topic Re: Is this unusual? in Credit Cards

Is this unusual?

Creditdreamer — Sun, 29 Jan 2012 18:08:21 GMT

About 6 months after I turned 18, I applied for a college credit card and got a 4000 limit (which later increased to 4440 and then was charged off due to school issues). After reading through the boards, I get the impression that that is extremely high for my age etc. Most of the limits I'm seeing are 500 to 1500.

Is that unusual as far as age and length of credit history (very short, got put as a signer on my mom's card)?

Re: Is this unusual?

LS2982 — Sun, 29 Jan 2012 18:15:44 GMT

@Creditdreamer wrote:
About 6 months after I turned 18, I applied for a college credit card and got a 4000 limit (which later increased to 4440 and then was charged off due to school issues). After reading through the boards, I get the impression that that is extremely high for my age etc. Most of the limits I'm seeing are 500 to 1500.

Is that unusual as far as age and length of credit history (very short, got put as a signer on my mom's card)?

More than likely this AU account has helped you.

Re: Is this unusual?

pizzadude — Sun, 29 Jan 2012 18:24:05 GMT

I agree that it was a high limit ~ unless you had an atypically high income as an 18 yr old.

Have you paid the CO yet ?

Re: Is this unusual?

Anonymous — Sun, 29 Jan 2012 18:27:20 GMT

I wouldn't say its unusual, depends on a lot of factors. My folks whether unassumingly or purposefully added me as an AU to their oldest line of credit which was 13 years old by the time I applied for my first credit card. I reported 0 income on the application and got approved for $2000 instantly. Shortly after I added a 2nd card also approved for $2000, which was raised to $4000 in a couple years. These were the years when I knew nothing about credit and in hindsight I was very lucky that I didn't have to worry about it like a lot of people. Fast forward to today, I am still in school as a professional student and report a minimal income. I have replaced my wallet with cards that better suit my needs with a total credit line just shy of $20000.

Re: Is this unusual?

Open123 — Sun, 29 Jan 2012 18:27:32 GMT

@Creditdreamer wrote:
About 6 months after I turned 18, I applied for a college credit card and got a 4000 limit (which later increased to 4440 and then was charged off due to school issues). After reading through the boards, I get the impression that that is extremely high for my age etc. Most of the limits I'm seeing are 500 to 1500.

Is that unusual as far as age and length of credit history (very short, got put as a signer on my mom's card)?

In my view, it is pretty rare to see a college student begin with such a high CL.

My first card in college had a whopping $500 limit.

Re: Is this unusual?

Creditdreamer — Sun, 29 Jan 2012 18:43:50 GMT

Would it have helped that much though in a matter of months?

Re: Is this unusual?

Creditdreamer — Sun, 29 Jan 2012 18:46:29 GMT

I had almost no income as an 18 year old (like 200 a month) though thinking about it now I realize the app asked for the household income which then included my mom's income.

Re: Is this unusual?

Anonymous — Sun, 29 Jan 2012 18:47:30 GMT

I believe as soon as it started reporting it would have contributed to your AAoA, % utilization, etc. New cards typically start reporting in a month or two.

Re: Is this unusual?

Creditdreamer — Sun, 29 Jan 2012 18:59:20 GMT

I'm debating about doing that (putting my kids on my cc) in the future. Granted I have a long time to think about it as I am only 23 and don't even have kids. Has anyone done this with their kids? Has it worked out okay as far as the kids being farther along with credit, etc?

Re: Is this unusual?

Open123 — Sun, 29 Jan 2012 19:05:28 GMT

@Creditdreamer wrote:
I'm debating about doing that (putting my kids on my cc) in the future. Granted I have a long time to think about it as I am only 23 and don't even have kids. Has anyone done this with their kids? Has it worked out okay as far as the kids being farther along with credit, etc?

Hm, if you're going to worry about the financial future of your unborn children, I'd start with a 529 or Coverdell before starting the credit history as an AU on credit cards.

