topic Re: Credit Card Financial Review in Credit Cards

Credit Card Financial Review

Anonymous — Sun, 29 Mar 2020 05:12:47 GMT

So if been browsing the forums to try and find an answer to this question but haven't had any luck, so I figured I'd ask for myself.

As of now I have about a total of 23,500 in total available credit, but my annual income is not even close to that (I'm a college student)

I just got another credit increase from discover saying they bumped me up 2000 without me asking.

my question is will I get a financial review for passing 24-25k total available credit? I've seen comments about similar events and was curious to see if that's a thing? Or if I should be worried about anything.

Re: Credit Card Financial Review

Brian_Earl_Spilner — Sun, 29 Mar 2020 05:18:46 GMT

No. It depends on each creditor. Ask for too much credit and they'll ask for proof of income to support your request. Most have a hard line that you shouldn't cross. NFCU is 25k per line, amex is 35k, chase is 50% of reported income, etc.

Re: Credit Card Financial Review

chiefone4u — Sun, 29 Mar 2020 05:20:19 GMT

@Anonymous wrote:
So if been browsing the forums to try and find an answer to this question but haven't had any luck, so I figured I'd ask for myself.

As of now I have about a total of 23,500 in total available credit, but my annual income is not even close to that (I'm a college student)

I just got another credit increase from discover saying they bumped me up 2000 without me asking.

my question is will I get a financial review for passing 24-25k total available credit? I've seen comments about similar events and was curious to see if that's a thing? Or if I should be worried about anything.

If you are providing accurate information there is no reason to fear a financial review.

If you are embellishing your information you need to be careful, lenders have a right and occasionally perform random account reviews (including financial) for any number of things (recent inquiries, its Tuesday, Tom broke up with them, large purchases...).

Tell the truth, use credit responsibly and the only thing left to fear, is fear itself.

Re: Credit Card Financial Review

Anonymous — Sun, 29 Mar 2020 05:21:04 GMT

@Anonymous wrote:
So if been browsing the forums to try and find an answer to this question but haven't had any luck, so I figured I'd ask for myself.

As of now I have about a total of 23,500 in total available credit, but my annual income is not even close to that (I'm a college student)

I just got another credit increase from discover saying they bumped me up 2000 without me asking.

my question is will I get a financial review for passing 24-25k total available credit? I've seen comments about similar events and was curious to see if that's a thing? Or if I should be worried about anything.

No expert or anything, just chiming in.

Personally I wouldn't be too worried about it - especially if you're being honest when applying and stuff. Safe to say many people on this forum have a lot more available credit compared to their income. From what I've seen, stuff seems to get a bit wacky when people have stuff that may seem out of the oridinary and/or doesn't add up - not to say they're lying. Just red flags that are raised and they gotta cover their own cabooses.

Re: Credit Card Financial Review

Anonymous — Sun, 29 Mar 2020 05:21:32 GMT

I've never requested a credit increase, I just receive them every few months. They are getting really close if not passing those guidelines. Should I go ahead and call the creditors or just let them happen.

Re: Credit Card Financial Review

Anonymous — Sun, 29 Mar 2020 05:23:07 GMT

@Anonymous wrote:
I've never requested a credit increase, I just receive them every few months. They are getting really close if not passing those guidelines. Should I go ahead and call the creditors or just let them happen.

If you're being truthful and they're giving them to you on their own, I really wouldn't worry about it. They obviously don't see it as an issue, so you shouldn't neither. Again, my .02.

Re: Credit Card Financial Review

Anonymous — Sun, 29 Mar 2020 05:24:32 GMT

It's only a problem if you're trying to get credit with financial institutions that are sensitive to total credit limits. For the most part, these are credit unions, and not major banks.

I have 4.8x my income in limits right now. I won't be able to get credit from SDFCU, First Tech FCU, or UNFCU as a result but the fact I'm trusted with large limits by so many FIs, it can actually help me with future apps like Chase and US Bank.

Congratulations on having so much credit already. Make sure to use it wisely.

Re: Credit Card Financial Review

Brian_Earl_Spilner — Sun, 29 Mar 2020 05:25:21 GMT

@Anonymous wrote:
I've never requested a credit increase, I just receive them every few months. They are getting really close if not passing those guidelines. Should I go ahead and call the creditors or just let them happen.

