topic Correlation between having multiple cards with similar limits? in General Credit Topics

Correlation between having multiple cards with similar limits?

Anonymous — Fri, 20 Feb 2015 00:19:17 GMT

I've noticed that a lot of people tend to have credit card limits around the same level. For example, they'll have multiple cards with $500 limits or multiple cards with $5000 limits.

I'm curious if others have noticed this too and what the potential corrleation could be between having an initial high/low limit and then having additional high/low limits for new cards.

Re: Correlation between having multiple cards with similar limits?

Anonymous — Fri, 20 Feb 2015 00:54:13 GMT

@Anonymous wrote:
I've noticed that a lot of people tend to have credit card limits around the same level. For example, they'll have multiple cards with $500 limits or multiple cards with $5000 limits.

I'm curious if others have noticed this too and what the potential corrleation could be between having an initial high/low limit and then having additional high/low limits for new cards.

The reason that you see that is because lenders tend not to want to be the first to extend to you a credit limit significantly higher than your current limits. It's always hard to get higher and higher limits.

Re: Correlation between having multiple cards with similar limits?

takeshi74 — Fri, 20 Feb 2015 14:18:27 GMT

@Anonymous wrote:
Correlation between having multiple cards with similar limits?

Similar approval criteria for a given credit profile.

@Anonymous wrote:
I'm curious if others have noticed this too and what the potential corrleation could be between having an initial high/low limit and then having additional high/low limits for new cards.

It all depends on what one's credit and income qualifies for versus a given creditor's criteria. One might get similar limits. One might not. Creditors, however, do not simply match limits.