Obviously, if you have Navy or USAA access, for SURE!

I usually find at least 1 local credit union to belong to and get a product from because later they might be great for auto or home loans.

Re: What determines your CL when approved?

CJ7 — Wed, 18 Jul 2018 18:06:22 GMT

Credit score, income, limits on other tradelines. The last one will certainly put a cap on your SL.

If all you have currently is sub-$3000 tradelines, it's nearly impossible to pull off a new line for 10-15k or more.