Re: Is this unusual?

Anonymous — Sun, 29 Jan 2012 19:19:56 GMT

Very high limit for a student card imo. Sorry to hear it got COed.

Re: Is this unusual?

Creditdreamer — Sun, 29 Jan 2012 19:25:05 GMT

Yeah. Unfortunately school came before my credit. In hindsight I would have done some things differently but now I'm doing my best to pick up the pieces and fix everything. There are so many things I never knew about credit until I had already screwed myself over. I got scared of the debt and scared of dealing with it and just shut down mentally with it.

Re: Is this unusual?

Creditdreamer — Sun, 29 Jan 2012 19:26:58 GMT

And pizzadude, no I haven't paid that one yet. You're helping me in my other topic about it. Thanks!

Re: Is this unusual?

CS800 — Sun, 29 Jan 2012 19:37:24 GMT

@Creditdreamer wrote:
About 6 months after I turned 18, I applied for a college credit card and got a 4000 limit (which later increased to 4440 and then was charged off due to school issues). After reading through the boards, I get the impression that that is extremely high for my age etc. Most of the limits I'm seeing are 500 to 1500.

Is that unusual as far as age and length of credit history (very short, got put as a signer on my mom's card)?

Those are the magic words

Re: Is this unusual?

Anonymous — Sun, 29 Jan 2012 20:18:02 GMT

@Creditdreamer wrote:
Yeah. Unfortunately school came before my credit. In hindsight I would have done some things differently but now I'm doing my best to pick up the pieces and fix everything. There are so many things I never knew about credit until I had already screwed myself over. I got scared of the debt and scared of dealing with it and just shut down mentally with it.

I did that with my undergraduate GPA. Rebuilding now

Re: Is this unusual?

CS800 — Sun, 29 Jan 2012 20:26:17 GMT

@Anonymous wrote:
@Creditdreamer wrote:
Yeah. Unfortunately school came before my credit. In hindsight I would have done some things differently but now I'm doing my best to pick up the pieces and fix everything. There are so many things I never knew about credit until I had already screwed myself over. I got scared of the debt and scared of dealing with it and just shut down mentally with it.

I did that with my undergraduate GPA. Rebuilding now

And i wish you great success with your GPA

Re: Is this unusual?

Creditdreamer — Sun, 29 Jan 2012 20:43:28 GMT

I'm with you on that one too ptr. Had some family issues, hence the debt and the GPA. Are you redoing your undergrad entirely?

Re: Is this unusual?

Anonymous — Sun, 29 Jan 2012 21:05:16 GMT

It seems high for a student but at 18 I had a 5K limit from Chase, charge card from Amex, 750 Cap One, and 2400 from BoA.

Re: Is this unusual?

CS800 — Sun, 29 Jan 2012 21:12:09 GMT

Tanner, that's high too.

Re: Is this unusual?

Anonymous — Sun, 29 Jan 2012 21:16:14 GMT

@CS800 wrote:
@Anonymous wrote:
@Creditdreamer wrote:
Yeah. Unfortunately school came before my credit. In hindsight I would have done some things differently but now I'm doing my best to pick up the pieces and fix everything. There are so many things I never knew about credit until I had already screwed myself over. I got scared of the debt and scared of dealing with it and just shut down mentally with it.

I did that with my undergraduate GPA. Rebuilding now
And i wish you great success with your GPA

Thank you

@Creditdreamer wrote:
I'm with you on that one too ptr. Had some family issues, hence the debt and the GPA. Are you redoing your undergrad entirely?

No, I'm retaking some of the classes I did poorly in (B- or worse) as well as taking some upper level classes. The program(s) I'm applying to allow grade replacement (e.g, if you get a C the first time, you can retake it and the new grade will be counted in your GPA rather than the old grade).

I really only ruined the first half of my undergrad, the last 4 semesters were decent.