Will low credit lines affect new card limits?

[Anonymous]

I have an Amex BCE with a $10,500 limit and a Chase Freedom with a $4,700 limit, but my other three limits are $1000, $1500, and $2000, respectively.

In your experience and with all other factors aside, do you feel that new creditors have cared more about your highest limit or your average limit when determining a new card's limit?

I could get CLI's with two of my lower limit cards fairly easily at the cost of a hard pull, but since I rarely use the cards I'm not tempted. They are my oldest accounts so I don't want to close them either. I'm curious to hear your thoughts.

[ddemari]

Those limits won't affect u. Lenders look at your income and score when determining your credit limit. Along with a lot of other factors. I have a 300 dollar target card but didn't hold me back from getting a 17,000 dollar penfed cc.

[ojefferyo]

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@Anonymous wrote:

I have an Amex BCE with a $10,500 limit and a Chase Freedom with a $4,700 limit, but my other three limits are $1000, $1500, and $2000, respectively.

In your experience and with all other factors aside, do you feel that new creditors have cared more about your highest limit or your average limit when determining a new card's limit?

I could get CLI's with two of my lower limit cards fairly easily at the cost of a hard pull, but since I rarely use the cards I'm not tempted. They are my oldest accounts so I don't want to close them either. I'm curious to hear your thoughts.

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My experience is that it does affect you as far as what limit they are willing to give you. Most creditors see that you can handle bigger CL and they will be more inclined to do so also. Not every lender will follow suit though. 

[CreditMagic7]

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@ojefferyo wrote:

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@Anonymous wrote:

I have an Amex BCE with a $10,500 limit and a Chase Freedom with a $4,700 limit, but my other three limits are $1000, $1500, and $2000, respectively.

In your experience and with all other factors aside, do you feel that new creditors have cared more about your highest limit or your average limit when determining a new card's limit?

I could get CLI's with two of my lower limit cards fairly easily at the cost of a hard pull, but since I rarely use the cards I'm not tempted. They are my oldest accounts so I don't want to close them either. I'm curious to hear your thoughts.

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My experience is that it does affect you as far as what limit they are willing to give you. Most creditors see that you can handle bigger CL and they will be more inclined to do so also. Not every lender will follow suit though. 

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In the case with my lower limit lenders, they have been more inclined to remain that way is been my experience. US Bank + Citi 4me are quite content to offer very little in the way of growing when i do request CLI's. They have proven (so far) mediocre at best so i don't bother to waste any HP to test their courage to compete with the lenders who've already smoked them good in limits + APR so i leave them be and like you just let them age for awhile longer.

You get the feel after a time just where they stand with you.

[Anonymous]

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@ddemari wrote:
Those limits won't affect u. Lenders look at your income and score when determining your credit limit. Along with a lot of other factors. I have a 300 dollar target card but didn't hold me back from getting a 17,000 dollar penfed cc.

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I would disagree. Target redcard is known to be a store card with low limits, and certainly doesn't weigh much, if anything. Most lenders are conservative and will not exceed your exisiting highest or even average limit.

[CreditDunce]

YMMV.  It will depend on the credit analyst or bank computer.  For the most part, having a couple of higher limit cards is enough for other creditors to offer you higher SL's.  However, they do calculate your average/median CL, too.  Everything in your credit report is fair game.   If it was me, I would keep the accounts and not worry about it.  Higher limits will come with time with the accounts or without. 

[DantGwyrdd]

From an Experian credit report (the kind that doesn't provide a FICO but a VS3 score if it matters), take from it what you will:

[Anonymous]

It does make a difference. There are "tiers" of SL. In my experience, its something like $0-1k, $1k-5k, $5k-10k, $10k-30k.

Once one lender moves you up to the next tier, other lenders are more willing to match it.

In my experience, from 98-05, any card I apped for would get between $1k-5k. 05-11, all my SL were in the $5k-10k range. In 2011, I apped for my first AMEX which they gave me $15k. Since then, all but one of my SL have been $10k+

[Anonymous]

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@DantGwyrdd wrote:

From an Experian credit report (the kind that doesn't provide a FICO but a VS3 score if it matters), take from it what you will:

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This is interesting.

Thanks for all the responses. Sounds like an "it depends" scenario as usual, but everyone's experiences are interesting.

[Anonymous]

it does matter lol. once i ditched a $300 limit card my other cards went up and got approved for higher.