topic Re: Maximizing CL with NO MORE CARDS! in Credit Cards

Maximizing CL with NO MORE CARDS!

Mm587 — Sat, 18 Oct 2014 17:34:18 GMT

Hi, I have a faily simple question. First, a little backbround. My credit was a mess and my FICO about 4 years ago was 530. Long story, but I have managed to get to 706 (690-719) at times. About three years ago, my only cc was a secured card with a 200 limit. In the past three years i have very successfully added a bunch of cards. I currently have about 9 card with a total of 22K in crredit lines. I am prepared to NOT app for at least a year. My aaoa is very low. My question is this: I have two QS1 accounts. One has a 3500 limit and one is 4800. My only other half way decent line is a Discover IT for 5000. Should I combine my two QS1 card to get a single card with 8300 limit? As I garden and maybe get some auto cli will having a 8300 card increase my chances for higer credit lines on the other cards? Thanks

Re: Maximizing CL with NO MORE CARDS!

Luscher — Sat, 18 Oct 2014 17:35:15 GMT

High usage and paying in full is what they want to see.

Re: Maximizing CL with NO MORE CARDS!

FinStar — Sat, 18 Oct 2014 17:36:45 GMT

@Mm587 wrote:
Hi, I have a faily simple question. First, a little backbround. My credit was a mess and my FICO about 4 years ago was 530. Long story, but I have managed to get to 706 (690-719) at times. About three years ago, my only cc was a secured card with a 200 limit. In the past three years i have very successfully added a bunch of cards. I currently have about 9 card with a total of 22K in crredit lines. I am prepared to NOT app for at least a year. My aaoa is very low. My question is this: I have two QS1 accounts. One has a 3500 limit and one is 4800. My only other half way decent line is a Discover IT for 5000. Should I combine my two QS1 card to get a single card with 8300 limit? As I garden and maybe get some auto cli will having a 8300 card increase my chances for higer credit lines on the other cards? Thanks

Unfortunately, Capital One does not combine accounts nor reallocate limits. Are you placing enough usage on either of these? If so, and depending on the last CLI on either of those 2, you could probably request one online if your account(s) are elegible.

Re: Maximizing CL with NO MORE CARDS!

vanillabean — Sat, 18 Oct 2014 17:40:41 GMT

Why would you want to increase your credit limits? FICO doesn't look at them.

Re: Maximizing CL with NO MORE CARDS!

Luscher — Sat, 18 Oct 2014 17:45:22 GMT

There are various reasons why people want to increase limits^^^^^

Re: Maximizing CL with NO MORE CARDS!

Anonymous — Sat, 18 Oct 2014 19:10:02 GMT

@Anonymous-own-fico wrote:
Why would you want to increase your credit limits? FICO doesn't look at them.

You sure about that?

Re: Maximizing CL with NO MORE CARDS!

chalupaman — Sat, 18 Oct 2014 19:14:09 GMT

@Anonymous-own-fico wrote:
Why would you want to increase your credit limits? FICO doesn't look at them.

Ever heard of low utilization? Higher limits beget higher limits?

Re: Maximizing CL with NO MORE CARDS!

Anonymous — Sat, 18 Oct 2014 19:15:48 GMT

@chalupaman wrote:
@Anonymous-own-fico wrote:
Why would you want to increase your credit limits? FICO doesn't look at them.

Ever heard of low utilization? Higher limits beget higher limits?

If you are not spending more than you can, utilization (i.e. what reports) can be made as low as you wish. And I have never believed the second statement

Re: Maximizing CL with NO MORE CARDS!

Anonymous — Sat, 18 Oct 2014 19:28:30 GMT

@Anonymous wrote:
@chalupaman wrote:
@Anonymous-own-fico wrote:
Why would you want to increase your credit limits? FICO doesn't look at them.

Ever heard of low utilization? Higher limits beget higher limits?
If you are not spending more than you can, utilization (i.e. what reports) can be made as low as you wish. And I have never believed the second statement

Well said.

They're gonna give you what they're comfortable giving you.

Re: Maximizing CL with NO MORE CARDS!

Creditwiser — Sat, 18 Oct 2014 19:37:18 GMT

When you have a 3k limit and you suddenly require 2500 in car repair or your furnace quits, utlization becomes a big deal. I see this as important to some and not so for others. Everyones situation is different but I gaurantee I will need that new furnace at the same time that I'll need to app for a car, mortgage or whatever.