Based on what you've given, you're nowhere near any of those. 25k per line is 75k for 3 NFCU cards. You can have 5 amex revolvers at 35k each. Chase is 50% of income across all of their cards.

Re: Credit Card Financial Review

Anonymous — Sun, 29 Mar 2020 05:25:24 GMT

@Anonymous wrote:
I've never requested a credit increase, I just receive them every few months. They are getting really close if not passing those guidelines. Should I go ahead and call the creditors or just let them happen.

Just leave it be. No sense to call attention to yourself.

Re: Credit Card Financial Review

Anonymous — Sun, 29 Mar 2020 05:54:25 GMT

Appreciate all of the comments and inputs. Thanks! Wish you all the best

Re: Credit Card Financial Review

AverageJoesCredit — Sun, 29 Mar 2020 13:14:12 GMT

@chiefone4u wrote:
@Anonymous wrote:
So if been browsing the forums to try and find an answer to this question but haven't had any luck, so I figured I'd ask for myself.

As of now I have about a total of 23,500 in total available credit, but my annual income is not even close to that (I'm a college student)

I just got another credit increase from discover saying they bumped me up 2000 without me asking.

my question is will I get a financial review for passing 24-25k total available credit? I've seen comments about similar events and was curious to see if that's a thing? Or if I should be worried about anything.
If you are providing accurate information there is no reason to fear a financial review.

If you are embellishing your information you need to be careful, lenders have a right and occasionally perform random account reviews (including financial) for any number of things (recent inquiries, its Tuesday, Tom broke up with them, large purchases...).

Tell the truth, use credit responsibly and the only thing left to fear, is fear itself.

And no tp

Re: Credit Card Financial Review

AverageJoesCredit — Sun, 29 Mar 2020 13:15:29 GMT

@Anonymous wrote:
I've never requested a credit increase, I just receive them every few months. They are getting really close if not passing those guidelines. Should I go ahead and call the creditors or just let them happen.

Let it happen, means you are being responsible and your creditors are rewarding you.

Re: Credit Card Financial Review

AverageJoesCredit — Sun, 29 Mar 2020 13:17:18 GMT

@Anonymous wrote:
It's only a problem if you're trying to get credit with financial institutions that are sensitive to total credit limits. For the most part, these are credit unions, and not major banks.

I have 4.8x my income in limits right now. I won't be able to get credit from SDFCU, First Tech FCU, or UNFCU as a result but the fact I'm trusted with large limits by so many FIs, it can actually help me with future apps like Chase and US Bank.

Congratulations on having so much credit already. Make sure to use it wisely.

I have so much credit in regards to my income i can no longer get approvals. So in a way too much credit can hurt.

Re: Credit Card Financial Review

Gmood1 — Sun, 29 Mar 2020 13:30:34 GMT

@AverageJoesCredit wrote:
@Anonymous wrote:
It's only a problem if you're trying to get credit with financial institutions that are sensitive to total credit limits. For the most part, these are credit unions, and not major banks.

I have 4.8x my income in limits right now. I won't be able to get credit from SDFCU, First Tech FCU, or UNFCU as a result but the fact I'm trusted with large limits by so many FIs, it can actually help me with future apps like Chase and US Bank.

Congratulations on having so much credit already. Make sure to use it wisely.
I have so much credit in regards to my income i can no longer get approvals. So in a way too much credit can hurt.

@AverageJoesCredit

First world problems my friend. lol

I'd rather have too much than not enough. I can always close. You can't always get it when you need it though..true facts.

I have a nephew your age @Anonymous with over $200K reporting on his CR's. It hasn't slowed him one bit.

The way he's going he'll be solidly in the 800's by 21 years old. Just make that credit " Do what it do". You'll be fine.

Re: Credit Card Financial Review

AverageJoesCredit — Sun, 29 Mar 2020 13:27:02 GMT

Man, you are worlds Best Uncle @Gmood1 Your nephew will be rocking the Shaq TWISM logo on his credit siggy for sure

Re: Credit Card Financial Review

M_Smart007 — Sun, 29 Mar 2020 14:18:47 GMT

@Anonymous wrote:
So if been browsing the forums to try and find an answer to this question but haven't had any luck, so I figured I'd ask for myself.

