topic Re: Is there a max overall credit limit? in Credit Cards

Is there a max overall credit limit?

frogfan12 — Tue, 24 Jan 2012 07:56:51 GMT

At what point do CCCs collectively decide to stop issuing someone credit based on their income? For example, if someone makes $60K a year (and has excellent credit), what is their credit limit threshold? I'm just curious.

Re: Is there a max overall credit limit?

visorboy1974 — Tue, 24 Jan 2012 10:06:20 GMT

I believe it all varies by creditor

Re: Is there a max overall credit limit?

learnin113 — Tue, 24 Jan 2012 16:04:39 GMT

I'd like to know this. Cuz I'm feeling like I kinda reached mine

Re: Is there a max overall credit limit?

quest208 — Tue, 24 Jan 2012 19:23:54 GMT

whats your highest cl

Re: Is there a max overall credit limit?

boomhower — Tue, 24 Jan 2012 23:55:51 GMT

In general from I've seen it varies greatly from bank to bank. BOA in particular seems to really keep track of your overall credit availability. Others just care what their exposure is and could care less about your overall credit availability.

Re: Is there a max overall credit limit?

bichonmom — Wed, 25 Jan 2012 00:10:39 GMT

I'd like to know this, too. Somehow I think it's probably one of those credit mysteries we'll never be privy to.

Re: Is there a max overall credit limit?

Anonymous — Wed, 25 Jan 2012 00:14:03 GMT

im sure for the 1% ther is not a cap

Re: Is there a max overall credit limit?

frogfan12 — Wed, 25 Jan 2012 00:15:47 GMT

My highest CLs are $5K. I don't necessarily want a higher CL but I was just wondering how some people got lines of credit for $25K. Even with a $100Kish income, that's still a lot of credit to extend.

Re: Is there a max overall credit limit?

CS800 — Wed, 25 Jan 2012 00:15:50 GMT

All about the money you got and your credit. I wonder what Warren Buffet has as CC

Re: Is there a max overall credit limit?

Anonymous — Wed, 25 Jan 2012 00:19:13 GMT

@CS800 wrote:
All about the money you got and your credit. I wonder what Warren Buffet has as CC

dont he have his own bank?

Re: Is there a max overall credit limit?

frogfan12 — Wed, 25 Jan 2012 00:25:26 GMT

I don't know what Buffet would use. He's rich and he still lives in the same $30K house in Omaha.

Re: Is there a max overall credit limit?

CS800 — Wed, 25 Jan 2012 00:37:08 GMT

He lives a very simple life I guess with his billions. He probably use cash most of the times like most men of his age do.

Re: Is there a max overall credit limit?

Anonymous — Wed, 25 Jan 2012 00:41:01 GMT

@CS800 wrote:
He lives a very simple life I guess with his billions. He probably use cash most of the times like most men of his age do.

cash is so dirty

Re: Is there a max overall credit limit?

frogfan12 — Wed, 25 Jan 2012 00:41:36 GMT

I think he uses cash too. He seems like that kind of guy.

Re: Is there a max overall credit limit?

Anonymous — Wed, 25 Jan 2012 04:29:18 GMT

@Anonymous wrote:
im sure for the 1% ther is not a cap

That's what an Amex with NPSL is for. Of course, even NPSL cards usually have limits. For example, Amex may kindly ask you to make an immediate payment for a purchase.

Re: Is there a max overall credit limit?

JustMe77 — Wed, 25 Jan 2012 05:33:57 GMT

Certain types of credit cards probably have limits (for example, you aren't going to see an Orchard credit card for $10,000 anytime soon, lol). I think lenders set credit limits based on FICO and I would like to think income plays a part of it too, but who knows.

The highest credit limits I've seen on credit cards are $50,000. I know a few people with cards with that limit. Must be nice

Re: Is there a max overall credit limit?

Anonymous — Wed, 25 Jan 2012 05:35:33 GMT

@Anonymous wrote:
@CS800 wrote:
All about the money you got and your credit. I wonder what Warren Buffet has as CC
dont he have his own bank?

Probably, but his tax % is still lower than mine

Re: Is there a max overall credit limit?

learnin113 — Wed, 25 Jan 2012 15:02:18 GMT

@frogfan12 wrote:
I don't know what Buffet would use. He's rich and he still lives in the same $30K house in Omaha.

That is so amazing to me...

Re: Is there a max overall credit limit?

Anonymous — Wed, 25 Jan 2012 15:26:21 GMT

@learnin113 wrote:
@frogfan12 wrote:
I don't know what Buffet would use. He's rich and he still lives in the same $30K house in Omaha.

That is so amazing to me...

Buffet would clearly have his choice, even among companies that Berkshire Hathaway has significant ownership of:

American Express (13.1%)
Wells Fargo (19%)
M&T Bank (15.9%)
Bank of America ($5 billion of preferred stock + common stock holdings)
SunTrust
U.S. Bancorp

My guess is that Buffet has been a long time Amex charge card holder -- especially since he says he dislikes credit cards from both a business and consumer perspective.

Re: Is there a max overall credit limit?

Anonymous — Wed, 25 Jan 2012 16:17:39 GMT

AndyK wrote: Probably, but his tax % is still lower than mine

But doesn't he owe like $1,000,000,000 in back taxes????