If I can have a 10k limit but never need more than 2 or 3k then thats a good thing. I'd rather have the cushion myself.

Re: Maximizing CL with NO MORE CARDS!

Dbadup — Sat, 18 Oct 2014 19:50:19 GMT

@jettech wrote:
When you have a 3k limit and you suddenly require 2500 in car repair or your furnace quits, utlization becomes a big deal. I see this as important to some and not so for others. Everyones situation is different but I gaurantee I will need that new furnace at the same time that I'll need to app for a car, mortgage or whatever.

If I can have a 10k limit but never need more than 2 or 3k then thats a good thing. I'd rather have the cushion myself.

Well said... I think some here forget that we all have INDIVIDUAL stories...

Re: Maximizing CL with NO MORE CARDS!

Anonymous — Sat, 18 Oct 2014 19:54:00 GMT

@Dbadup wrote:
@jettech wrote:
When you have a 3k limit and you suddenly require 2500 in car repair or your furnace quits, utlization becomes a big deal. I see this as important to some and not so for others. Everyones situation is different but I gaurantee I will need that new furnace at the same time that I'll need to app for a car, mortgage or whatever.

If I can have a 10k limit but never need more than 2 or 3k then thats a good thing. I'd rather have the cushion myself.
Well said... I think some here forget that we all have INDIVIDUAL stories...

I agree that utilization can be important if we have to app when we have other large unplanned expenses. But I doubt that that is ALL that common compared to the all the talk about utilization here. And when is enough enough? You can get the impression that the answer is "never" for many, which to me suggests it is not actually associated with a real need in mnay cases

Re: Maximizing CL with NO MORE CARDS!

FinStar — Sat, 18 Oct 2014 19:56:03 GMT

@Dbadup wrote:
@jettech wrote:
When you have a 3k limit and you suddenly require 2500 in car repair or your furnace quits, utlization becomes a big deal. I see this as important to some and not so for others. Everyones situation is different but I gaurantee I will need that new furnace at the same time that I'll need to app for a car, mortgage or whatever.

If I can have a 10k limit but never need more than 2 or 3k then thats a good thing. I'd rather have the cushion myself.
Well said... I think some here forget that we all have INDIVIDUAL stories...

I don't think anyone is discounting individual anecdotes or stories. At the end of the day, it's going to be up to the lender to grant any extension of credit (whether a new account or CLI). But, to bring this back on topic as fas as OP's Capital One CC's, that's a pretty solid fact (regardless of individual experiences) - Capital One will not consolidate accounts. However, the OP is welcome to CLI if those accounts are elegible.

Re: Maximizing CL with NO MORE CARDS!

Anonymous — Sat, 18 Oct 2014 19:59:23 GMT

@Anonymous wrote:
@Dbadup wrote:
@jettech wrote:
When you have a 3k limit and you suddenly require 2500 in car repair or your furnace quits, utlization becomes a big deal. I see this as important to some and not so for others. Everyones situation is different but I gaurantee I will need that new furnace at the same time that I'll need to app for a car, mortgage or whatever.

If I can have a 10k limit but never need more than 2 or 3k then thats a good thing. I'd rather have the cushion myself.
Well said... I think some here forget that we all have INDIVIDUAL stories...
I agree that utilization can be important if we have to app when we have other large unplanned expenses. But I doubt that that is ALL that common compared to the all the talk about utilization here. And when is enough enough? You can get the impression that the answer is "never" for many, which to me suggests it is not actually associated with a real need in mnay cases

Sky's the limit.

The question, How low is the sky?

This kinda reminds me of when the Wife (Fiancée at the time of course), Put down the deposit and later full payment on our Wedding Venue.

We had the money in the bank to pay off the majority of it, but had to spread out the total due cost of the Venue over 3 CC's (Our limits were equal to or less than $6,000 on each card at the time)

This is a time where a large CLI would have helped immensely.

Re: Maximizing CL with NO MORE CARDS!

