I'm with @SouthJamaica on this. I never want to apply for a card where a CLI isn't an option. As someone who is going through a rebuild, it is frustrating to get stuck with lower limits for new cards. However, some of the ones I have obtained with lower limits have the opportunity to grow as my credit improves. Good examples of this are my Comenity/Ulta card ($350 SL), my Discover cards ($3k and $3.8k), my U.S. Bank Cash Plus Secured ($500), and my AmEx Delta ($1k). Every single on of those cards is going to get CLIs once my scores go up some more and all these cards provide good value for me long term. So they are worth sticking with in the long run.
But even if you aren't rebuilding, you could get a salary increase or just need a higher limit in the future, not to mention the issue of inflation. If they don't offer CLIs and you need one, you either have to sockdrawer the card or close it and move on. Or reapply! Credit is about building long-term relationships and payment histories, so your cards should grow with you over time as your credit improves. You shouldn't just be stuck with what you got when you were approved (cough* Capital One cough*).
@Janneman wrote:I got this card 5-6 weeks ago but closed it down within a week for the sole reason that there is no increase on this card... I spoke with 6 customer representatives and 5 representatives in their credit dept... all said that there is no increase and that I will stuck with the same limit for life. All said the same things even though I called them different occasions to see if there was truth in what they were saying...and based on their consistent info given I decided to close my account.
I'm sure you are right @Janneman Everything I saw coming out of SoFi was to the same effect.
Even if they didn't absolutely bar CLI's I wouldn't like to use a lender who securitizes everything.
I have a SoFi Card. SL was 10.5k. One of my higher limit cards for now. When it becomes my lowest limit card, then I will evaluate if its needs dont work for me, but for now...not concerned about a CLI on this account. I am more concerned about growing my AMEX and Dicover, and gardening my cards for now.
@danzig47 wrote:
@SouthJamaica wrote:
@MCM1 wrote:I am unsure of the possible CLI's as I have only had the credit card for 3 months.
Credit limit increases are not available.
However, your assumption on the securitization and their business model, as it relates to credit cards, is not accurate. The credit card is actually a Sofi branded card issued by The Bank of Missouri - TBOM. If you call customer service and ask them, they are actually employees of TBOM. TBOM has a whole host of credit cards they issue under various names and partners. You are correct on their lending products such as personal loans and student loans, those are all securitized and sold into the markets.
But that article actually says they will have CLIs??? It's also 8 months old, so they may already have it?
"At this time we are unable to offer a credit limit increase on your SoFi Credit Card. This feature is not yet released but should be coming soon!"
The article was from 4 years ago.
The card came out around 1 year ago.
The quote ( "At this time we are unable to offer a credit limit increase on your SoFi Credit Card. This feature is not yet released but should be coming soon!" ) is from the SoFi site today.