topic Re: Large limit plan in Credit Cards

Large limit plan

drboxing — Tue, 18 Apr 2023 14:36:31 GMT

Often wondered about a card member’s plan once they get a large limit or increase over $5K? I’m just curious.

Re: Large limit plan

Creditwiser — Tue, 18 Apr 2023 15:06:28 GMT

@drboxing wrote:
Often wondered about a card member’s plan once they get a large limit or increase over $5K? I’m just curious.

Plan for spend ? Not sure what you mean exactly. For myself, my large limits are for UTL purposes mainly. And of course should a large purchase come up in the future, I can handle it.

Re: Large limit plan

Horseshoez — Tue, 18 Apr 2023 15:26:34 GMT

@drboxing wrote:
Often wondered about a card member’s plan once they get a large limit or increase over $5K? I’m just curious.

When my first card hit $5,000 (which was the day it was issued), my "plan" was simply to use the new credit card instead of my debit card.

Re: Large limit plan

Creditwiser — Tue, 18 Apr 2023 16:36:13 GMT

@Horseshoez wrote:
@drboxing wrote:
Often wondered about a card member’s plan once they get a large limit or increase over $5K? I’m just curious.
When my first card hit $5,000 (which was the day it was issued), my "plan" was simply to use the new credit card instead of my debit card.

I've been doing that all thru my rebuild and beyond. Use it ,pay it, repeat. There are times when I find myself needing to carry a balance for short periods and the higher limits allow this without a major hit to my UTL. For the most part though maintaining low UTL and being diligent about paying off the balance and not extending myself beyond my monthly means has helped with my rebuild and finding myself where I'm at today.

Re: Large limit plan

SUPERSQUID — Tue, 18 Apr 2023 18:07:27 GMT

Not much of a plan in my case, keep utility low and payments high and pay weeks ahead of due date.

Its worked well for me, 3 years post bk dc 87k of unsecured cc limits with only 39k income

Re: Large limit plan

Horseshoez — Tue, 18 Apr 2023 18:21:51 GMT

@SUPERSQUID wrote:
Not much of a plan in my case, keep utility low and payments high and pay weeks ahead of due date.
Its worked well for me, 3 years post bk dc 87k of unsecured cc limits with only 39k income

Wow, more than twice the unsecured CC limit compared to what I have, and my income, is, ummm, higher.

Re: Large limit plan

wasCB14 — Wed, 19 Apr 2023 07:20:12 GMT

Depends on the card. I really only care about limits on cards that get high spend. I like having 6 figure NPSL with Amex, but wouldn't mind $5k on a card I don't take past $1000.

Re: Large limit plan

drboxing — Tue, 18 Apr 2023 21:52:39 GMT

Thanks for responses. Was just curious as to how you used large limits and limit increases. I use my large limits for utilization. If I do a large purchase I try to pay it off.

Re: Large limit plan

800wannabe420 — Tue, 18 Apr 2023 22:18:32 GMT

@drboxing wrote:
Thanks for responses. Was just curious as to how you used large limits and limit increases. I use my large limits for utilization. If I do a large purchase I try to pay it off.

I have large limits due to my significant other having a fondness for designer handbags (I'm looking at you Louis Vuitton) ☹️☹️☹️

Re: Large limit plan

Rdbeetle — Tue, 18 Apr 2023 22:36:50 GMT

Like others here have stated, I use my cards like a debit card and pay off before statement closing. I also use them as a utilization buffer in times when I need to carry a balance for a large purchase for a few months.

Re: Large limit plan

Anonymous — Wed, 19 Apr 2023 00:41:27 GMT

@Horseshoez wrote:
@SUPERSQUID wrote:
Not much of a plan in my case, keep utility low and payments high and pay weeks ahead of due date.
Its worked well for me, 3 years post bk dc 87k of unsecured cc limits with only 39k income
Wow, more than twice the unsecured CC limit compared to what I have, and my income, is, ummm, higher.

Well, you are hardly a credit seeker! If you applied for more cards, that limit would of course increase, potentially a lot, but you don't want more cards, so....

Re: Large limit plan

805orbust — Wed, 19 Apr 2023 01:00:54 GMT

I took a plane to Oregon once with my daughter and swiped for a Chevy Avalanche that we drove back home to NC. Oh, the card had 15 months at 0% so I let it roll for about 7 months 😁

Re: Large limit plan

OmarGB9 — Wed, 19 Apr 2023 02:11:32 GMT

@805orbust wrote:
I took a plane to Oregon once with my daughter and swiped for a Chevy Avalanche that we drove back home to NC. Oh, the card had 15 months at 0% so I let it roll for about 7 months 😁

I'm more shocked at the fact that a dealer allowed you to pay for the entire vehicle with CC.

Re: Large limit plan

Horseshoez — Wed, 19 Apr 2023 02:12:24 GMT

@Anonymous wrote:
@Horseshoez wrote:
@SUPERSQUID wrote:
Not much of a plan in my case, keep utility low and payments high and pay weeks ahead of due date.
Its worked well for me, 3 years post bk dc 87k of unsecured cc limits with only 39k income
Wow, more than twice the unsecured CC limit compared to what I have, and my income, is, ummm, higher.
Well, you are hardly a credit seeker! If you applied for more cards, that limit would of course increase, potentially a lot, but you don't want more cards, so....