Dbadup — Sat, 18 Oct 2014 20:09:15 GMT

@Anonymous wrote:
@Anonymous wrote:
@Dbadup wrote:
@jettech wrote:
When you have a 3k limit and you suddenly require 2500 in car repair or your furnace quits, utlization becomes a big deal. I see this as important to some and not so for others. Everyones situation is different but I gaurantee I will need that new furnace at the same time that I'll need to app for a car, mortgage or whatever.

If I can have a 10k limit but never need more than 2 or 3k then thats a good thing. I'd rather have the cushion myself.
Well said... I think some here forget that we all have INDIVIDUAL stories...
I agree that utilization can be important if we have to app when we have other large unplanned expenses. But I doubt that that is ALL that common compared to the all the talk about utilization here. And when is enough enough? You can get the impression that the answer is "never" for many, which to me suggests it is not actually associated with a real need in mnay cases
Sky's the limit.

The question, How low is the sky?

This kinda reminds me of when the Wife (Fiancée at the time of course), Put down the deposit and later full payment on our Wedding Venue.
We had the money in the bank to pay off the majority of it, but had to spread out the total due cost of the Venue over 3 CC's (Our limits were equal to or less than $6,000 on each card at the time)

This is a time where a large CLI would have helped immensely.

I agree with what most of what was said... but Longtimelurker spoke about having utilization as low as you'd want it to be...Its not so neat and easy for everyone out here! For some having that extra credit cushion is just a preparation mechanism, for the what ifs life throws. There are most definately the other end of the spectrum, the credit limit "hoarders" that I think you're speaking of. Regardless each of us here has a different credit needs and story.

Re: Maximizing CL with NO MORE CARDS!

Anonymous — Sat, 18 Oct 2014 20:15:34 GMT

@Dbadup wrote:
@Anonymous wrote:
@Anonymous wrote:
@Dbadup wrote:
@jettech wrote:
When you have a 3k limit and you suddenly require 2500 in car repair or your furnace quits, utlization becomes a big deal. I see this as important to some and not so for others. Everyones situation is different but I gaurantee I will need that new furnace at the same time that I'll need to app for a car, mortgage or whatever.

If I can have a 10k limit but never need more than 2 or 3k then thats a good thing. I'd rather have the cushion myself.
Well said... I think some here forget that we all have INDIVIDUAL stories...
I agree that utilization can be important if we have to app when we have other large unplanned expenses. But I doubt that that is ALL that common compared to the all the talk about utilization here. And when is enough enough? You can get the impression that the answer is "never" for many, which to me suggests it is not actually associated with a real need in mnay cases
Sky's the limit.

The question, How low is the sky?

This kinda reminds me of when the Wife (Fiancée at the time of course), Put down the deposit and later full payment on our Wedding Venue.
We had the money in the bank to pay off the majority of it, but had to spread out the total due cost of the Venue over 3 CC's (Our limits were equal to or less than $6,000 on each card at the time)

This is a time where a large CLI would have helped immensely.

I agree with what most of what was said... but Longtimelurker spoke about having utilization as low as you'd want it to be...Its not so neat and easy for everyone out here! For some having that extra credit cushion is just a preparation mechanism, for the what ifs life throws. There are most definately the other end of the spectrum, the credit limit "hoarders" that I think you're speaking of. Regardless each of us here has a different credit needs and story.

Right, but I still think that the situation where utilization if forced high (because of a high expense) happening at the same time as you HAVE to app is relatively rare. IMO, people are overly concerned with utilization because they are overly concerned with score. If you have to stay at 90% utilization for a few months, that really isn't the end of the world. Yes, there are times when it is a consideration, such as if you have to app, but I would maintain not nearly as much as it appears to be from here. Much like worrying about FRs probably shouldn't take up too much time, even though from time to time someone will indeed have one.

Re: Maximizing CL with NO MORE CARDS!

Dbadup — Sat, 18 Oct 2014 20:39:16 GMT

@Anonymous wrote:
@Dbadup wrote:
@Anonymous wrote:
@Anonymous wrote:
@Dbadup wrote:
@jettech wrote:
When you have a 3k limit and you suddenly require 2500 in car repair or your furnace quits, utlization becomes a big deal. I see this as important to some and not so for others. Everyones situation is different but I gaurantee I will need that new furnace at the same time that I'll need to app for a car, mortgage or whatever.

