topic Re: Small CL Affect... in Credit Cards

Small CL Affect...

Andy77 — Sun, 22 Jun 2014 18:46:52 GMT

In the last two days I applied for an amazon card and did a recon for the CL after it was approved and got it doubled to 1800.00 which I am ok with.

I then applied for Banana Republic and it said my line was 400.00. I called to get it increased and no luck.

My smallest Visa or Master credit line on my report is 6500.

Will having a store card with a 400.00 limit hinder me because all the other cards have such a higher limit ?

Re: Small CL Affect...

j_casteel — Sun, 22 Jun 2014 21:10:16 GMT

Re: Small CL Affect...

Dw4250 — Sun, 22 Jun 2014 21:18:36 GMT

Nope.

Only thing you should be mindful of is to NOT keep a large balance on it. For example, if you have $360 out of 400 on the Banana Rep, you will be dinged for being "maxed out" on an individual card even though your overall UTL could be very low.

So it would be in your interest to PIF a low CL account....

Re: Small CL Affect...

BungalowMo — Sun, 22 Jun 2014 21:31:53 GMT

@Dw4250 wrote:
Nope.

Only thing you should be mindful of is to NOT keep a large balance on it. For example, if you have $360 out of 400 on the Banana Rep, you will be dinged for being "maxed out" on an individual card even though your overall UTL could be very low.

So it would be in your interest to PIF a low CL account....

Agreed. Besides the fact that store cards have an insane APR!

Re: Small CL Affect...

j_casteel — Sun, 22 Jun 2014 21:37:45 GMT

I always get 0% on my store card purchases.

Re: Small CL Affect...

B335is — Sun, 22 Jun 2014 22:19:12 GMT

As others have said it's impact will be minimal - if at all. I have an old $200 Target acct, yet manage to get 5-digit limits with real banks.

Re: Small CL Affect...

Anonymous — Sun, 22 Jun 2014 23:14:09 GMT

@Andy77 wrote:

In the last two days I applied for an amazon card and did a recon for the CL after it was approved and got it doubled to 1800.00 which I am ok with.
I then applied for Banana Republic and it said my line was 400.00. I called to get it increased and no luck.

My smallest Visa or Master credit line on my report is 6500.

Will having a store card with a 400.00 limit hinder me because all the other cards have such a higher limit ?

The only scoring effect would be the one already mentioned, e.g. letting $387 report with a $400 limit.

There may be other issues. For example, if you are approved for a new CC, and the CL is set by taking the average of your existing CLs, then a low CL will drag things down a bit.

Re: Small CL Affect...

bigblue7722 — Mon, 23 Jun 2014 00:51:48 GMT

@Andy77 wrote:

In the last two days I applied for an amazon card and did a recon for the CL after it was approved and got it doubled to 1800.00 which I am ok with.
I then applied for Banana Republic and it said my line was 400.00. I called to get it increased and no luck.

My smallest Visa or Master credit line on my report is 6500.

Will having a store card with a 400.00 limit hinder me because all the other cards have such a higher limit ?

In the long run it probably wont. But having higher card limits make it easier to get other cards with higher limits.

Re: Small CL Affect...

Skye12329 — Mon, 23 Jun 2014 00:53:20 GMT

In the long run it probably wont. But having higher card limits make it easier to get other cards with higher limits.

I was wondering this myself, so it is like that? Because if so i might have to close my target card, i got in same boat as a lot of people (200 limit )

Re: Small CL Affect...

Involver — Mon, 23 Jun 2014 00:53:43 GMT

I still have my Cap One secured card open and reporting from when I started rebuilding before I even know what I was doing. It has a $300 limit.

I've recently been approved for 5 figure limits with PenFed, AMEX, and US Bank.

Do not worry about having low limits reporting. Other factors will hold your CLs down, but those won't.

Re: Small CL Affect...

bigblue7722 — Mon, 23 Jun 2014 00:57:42 GMT

@Skye12329 wrote:

In the long run it probably wont. But having higher card limits make it easier to get other cards with higher limits.
I was wondering this myself, so it is like that? Because if so i might have to close my target card, i got in same boat as a lot of people (200 limit )

its not the low limits that matter. I got my csp with my 300 secured boa showing. But yes having higher limits makes things easier to get other cards with high limits. It is not a requirment though. I know a lot of people said that you need a 5k line first in order to get approved for a csp. That was not the case with me and several others on here.

Re: Small CL Affect...

Skye12329 — Mon, 23 Jun 2014 01:00:20 GMT

its not the low limits that matter. I got my csp with my 300 secured boa showing. But yes having higher limits makes things easier to get other cards with high limits. It is not a requirment though. I know a lot of people said that you need a 5k line first in order to get approved for a csp. That was not the case with me and several others on here.

Is it that or is it CSP minimum approval limit is 5k? As in you wont be approved for less than 5k.

Re: Small CL Affect...

bigblue7722 — Mon, 23 Jun 2014 01:06:46 GMT

@Skye12329 wrote:
its not the low limits that matter. I got my csp with my 300 secured boa showing. But yes having higher limits makes things easier to get other cards with high limits. It is not a requirment though. I know a lot of people said that you need a 5k line first in order to get approved for a csp. That was not the case with me and several others on here.
Is it that or is it CSP minimum approval limit is 5k? As in you wont be approved for less than 5k.

what i meant was people said you needed a 5k line showing first on another card in order to get the CSP. But yes with the CSP approval must be atleast 5k cause it is a visa sig card.