topic Re: toy limit affect in Credit Cards

toy limit affect

MazdaSpeed — Fri, 12 Apr 2013 16:16:26 GMT

Do you guys think having a credit card or 2 with a 500 dollar limit affects how lender look at you?

just curious what your thoughts are?

say if someone has 3 cards, 2 are 10k limit and 1 is 500

would it better to just have 2 cards at 10k? and close the 500 before applying for more cards?

Re: toy limit affect

Rackham94 — Fri, 12 Apr 2013 16:28:43 GMT

Haha same question here

Re: toy limit affect

DeadSpider — Fri, 12 Apr 2013 16:31:30 GMT

I think TOY limits won't do you any damage to your file as long its a good standing account.

It's all about how long you had credit and payments on time.

Re: toy limit affect

Rackham94 — Fri, 12 Apr 2013 16:33:28 GMT

What if I just buy a stick of gum on my 500 limit cards and let them report zero balance for 16 months will a cli be easy to obtain with SP

Re: toy limit affect

tattooedhusker — Fri, 12 Apr 2013 16:34:32 GMT

I often wondered the same thing. I think it would be a hinderance, if the only thing you had was toy limits. I just recently broke into the higher limits, so I can't say for sure, but I should get a better idea in about 6 months.

Re: toy limit affect

SpiceIslander — Fri, 12 Apr 2013 16:35:23 GMT

@DeadSpider wrote:
I think TOY limits won't do you any damage to your file as long its a good standing account.
It's all about how long you had credit and payments on time.

+!. In addition, I think if toy limits are ALL a person has, that can affect them negatively in getting larger lines. If you have a mixture, and everything is nice and clean, they know you can handle "big boy" limits.

Re: toy limit affect

Rackham94 — Fri, 12 Apr 2013 16:39:45 GMT

when is optimal time to ask for cli?

Re: toy limit affect

DeadSpider — Fri, 12 Apr 2013 16:40:56 GMT

Do you trust a stranger with your $$ ??

That's what you have to show to credit cards companies and over time they'll extend more credits.

I let my accounts and DW accounts post and report every month and pay by due date, still get CLI.

Do you trust DR with 20+ years of experience or new out of school ?

Over time you'll get higher limits.

Don't be afraid to close toy accounts once your profile is good.

Re: toy limit affect

DeadSpider — Fri, 12 Apr 2013 16:44:35 GMT

MY DW went from Bestbuy $2200 and cap1 $750 to CITi initial approval $9000 !! And now it $12xxx.

Sooner or later somebody will take a chance on you with higher CL don't f***** it up lol.

Re: toy limit affect

DeadSpider — Fri, 12 Apr 2013 16:46:01 GMT

You can ask for CLI anytime, but most credit cards will say wait 6 months.

Re: toy limit affect

MazdaSpeed — Fri, 12 Apr 2013 16:46:14 GMT

I think I do agree with what everyone is saying, it probably isn't a big deal to have some toy limits as long as you have some higher ones too

Re: toy limit affect

NonSufficientFunds — Fri, 12 Apr 2013 18:22:47 GMT

@Rackham94 wrote:
What if I just buy a stick of gum on my 500 limit cards and let them report zero balance for 16 months will a cli be easy to obtain with SP

It has almost come to the point where we do need bank-financing to buy a stick of gum !!

As for low-limit cards - I don't think it matters: There are lots of retail stores and oil companies that issue relatively low-limit cards, so they're probably just fine (as long as the accounts are maintained in good standing).

Re: toy limit affect

Anonymous — Fri, 12 Apr 2013 18:40:06 GMT

@MazdaSpeed wrote:
I think I do agree with what everyone is saying, it probably isn't a big deal to have some toy limits as long as you have some higher ones too

I'd tend to agree with this. I have one toy limit left, and I kept the card open and put my DD on as an AU; currently, it's her "training wheels" card. When I apped for my Chase Ink, I called in to check on the app status and spoke with an analyst. He looked over my file and told me that my credit looked well established, and the upshot was that he approved me for the Ink with a 7.5K CL. The toy limit card with the 750 limit looks out of place with the other cards in my siggy, but the analyst didn't bat an eye over it. I really do believe that it's the overall profile that matters.

Re: toy limit affect

MazdaSpeed — Fri, 12 Apr 2013 18:38:51 GMT

@Anonymous wrote:
@MazdaSpeed wrote:
I think I do agree with what everyone is saying, it probably isn't a big deal to have some toy limits as long as you have some higher ones too
I'd tend to agree with this. I have one toy limit left, and I kept the card open and put my DD on as an AU; currently, it's her "training wheels" card. When I apped for my Chase Ink, I called in to check on the app status and spoke with an analyst. He looked over my file and told me that my credit looked well established, and the upshot was that he approved me for the Ink with a 7K CL. The toy limit card with the 750 limit looks out of place with the other cards in my siggy, but the analyst didn't bat an eye over it. I really do believe that it's the overall profile that matters.

yeah, when I was applying for cards no one mentioned my anything about my freedom only having 500 now that I think about

and thats probably because I had a BCE at 7600

Re: toy limit affect

Anonymous — Fri, 12 Apr 2013 18:58:44 GMT

It doesn't matter much in my experience.

My boyfriend went from 400 -> 600, 300 --> 1k -> 15k

Granted he hasn't gotten AMEX, or anything.