Credit Limits?

[Anonymous]

Not trying to be too nosy... but I was just wondering what income some people with the $20,000 credit limits have or a hypothetical scenario explaining how high credit limits should be for a given income. Or what companies allow for a given income?  May not be wording it correctly, but you know what I mean..

[Anonymous]

Income is tricky.  My mother makes 30k per year and has a few 5 digit limits.  I make $120,000 per year, and have mostly $4000-$5000 limits.  So the credit file is a much bigger factor in my experience.

[Anonymous]

From what I've seen people post, some lenders and cards naturally have higher starting limits than others. In particular, I've heard of higher than average credit limits with PenFed credit union cards, Capital One Venture, and the Lowes store card. So each lender has their own calculations they use for each card, and that makes it difficult to determine an exact correlation. 

I'd say there are 3 ways people get high credit limits. 

1.) They have good credit scores (720+) and income above the minimum threshold for a generous card

2.) They have fair to good credit scores (660+) and an income that is higher than the national median

3.) They have had a card for a while and requested a number of credit limit increases

[SouthJamaica]

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@Anonymous wrote:

Not trying to be too nosy... but I was just wondering what income some people with the $20,000 credit limits have or a hypothetical scenario explaining how high credit limits should be for a given income. Or what companies allow for a given income?  May not be wording it correctly, but you know what I mean..

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From what I've seen on this forum high credit scores are much more important than income in determining the size of the credit limit.

[Superpet39]

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@Anonymous wrote:

Not trying to be too nosy... but I was just wondering what income some people with the $20,000 credit limits have or a hypothetical scenario explaining how high credit limits should be for a given income. Or what companies allow for a given income?  May not be wording it correctly, but you know what I mean..

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The wife has a BofA cash rewards card with a $22.5k CL and she's NEVER made above 29k/yr

she had a savings account there, one day she was cashing her check, they told her she was pre approved for a CC, she accepted, and was granted the $22.5k

[Meanmchine]

Ive had my checking / savings / CDs with BoA since 1991 and I dont even get a calender

[Anonymous]

Yeah it does seem like it's not really the income that matters, but your credit profile. Especially with certain lenders, like AmEx where you can get a 3xCLI if your profile is in good shape.

[Anonymous]

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@Superpet39 wrote:

The wife has a BofA cash rewards card with a $22.5k CL and she's NEVER made above 29k/yr

she had a savings account there, one day she was cashing her check, they told her she was pre approved for a CC, she accepted, and was granted the $22.5k

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But did she use household income on the app (including yours)? Or just her individual income?

[Superpet39]

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@Anonymous wrote:

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@Superpet39 wrote:

The wife has a BofA cash rewards card with a $22.5k CL and she's NEVER made above 29k/yr

she had a savings account there, one day she was cashing her check, they told her she was pre approved for a CC, she accepted, and was granted the $22.5k

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But did she use household income on the app (including yours)? Or just her individual income?

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We weren't married yet.... This was 15 years ago, and they didn't even ask what she made, but rest assure they new considering she cashed her paycheck there every 2 weeks.

[Anonymous]

Depends big time on lender. I can tell you that NFCU doesn't care as much as others. My scores they've pulled are 690s and income of about $35k and $21,500 limit on one card with them, $12,500 on another and $15k LOC.