topic Re: How do shared credit card limits work? in Credit Cards

How do shared credit card limits work?

Anonymous — Tue, 28 Oct 2014 01:24:08 GMT

I was just curions as to how credit score takes shares credit limits into account. For example, I previously had a JBR (Sterling jewelers) credit card with a $400 limit. I recently applied for a Rogers jewelers (another sterling jeweler) account unknowing that it would have a shared limit. My report now shows not one card for a $400 limit, but two cards with $200 each. My JBR account has 178% utilization now because of this and I was wondering what this would mean to my credit. Any info would help. Thanks

Re: How do shared credit card limits work?

Anonymous — Tue, 28 Oct 2014 11:28:08 GMT

The 178% is from a 356 balance that was reportes on the 400 limit of the card originally before it was cut to 200/200 with the new card with shared limit. Any feedback would be appreciated.

Re: How do shared credit card limits work?

Anonymous — Wed, 29 Oct 2014 19:27:36 GMT

Any help?

Re: How do shared credit card limits work?

Anonymous — Wed, 29 Oct 2014 19:28:35 GMT

@Anonymous wrote:
Any help?

Never heard of it. Sounds crappy though.

Re: How do shared credit card limits work?

CreditCuriosity — Wed, 29 Oct 2014 20:50:43 GMT

Sounds like the creditor split your limit and put you in a crappy situation. I think I would try to get a SP CII on the one that is putting you over your current credit line or have them fix it behind the scenes as this isnt good for your FICO score or report in general

Re: How do shared credit card limits work?

MarineVietVet — Wed, 29 Oct 2014 23:07:46 GMT

@Anonymous wrote:
I was just curions as to how credit score takes shares credit limits into account. For example, I previously had a JBR (Sterling jewelers) credit card with a $400 limit. I recently applied for a Rogers jewelers (another sterling jeweler) account unknowing that it would have a shared limit. My report now shows not one card for a $400 limit, but two cards with $200 each. My JBR account has 178% utilization now because of this and I was wondering what this would mean to my credit. Any info would help. Thanks

Hello.

I've been waiting for someone to comment on what a "shared credit limit" is because I've never heard the expression before.

I've been gone from the forums for a long time and things change quickly in the credit world so perhaps others can talk more about the subject.

Re: How do shared credit card limits work?

Anonymous — Wed, 29 Oct 2014 23:19:48 GMT

I made the mistake of applying for a Kay's card and a Jared's card then read about these scenarios. I also noticed the online price for the same item (even identical item #) was 20% less at Jared and then don't price match each other. Figuring Jared was more my style, I immediately closed the Kay's account despite taking an 8pt hit for the two hard inquiries. If you aren't using one at all, close it and you will get to keep the full amount on the one, which for you would be $400. Stirling owns about 14 different jewelry store "brands". Imagine living in an area that has 4-5 different ones and having a card at each... The limits would be teeny tiny. Yikes!

Re: How do shared credit card limits work?

Anonymous — Thu, 30 Oct 2014 14:16:30 GMT

From what I gather, the "shared limit" is a limit that is split between the two cards. I could use $200 on both of them, or $400 on just one. Any baLance between the two to equal $400. I contacted Sterling Jewelers to find out how this reported and they said the two cards report as a shared limit, so I'm not exactly sure how the bureaus take that into account.

Re: How do shared credit card limits work?

CreditCuriosity — Thu, 30 Oct 2014 14:41:04 GMT

bottom line is you are above your credit limit now since they split the accounts into two seperate trade lines and put you in a BAD situation. I would try to explain that you are over your credit line as that doesn't look good on your report it is going to scare future lenders and mess up your score as well. Either pay it down quickly or try to get teh credit issuer to fix the mistake they put you in by closing one credit line, so you aren't over your limit anymore or ask for a CLI to rectify this issue.