Do you ever stop asking for CLI?

[IWOL]

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@enharu wrote:

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@dilettante wrote:

I've only requested CLI's twice and they were on store cards (Neiman Marcus and Saks) that gave very low starting CL's - can't really go on a holiday shopping spree with 2k or 4k limits at their stores.  Of course several years ago, I didn't even know you could ask for CLI's.  

I usually only like limits on cards enough to quickly cover the spend for a sign up bonus or if I have a specific large purchase charge I want to put on that card. My Diners card was approved for 50k and I don't need that much a month to cover the bonus categories since I don't MS and there wasn't a bonus/spend requirement, so I will probably CLD it.  

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that's a nice CL for the diner's club.

From what I've read so far, they seem to be very generous with CLs. However, other than getting a large CL for $300 AF, what are the actual useful perks of the card? I saw the site and the card seems ok. So is there some perks / features that I am missing?

The main perk of the Diners Club Elite card is 3x points on grocery, drug and gas spend plus the generous transfer ratios for some airlines and hotel partners.

For SPG points the DC Elite basically earns you 1.875 SPG points per $1 on the 3x category spend which is almost double the earn rate of the SPG card.

Most points blogs seem to value SPG points at.minimum of 2.3 cents so in order to cover the annual fee of $300 you would only need to spend $7000 annually in the 3 bonus categories.  So if you spend more than $7k on gas , groceries and drug then it's worth it. There are also a few airline partners that transfer at better than 1:1.

if your onto travel rewards than the DC Elite is probably not worth having.

[enharu]

I see. Thanks for the explanation. What are the transfer rates like to other partners, such as Hyatt or airlines?

[lg8302ch]

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@Open123 wrote:

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@IWOL wrote:

For those of you that have reached your score goals, limit goals etc...do you keep trying to get limit increases just for the hell of it?

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These days, I only request for a CLI if an existing one isn't sufficient for how I plan to use the card.  Matter of fact, there are many cards I app'ed for purely for the benefits or bonus, and have requested CLDs to $5K, or even $2.5K.

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This makes sense to me. I set my plan to not ask for more than 10K on a card and even consider to CLD the cards I received with higher limits. My total available credit is more than 2x my annual income and like this there is no way I will use more than 5-9% ever ...so limits are more than enough with 10K per card.

edit: and no I will still try to increase scores and lower APR but not with CLIs..just with good payment  and gardening and of course every once in a while a set back with a new card with nice benefits..lol

[Anonymous]

You have 220k in credit so it's time fir you to stop. But for me I hit the luv button every 30 days.

[navigatethis12]

I figure it's better to have it and not need it, then to need it and not have it. People say they don't need the extra credit and reduce it, but what happens when you do need it and can't get it? We all know the lenders are much less likely to give an increase if all of the cards have high balances. You could need it temporarily due to extended job loss, getting in an accident and needing to pay hospital bills, or any other unexpected emergency. Of course, a large emergency cash account is the best option, but not everyone has those. Combined all the cards I have are more than I need, but it's nice to have the extra room. I just keep asking and haven't been declined for being at the maximum exposure, yet.

I haven't gotten the denial of sufficient credit for anything, but it's mostly credit unions that do that. I have all the credit union cards I want, so I'm not concerned about that denial at all.

[lg8302ch]

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@navigatethis12 wrote:

I figure it's better to have it and not need it, then to need it and not have it. People say they don't need the extra credit and reduce it, but what happens when you do need it and can't get it? We all know the lenders are much less likely to give an increase if all of the cards have high balances. You could need it temporarily due to extended job loss, getting in an accident and needing to pay hospital bills, or any other unexpected emergency. Of course, a large emergency cash account is the best option, but not everyone has those. Combined all the cards I have are more than I need, but it's nice to have the extra room. I just keep asking and haven't been declined for being at the maximum exposure, yet.

I haven't gotten the denial of sufficient credit for anything, but it's mostly credit unions that do that. I have all the credit union cards I want, so I'm not concerned about that denial at all.

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Tja...I do not know how much of my credit I could actually use before lenders would shut down my accounts? I do not think that if  I would need it I could use it....Hope I will never have to find out 😉

[vanillabean]

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@navigatethis12 wrote:

I figure it's better to have it and not need it, then to need it and not have it. People say they don't need the extra credit and reduce it, but what happens when you do need it and can't get it? We all know the lenders are much less likely to give an increase if all of the cards have high balances. You could need it temporarily due to extended job loss, getting in an accident and needing to pay hospital bills, or any other unexpected emergency. Of course, a large emergency cash account is the best option, but not everyone has those.

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But if you haven’t been able to put aside emergency savings over the years, what are the chances you are able to pay off an emergency charged on your credit card? To top it off, it’s unexpected and you pay interest too. Living within your means is easier.

[takeshi74]

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@IWOL wrote:

For those of you that have reached your score goals, limit goals etc...do you keep trying to get limit increases just for the hell of it? 

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I haven't requested CLI's in quite some time since my limits are where they need to be to keep my utilization under 10%.  I may request CLI's on some newer cards that have much lower limits than my others but I'll probably focus on requesting APR reductions now.

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@Anonymous-own-fico wrote:

But if you haven’t been able to put aside emergency savings over the years, what are the chances you are able to pay off an emergency charged on your credit card?

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If a person is in that situatiuon then the person needs to take that into consideration.  Having credit cards for emergencies doesn't automatically mean that a person has no savings.  Each person needs to do whatever makes sense for the individual's situation, needs. preferences. etc.  These aren't one-size-fits-all matters.

[Jaylima91]

I take whatever amount a lender hands me. If they gave it to me it's because they felt I can handle that amount. I know what I can pay back and what I shouldn't even attempt to charge. It's more of personal discipline than anything else.

[dilettante]

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@enharu wrote:

I see. Thanks for the explanation. What are the transfer rates like to other partners, such as Hyatt or airlines?

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Most airlines on their partner's list is 1:1. Their minimum transfers range from 1000 to 1500 for airlines and 1250 for hotel partners.  Southwest is 1500:1200. Hyatt, as well as SPG is listed as 1250:750 ratio, Marriott is 1250:1500, Hilton and IHG is 1250:2000, Best Western is 1250:3300, Choice is 1250:2400.