topic Re: Desirable total CL? in Credit Cards

Desirable total CL?

bichonmom — Mon, 13 Aug 2012 01:15:00 GMT

I was wondering what most people consider a good/healthy total avail CL? I've worked up to around $50k, which was my goal. Now, I'm wondering if I should set my next goal to $100k, or just sit tight.

My DTI and util are low. I'm just thinking about optimizing FICO and having CLs avail should I want to use it for a trip or major purchase. Right now, any balance over a couple of thousand is going to have a major ding to my FICO.

Also, I'd think that the best way to increase total CL is to bide my time and get CLIs, as opposed to getting several new CCs, which will only lower my AAoA. What's the best strategy to increase overall CL avail?

Thanks!

Re: Desirable total CL?

jamie123 — Mon, 13 Aug 2012 01:41:06 GMT

What cards do you currently have?

What are their CLs?

Re: Desirable total CL?

Smug — Mon, 13 Aug 2012 02:00:05 GMT

I am 70k and I am in the garden till my last baddie falls of in 2 years, then I will add 1 more card.

Re: Desirable total CL?

CK_Charles_Lover — Mon, 13 Aug 2012 02:09:18 GMT

I'm at about 75K all together. That's not counting my Amex PRG thats NPSL. I'll be happy at 100K (that's what I tell myself at least).

Re: Desirable total CL?

Anonymous — Mon, 13 Aug 2012 02:15:16 GMT

Mm I went from 4.5K to 30K in a month and right now to be honest I feel good with the cards I have. Just waiting to get CLIs at this point till next year and apply only for prime cards when the time comes. No more store cards for me, unless 1 or 2 I would really use for the 5% discounts.

Eventually, would like to up my store cards to 5K and close everything below that(CapOne, Bofa)

Re: Desirable total CL?

Open123 — Mon, 13 Aug 2012 02:16:41 GMT

For me, anywhere from $50K to $75K for personal cards.

With some recent card additions this year, I've gone above it, but I periodically cancel cards or request CLIs (except Chase--never do this with them) to keep around my preferred range.

Re: Desirable total CL?

bichonmom — Mon, 13 Aug 2012 02:58:46 GMT

@Open123 wrote:
For me, anywhere from $50K to $75K for personal cards.

With some recent card additions this year, I've gone above it, but I periodically cancel cards or request CLIs (except Chase--never do this with them) to keep around my preferred range.

Curious why you never do a CLI request w/Chase.

Re: Desirable total CL?

bichonmom — Mon, 13 Aug 2012 02:59:53 GMT

Thanks for the replies. It looks like I'm in the desirable range. Maybe a few CLIs over the next year will help.

Re: Desirable total CL?

Open123 — Mon, 13 Aug 2012 03:09:46 GMT

@bichonmom wrote:
@Open123 wrote:
For me, anywhere from $50K to $75K for personal cards.

With some recent card additions this year, I've gone above it, but I periodically cancel cards or request CLIs (except Chase--never do this with them) to keep around my preferred range.
Curious why you never do a CLI request w/Chase.

An approved CL with Chase once reduced remains the "new" internal limit CL which can't be raised again without going through the entire application process. Unlike, say, with Amex where it's pretty routine to allocate, shift, raise and lower card limits.

With Chase, once lowered, the limit is frozen. For instance, let's say you app'ed and received a $20K CL. If you keep the limit, on your next Chase app during recon, you can request they shift some of the $20K to the new card if you weren't instantly approved (because of multiple apps).

Now, if you had opened the card initially, and found the $20K too high and lowered it to $5K, you won't have any leeway to shift the limit during recon to give them a reason to approve a card the computer had automatically rejected because of excessive inquiries, new accounts, etc...

During recon, Chase isn't very sensitive to inquiries or new accounts if you can explain why you want the new card; however, you need a high enough limit on a card to be able to reallocate for them to approve at the minimum $5K signature level.

Re: Desirable total CL?

bichonmom — Mon, 13 Aug 2012 03:12:46 GMT

Okay. Thanks! I've yet to be at the point where I'm decreasing CLs.

Re: Desirable total CL?

creditnocash — Mon, 13 Aug 2012 03:13:57 GMT

@bichonmom wrote:
@Open123 wrote:
For me, anywhere from $50K to $75K for personal cards.

With some recent card additions this year, I've gone above it, but I periodically cancel cards or request CLIs (except Chase--never do this with them) to keep around my preferred range.
Curious why you never do a CLI request w/Chase.

because they always HARD pull

Re: Desirable total CL?

Open123 — Mon, 13 Aug 2012 03:17:08 GMT

@OlegWasHere wrote:
@bichonmom wrote:
@Open123 wrote:
For me, anywhere from $50K to $75K for personal cards.

With some recent card additions this year, I've gone above it, but I periodically cancel cards or request CLIs (except Chase--never do this with them) to keep around my preferred range.
Curious why you never do a CLI request w/Chase.

because they always HARD pull

A much more succint, concise, and straight to the point answer than mine!

Re: Desirable total CL?

Anonymous — Mon, 13 Aug 2012 03:19:13 GMT

well ask yourself this "Do I like paying credit card companies becouse I am wanting to carry a high balance?" That should answer your question.

Re: Desirable total CL?

CreditScholar — Mon, 13 Aug 2012 04:15:41 GMT

Ideally I'd like about 75k in total limits. Given my average monthly spend, this would keep me at 9% util or lower without having to think about it. Up until now if I wanted to apply for a new card, I've been planning 2 months in advance. With 75k, I can safely stay under 9% util save December when I always have huge spending.

Re: Desirable total CL?

migliogiorni — Mon, 13 Aug 2012 04:37:43 GMT

100k

Re: Desirable total CL?

bodybuilder510 — Mon, 13 Aug 2012 07:04:15 GMT

I would like a 5000 limit with Chase freedom and upgrade to signature. This is my primary card... I have no other cards with this limit so getting the upgrade will make it difficult.

Re: Desirable total CL?

bodybuilder510 — Mon, 13 Aug 2012 07:06:10 GMT

I requested an increase with Chase... No hard pull.

Re: Desirable total CL?

Brian_Trying_700 — Mon, 13 Aug 2012 07:25:15 GMT

0% APR. Use cash.

Re: Desirable total CL?

score_building — Mon, 13 Aug 2012 08:23:58 GMT

@bodybuilder510 wrote:
I requested an increase with Chase... No hard pull.

very rare exception, if in fact they didn't HP, did you check all 3 cbr to confirm no hard pull?

Re: Desirable total CL?

bodybuilder510 — Mon, 13 Aug 2012 09:19:19 GMT

Yes, no hards on all three. A soft pull on experian same day I requested the increase. The increase was approved with in 24 hours. I did in fact use the executive office for the increase but the gentleman was sure it would be a hard pull...