As of now I have about a total of 23,500 in total available credit, but my annual income is not even close to that (I'm a college student)

I just got another credit increase from discover saying they bumped me up 2000 without me asking.

my question is will I get a financial review for passing 24-25k total available credit? I've seen comments about similar events and was curious to see if that's a thing? Or if I should be worried about anything.

"financial review" .. I would not worry yourself until it happens.

Re: Credit Card Financial Review

Anonymous — Sun, 29 Mar 2020 16:01:11 GMT

As others have said, likely not a problem. Many on here have total CL many times their income. Over time, especially on forums like this, it "just happens". You keep getting new cards, and CLIs and it adds up! Probably not normal in the wider world but seems acceptable to most creditors.

If it was really closely looked at, I would assume that a "safe" limit for an issuer is really a small fraction of gross income. Take off housing, other debts and living expenses and many here wouldn't be able to service interest on the total credit limits!

Re: Credit Card Financial Review

NRB525 — Sun, 29 Mar 2020 17:20:00 GMT

@Anonymous wrote:
So if been browsing the forums to try and find an answer to this question but haven't had any luck, so I figured I'd ask for myself.

As of now I have about a total of 23,500 in total available credit, but my annual income is not even close to that (I'm a college student)

I just got another credit increase from discover saying they bumped me up 2000 without me asking.

my question is will I get a financial review for passing 24-25k total available credit? I've seen comments about similar events and was curious to see if that's a thing? Or if I should be worried about anything.

I would suggest reading those stories a bit closer.

A Financial Review often happens with AMEX when card activity seems to not be supported by income, or previous patterns of card activity.

Income Verification can be triggered with AMEX when a CLI request seems to push internal limits, possibly at $25k though I passed that aggregate to $50k at AMEX revolvers with no comment at all from AMEX.

A FR is much more invasive than IV.

And note that nearly all those references to $25k will be for a single AMEX card, not credit limits aggregated across multiple banks.

Now, some reports of FR with other banks are appearing, but those are also not triggered by All Bank limits.

On the other hand, other banks like Barclays, Citi and BofA, sometimes Chase, and AMEX, will simply decrease limits ( balance chase ) if they don't like their level of available credit risk with the cardholder. I have had Balance Chasing years ago, and the multiple banks never asked me about it, they just took action to do it.

TL:dr There are a lot of nuances to the reaction of banks. Your particular case is not rising to that level yet.

Re: Credit Card Financial Review

Anonymous — Sun, 29 Mar 2020 18:53:44 GMT

@AverageJoesCredit wrote:
@Anonymous wrote:
It's only a problem if you're trying to get credit with financial institutions that are sensitive to total credit limits. For the most part, these are credit unions, and not major banks.

I have 4.8x my income in limits right now. I won't be able to get credit from SDFCU, First Tech FCU, or UNFCU as a result but the fact I'm trusted with large limits by so many FIs, it can actually help me with future apps like Chase and US Bank.

Congratulations on having so much credit already. Make sure to use it wisely.
I have so much credit in regards to my income i can no longer get approvals. So in a way too much credit can hurt.

You're on the ultra extreme end though. What, 13X your income? 😂

Re: Credit Card Financial Review

M_Smart007 — Sun, 29 Mar 2020 20:01:24 GMT

@Anonymous wrote:
@AverageJoesCredit wrote:
@Anonymous wrote:
It's only a problem if you're trying to get credit with financial institutions that are sensitive to total credit limits. For the most part, these are credit unions, and not major banks.

I have 4.8x my income in limits right now. I won't be able to get credit from SDFCU, First Tech FCU, or UNFCU as a result but the fact I'm trusted with large limits by so many FIs, it can actually help me with future apps like Chase and US Bank.

Congratulations on having so much credit already. Make sure to use it wisely.
I have so much credit in regards to my income i can no longer get approvals. So in a way too much credit can hurt.
You're on the ultra extreme end though. What, 13X your income? 😂