Agreed, the credit availability I currently have is many-many times more than I need/want/desire, so the only card(s) I will be applying for in the future will have a very specific purpose. The only card I currently have my eye on is a United Club card, and only if/when I start traveling for work again.

Re: Large limit plan

805orbust — Wed, 19 Apr 2023 12:07:08 GMT

@OmarGB9 I totally agree... he didn't even flinch. To be honest he probably wanted it gone. It had been there 3 months (Jan 2021), had the price lowered to an insane amount because of the high mileage but it was mint, 1 owner... flawless carfax, no rust, sucky color... perfect storm.

The other 2 times I did it (swiping for kids cars) they made me pay the fee once... no issue. I don't carry cash.

Re: Large limit plan

SUPERSQUID — Wed, 19 Apr 2023 07:14:35 GMT

@Horseshoez wrote:
@SUPERSQUID wrote:
Not much of a plan in my case, keep utility low and payments high and pay weeks ahead of due date.
Its worked well for me, 3 years post bk dc 87k of unsecured cc limits with only 39k income
Wow, more than twice the unsecured CC limit compared to what I have, and my income, is, ummm, higher.

I almost cant believe it myself. I didnt start rebuilding until sept/oct 2020 because i thought it would be an eternity before I made any meaningful headway. I started out with store cards like fingerhut and a few subprimes that gave less than 1k limits and fees up the ying yang. At 1 1/2 years into my rebuild I got my first discover card 3k sl, I was on cloud nine at the time over that. Then 2 years into my rebuild I got the NFCU cash rewards 3700 sl and the Penfed power cash rewards 7.5 sl and things accelerated quickly after that.

Re: Large limit plan

SUPERSQUID — Wed, 19 Apr 2023 07:22:57 GMT

@Anonymous wrote:
@Horseshoez wrote:
@SUPERSQUID wrote:
Not much of a plan in my case, keep utility low and payments high and pay weeks ahead of due date.
Its worked well for me, 3 years post bk dc 87k of unsecured cc limits with only 39k income
Wow, more than twice the unsecured CC limit compared to what I have, and my income, is, ummm, higher.
Well, you are hardly a credit seeker! If you applied for more cards, that limit would of course increase, potentially a lot, but you don't want more cards, so....

True, He did it more selectively. Actually I am slowly thinning out my herd but it gets harder because some cards i really dont use or have a need for but they really help utilization. Credit seeking is definitely a double edged sword. Mega HP's like 20 plus never seemed to affect anything however I really never aspired to the big boys like chase, citi, amex etc, btw I burned chase for over 20k in my bk7 so im probably banned for life.

Re: Large limit plan

Horseshoez — Wed, 19 Apr 2023 11:54:02 GMT

@SUPERSQUID wrote:
@Anonymous wrote:
@Horseshoez wrote:
@SUPERSQUID wrote:
Not much of a plan in my case, keep utility low and payments high and pay weeks ahead of due date.
Its worked well for me, 3 years post bk dc 87k of unsecured cc limits with only 39k income
Wow, more than twice the unsecured CC limit compared to what I have, and my income, is, ummm, higher.
Well, you are hardly a credit seeker! If you applied for more cards, that limit would of course increase, potentially a lot, but you don't want more cards, so....
True, He did it more selectively. Actually I am slowly thinning out my herd but it gets harder because some cards i really dont use or have a need for but they really help utilization. Credit seeking is definitely a double edged sword. Mega HP's like 20 plus never seemed to affect anything however I really never aspired to the big boys like chase, citi, amex etc, btw I burned chase for over 20k in my bk7 so im probably banned for life.

The prevailing thoughts here have been suggesting Chase will blacklist for life after a large loss; advice I took to heart after I burned them for north of ten-grand back in my 2015 Chapter 13. Last year I opted to open both a Chase checking and savings account (totalling a $600 SUB); the morning of the day I went into the branch to open the accounts I checked Chase's preapproval page and all I was approved for was a savings account. While opening my actual accounts the associate asked if I wanted a credit card as well, given my wife and I do some non-business traveling, and given neither of us had a travel related card, I asked for a CSP; I was instantly approved for a card with a starting limit of $11,700.

Long story short, you are most likely banned for a while, but I doubt if it is for life.

Re: Large limit plan

805orbust — Wed, 19 Apr 2023 12:06:26 GMT

Yeah that's pretty amazing @Horseshoez

Re: Large limit plan

MarkintheHV — Wed, 19 Apr 2023 19:44:41 GMT

@SUPERSQUID wrote:
Not much of a plan in my case, keep utility low and payments high and pay weeks ahead of due date.
Its worked well for me, 3 years post bk dc 87k of unsecured cc limits with only 39k income

I am of the same mind. I only have my high limits in case of emergency. I never carry a balance.