If I can have a 10k limit but never need more than 2 or 3k then thats a good thing. I'd rather have the cushion myself.
Well said... I think some here forget that we all have INDIVIDUAL stories...
I agree that utilization can be important if we have to app when we have other large unplanned expenses. But I doubt that that is ALL that common compared to the all the talk about utilization here. And when is enough enough? You can get the impression that the answer is "never" for many, which to me suggests it is not actually associated with a real need in mnay cases
Sky's the limit.

The question, How low is the sky?

This kinda reminds me of when the Wife (Fiancée at the time of course), Put down the deposit and later full payment on our Wedding Venue.
We had the money in the bank to pay off the majority of it, but had to spread out the total due cost of the Venue over 3 CC's (Our limits were equal to or less than $6,000 on each card at the time)

This is a time where a large CLI would have helped immensely.

I agree with what most of what was said... but Longtimelurker spoke about having utilization as low as you'd want it to be...Its not so neat and easy for everyone out here! For some having that extra credit cushion is just a preparation mechanism, for the what ifs life throws. There are most definately the other end of the spectrum, the credit limit "hoarders" that I think you're speaking of. Regardless each of us here has a different credit needs and story.
Right, but I still think that the situation where utilization if forced high (because of a high expense) happening at the same time as you HAVE to app is relatively rare. IMO, people are overly concerned with utilization because they are overly concerned with score. If you have to stay at 90% utilization for a few months, that really isn't the end of the world. Yes, there are times when it is a consideration, such as if you have to app, but I would maintain not nearly as much as it appears to be from here. Much like worrying about FRs probably shouldn't take up too much time, even though from time to time someone will indeed have one.

Now the preoccupation with FRs here comes very close to fanaticism! lol

Re: Maximizing CL with NO MORE CARDS!

Mm587 — Sat, 18 Oct 2014 21:16:35 GMT

Thanks for everyone's input. It was an interesting discussion of utilization. I think, if I am honest, I have become somewhat addicted to trying to increase my limits for no apparent reason. I went most of my adult life without cc at all, and now between me and my DW we have over 40k of limit at about 8 per cent utilization. I am guessing i need to relax and find another way to spend my time. It became such a challenge going from 530 to a 710 ish that sometimes i feel that unless i am getting more cards or bigger lines, i am not moving forward. I know that is rediculous. I think I need to find another constructive outlet for my financial well being.... thanks all~

Re: Maximizing CL with NO MORE CARDS!

Anonymous — Sat, 18 Oct 2014 21:46:59 GMT

@Mm587 wrote:
Thanks for everyone's input. It was an interesting discussion of utilization. I think, if I am honest, I have become somewhat addicted to trying to increase my limits for no apparent reason. I went most of my adult life without cc at all, and now between me and my DW we have over 40k of limit at about 8 per cent utilization. I am guessing i need to relax and find another way to spend my time. It became such a challenge going from 530 to a 710 ish that sometimes i feel that unless i am getting more cards or bigger lines, i am not moving forward. I know that is rediculous. I think I need to find another constructive outlet for my financial well being.... thanks all~

It's not ridiculous. It's vanity, and it's natural.

Re: Maximizing CL with NO MORE CARDS!

Creditwiser — Sun, 19 Oct 2014 01:34:06 GMT

@Anonymous wrote:
@Mm587 wrote:
Thanks for everyone's input. It was an interesting discussion of utilization. I think, if I am honest, I have become somewhat addicted to trying to increase my limits for no apparent reason. I went most of my adult life without cc at all, and now between me and my DW we have over 40k of limit at about 8 per cent utilization. I am guessing i need to relax and find another way to spend my time. It became such a challenge going from 530 to a 710 ish that sometimes i feel that unless i am getting more cards or bigger lines, i am not moving forward. I know that is rediculous. I think I need to find another constructive outlet for my financial well being.... thanks all~
It's not ridiculous. It's vanity, and it's natural.

I think well said on both posts above. I know I have been feeling this way as well in my current rebuild.More cards, higher limits ! In fact its torture here in the Garden but I know its for the best. For me though I will push for higher CL's until my lenders push back. More so than chase a bunch of cards I dont needl I also know it wont be terribly long before I have limits that will provide the cushion that everyday working people like myself will ever need. I agree that the OP touched on what many in here seem to harp quite often.